INDEX-DIGEST 

FEDERAL  RESERVE 

BULLETIN 

VOLUMES  I-VI  INCLUSIVE 

1914-1920  INCLUSIVE 


COMPILED  BY 

CHARLES  S.  HAMLIN 

Member  of  Federal  Reserve  Board 


WASHINGTON 

GOVERNMENT  PRINTING  OFFICE 
1921 


JjOb'lCliN  ULjLLBGK  g> 

CSESTSTiT  HILL, 


f)  STRitnysi  or.euuer  m  I  s f 


34664 


INDEX-DIGEST  OF  THE  FEDERAL  RESERVE  BULLETIN. 


VOLUMES  I  TO  VI,  INCLUSIVE. 

1914-1920,  INCLUSIVE. 

[Figures  in  bold  face  denote  volume  number.] 


A. 

ABNORMAL  CONDITIONS. 

In  passing  upon  eligibility  of  renewal  acceptances  due 
consideration  will  be  given  to  abnormal  condi¬ 
tions  abroad,  but  no  renewal  draft  can  be  held  to 
be  eligible  if,  at  the  time  of  the  acceptance,  the 
period  required  for  the  conclusion  of  the  transac¬ 
tion  out  of  which  the  original  draft  was  drawn 
shall  have  elapsed,  5 — 858. 

ABOLISH. 

The  Federal  Reserve  Board  has  no  power  to  abolish 
any  of  the  existing  Federal  Reserve  Banks  or 
districts. 

Attorney  General  of  United  States,  1 — 396. 
General  counsel,  2 — 20. 

Special  counsel,  J.  P.  Cotton,  contra,  2 — 25. 
Nor  to  change  the  location  of  any  Federal  Re¬ 
serve  Bank.  Attorney  General  of  the  United 
States,  2—207. 

ABOLISHMENT. 

Of  office  of  Comptroller  of  the  Currency  recommended 
by  Federal  Advisory  Council,  1 — 394. 

Of  office  of  deputy  Federal  Reserve  agent,  3 — 101, 109. 

Of  United  States  subtreasuries,  3 — 110;  4 — 172. 

(The  appropriation  act  of  May  29,  1920,  provides  for 
abolishment  of  United  States  subtreasuries.) 

ABRASION  OF  GOLD  COIN. 

Governors’  conference  considers,  1 — 15. 

Use  of  coin-counting  machines  deprecated  as  causing, 
3—440. 

ABROAD,  PURCHASE  OF  SECURITIES. 

Ruling,  Foreign  Exchange  Division,  4: — 1217. 

ABSORPTION. 

Expense  of  transfer  of  currency  by  Federal  Reserve 
Banks,  4 — 1093. 

(See  Clearing  system;  Currency  shipment.) 

Of  new  securities  in  United  States,  5 — 1014. 

Of  office  of  Comptroller  of  Currency  into  Federal 
Reserve  Board,  1 — 394. 

ABSTRACT  OF  CONDITION. 

(See  Condition  Federal  Reserve  Banks;  Condition 
member  banks;  Condition  national  banks;  Condi¬ 
tion  State  banks,  etc.) 

(See  also  Banks  of  issue.) 

ABSTRACT  TITLE  BUSINESS. 

National  banks  can  not  engage  in  any,  not  involved 
in  transactions  of  the  bank,  6 — 385. 

ABUSE  OF  ACCEPTANCES. 

Evasion  of  United  States  Revised  Statutes,  section 
5200.  2—680,  at  683;  5—256,  415,  530,  858;  6— 
560,  1301. 


ACCEPTANCE  BUSINESS. 

(See  Acceptances.) 

ACCEPTANCE  COMMITTEE. 

(See  Acceptances.) 

ACCEPTANCE  CORPORATION. 

(See  Acceptances.) 

ACCEPTANCE  CREDITS. 

(See  Acceptances.) 

ACCEPTANCE  HOUSE. 

(See  Acceptances.) 

ACCEPTANCE  LAWS. 

(See  Acceptances.) 

ACCEPTANCE  LIABILITIES. 

(See  Acceptances.) 

ACCEPTANCE  OF  STATEMENTS. 

In  lieu  of  certificates.  Commercial  paper,  1 — 36. 

ACCEPTANCES.  (Bankers’  acceptances,  bills  of  ex¬ 
change,  domestic  acceptances,  trade  acceptances.) 

Abuse  of,  2—680,  at  683;  5—256,  415,  530,  858;  6— 
560,  1301. 

Acceptance  business,  Condition  of  doing  an,  1 — 362, 
404. 

Acceptance  committee.  Meeting,  New  York,  5 — 530. 

Acceptance  corporation — 

Acceptance  of,  if  indorsed  by  a  bank  or  banker 
takes  same  rate  as  a  prime  banker’s  accept¬ 
ance.  If  not  so  indorsed,  rate  should  be  one- 
quarter  per  cent  higher,  4 — 634. 

(See  Union  Discount  Co.,  4 — 930,  939.) 

Acceptance  credits,  1 — 269;  2 — 587;  3 — 5,  6,  28;  4 — 
257,  438,  976;  5—308,  309,  415;  6—66,  559. 

(See  Revolving  acceptance  credits.) 

Acceptance  house,  4 — 108,  634. 

Acceptance  laws  of  States.  (See  State  banks,  etc.; 

Laws  of  States.) 

Acceptance  liabilities,  2 — 670;  3 — 6,  350,  664;  4 — 11, 
402,  855,  1114;  5—21,  105,  440,  513,  555,  561, 
852,  1152;  6—158,  375,  686. 

(See  Liabilities;  National  banks.) 

Acceptance  policy,  Federal  Reserve  Board,  4 — 257. 

Accepting  banks.  Condition  of,  5 — 555. 

Accepting  institutions.  Classes  of.  (See  Discount 
and  open-market  operations.) 

Acceptor  not  affected  by  waiver  of  demand,  notice, 
and  protest  by  drawer  and  indorsers,  1 — 277;  2 — 
226. 

Acceptor  different  from  drawee.  Bill  drawn  on  a 
land  company  but  accepted  by  a  bank  is  neither 
a  banker’s  nor  a  trade  acceptance  and  can  not  be 
purchased  by  a  Federal  Reserve  Bank  under 
Regulation  S,  section  1,  2 — 112. 


3 


4 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ACCEPTANCES— Continued. 

Acceptors.  To  qualify  as  bankers’,  must  carry  on 
some  general  acceptance  business,  1 — 362,  404. 

(See  supra,  Acceptance  business.) 

Accommodation  acceptances  not  representing  a  com¬ 
mercial  transaction  or  debt  are  not  paper  “actu¬ 
ally  owned”  under  U.  S.  Revised  Statutes,  sec. 
6200,  2—680  ;  4—311. 

Act  of  March  3,  1915,  permitted  acceptances  up  to  100 
per  cent  of  paid  in  capital  and  surplus  of  accept¬ 
ing  bank,  with  permission  of  Federal  Reserve 
Board,  1 — 126. 

Act  of  September  7,  1916 — 

Error  in,  omitting  power  to  accept  up  to  100  per 
cent,  corrected  by  act  of  June  21,  1917,  3 — 
100,  658. 

Banks  obtaining  consent  of  Federal  Reserve 
Board  prior  to  act  of  September  7,  1916,  need 
not  make  new  application  under  act  of  June 
21,  1917,  3—658. 

Act  of  October  6,  1917.  Trading  with  enemy.  Ac¬ 
ceptance  of  a  negotiable  instrument  held  to  be 
“trade”  under,  3 — 851. 

Actual  security,  other,  section  13. — 

Accepting  bank,  if  acceptance  is  over  10  per  cent 
etc.,  must  have  security  during  life  of  draft, 
3—286;  5—143. 

Other  actual  security  which  may  be  taken  in  ex' 
change  for  release  of  shipping  documents 
defined,  3—286,  881;  4—31,  634,  971;  5—143, 
254,  364. 

Bank  may  release  bill  of  lading  as  security  for 
draft  (in  excess  of  10  per  cent)  covering  ship¬ 
ment  from  a  corporation  to  its  agent  in 
exchange  for  drafts  of  agent  against  purchasers 
of  same  goods  secured  by  the  bill  of  lading, 
6—468. 

Trade  acceptance  drawn  on  foreign  buyer  held  to 
be  valid  security  for  a  bank  export  accept¬ 
ance,  in  excess  of  10  per  cent  limitation, 
although  the  bank  surrendered  the  shipping 
documents  to  the  foreign  buyer  on  his  ac¬ 
ceptance,  6—1065. 

(See  infra,  Domestic,  security;  Export  and  import; 
Trade  acceptances.) 

Actually  existing  values — 

Acceptance — 

Bill  discounted  before,  is  not  drawn  in  good 
faith  against,  unless  secured,  3 — 195. 
Bill  discounted  after,  is  drawn  in  good  faith 
against,  only  if  drawn  at  time  of  or  within 
a  reasonable  time  after  shipment  or  deliv¬ 
ery,  in  which  latter  case  the  goods  or  their 
proceeds  must  be  in  hands  of  drawee, 
3—195,  287;  4—974;  5—254. 

Agent — 

Bill  drawn  by  owner  against  his  agent  is  not 
drawn  in  good  faith  against,  2 — 684;  4 — 33. 

(See  infra,  Guaranty.) 

Authority  to  guaranty.  (See  infra,  Guaranty.) 
Balance  on  open  account.  Bill  drawn  against 
balanc-e  on  open  account  is  not  drawn  against, 
3—287. 

Bankers’  acceptances  are  not  specifically  men¬ 
tioned  in  section  13  but  are  held  to  be  drawn 
against,  by  analogy  with  amendment  to  sec¬ 
tion  5200  in  act  of  October  22,  1919,  5 — 1055. 
Borrower.  Bank  may  loan  to  one,  up  to  10  per 
cent  and  also  discount  for  same  borrower  bills 
drawn  against,  3 — 287. 


ACCEPTANCES— Continued. 

Actually  existing  values — Continued. 

Demand  or  sight  bills  accepted  on  which  drawer  is 
released  are  not  drawn  against,  2 — 463;  5 — 
1055. 

Drawee.  Bill  drawn  against  a  fictitious  or 
dummy  drawee  is  not  drawn  in  good  faith 
against,  2 — 608,  684. 

Drawer — 

Bill  on  which  drawer  and  prior  indorsers  are 
released  is  not  drawn  against,  2 — 463; 
5—1055. 

Bills  on  which  drawer  is  exempted  from  lia¬ 
bility  are  not  drawn  against,  2 — 227. 
Dummy  drawee.  (See  supra,  Drawee.) 

Exception  to  the  10  per  cent  limitation.  Bills 
drawn  against,  are  the  only  exception  to  sec¬ 
tion  13,  2—274,  463,  608,  684;  4—974. 
Fictitious  drawee.  Bills  drawn  against  a  fictitious 
drawee  are  not  drawn  against,  2 — 608,  684. 
Open  account.  Bills  drawn  against  balances  on 
open  account  are  not  drawn  against,  3 — 287. 
Reasonable  time.  (See  supra,  Acceptance.) 
Renewal  bills  are  not  drawn  against,  3 — 287. 

Sales  corporation.  Bill  drawn  against  sales  cor¬ 
poration  in  which  drawer  owns  stock  if  sales 
actually  made  in  good  faith  are  drawn  against, 
4—33. 

Section  13.  The  exception  to  the  10  per  cent 
limitation,  bills  drawn  in  good  faith  against 
actually  existing  values,  is  in  both  section  13 
and  United  States  Revised  Statutes,  section 
5200,  2—224,  274,  463,  608,  684  ;  4—974. 
Secured — 

Bill  of  cotton  broker  against  a  mill  when  se¬ 
cured  by  documents  is  drawn  against,  2 — 
113. 

Secured  bills  are  not  necessarily  drawn 
in  good  faith  against,  2 — 329. 

Bills  secured  by  shipping  documents  held  to 
be  drawn  against,  5 — 1055. 

(See  supra,  Acceptance.) 

Shipment  or  delivery.  (See  supra,  Acceptance.) 
Sight  bills.  Bill  payable  at  sight  but  accepted 
payable  in  three  months  is  not  drawn  against, 

2— 463;  5—1055. 

Speculative  purposes.  Bill  secured  by  ware¬ 
house  receipts  when  the  goods  are  held  for 
speculative  purposes  is  not  drawn  against, 

3— 456;  5—256,  415,  858  ;  6—66,  277,  1301. 
United  States  Government — 

Bill  drawn  to  finance  sale  of  lumber  to,  is  not 
drawn  against,  4—32. 

(See  Ten  per  cent  limitation.) 

Actually  owned.  Commercial  or  business  paper — 
Acceptances  actually  owned  by  person  offering 
them  are  not  subject  to  section  5200,  2 — 678, 
680,  684. 

Acceptances  discounted  by  accepting  bank  are 
not  paper  actually  owned  and  are  subject  to 
limitations  of  section  5200,  2 — 680. 

(See  infra,  Own  acceptance.) 

Accommodation  acceptances  are  not  paper  actu¬ 
ally  owned  and  are  subject  to  section  5200, 
2—680,  at  684. 

Renewal  paper  is  not  paper  actually  owned  and 
is  subject  to  section  5200,  3 — 287. 

Section  13  does  not  contain  exception  as  to  paper 
actually  owned,  2 — 224,  274;  3 — 195. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


5 


ACCEPTANCES— Continued. 

Actually  owned — Continued. 

Secured  notes  are  not  necessarily.  2 — 329. 

Trade  acceptances  discounted  for  drawee  and  not 
for  bona  fide  holder  are  not  paper  actually 
owrned  and  are  subject  to  section  5200, 
4—863. 

Addresses  on — 

Frederick,  I-.,  5 — 21. 

Harding,  Gov.,  2 — 587;  4 — 595,  602;  5 — 105. 
Harris,  B.  I).,  3 — 245. 

Tregoe,  J.  H.,  4 — 1193. 

Treman,  Deputy  Gov.,  3 — 9,  243. 

Warburg,  P.  M.,  1—132,  352;  2—102,  309,  510,  669; 
4—509,  604;  5—16. 

Wills,  D.  C.,  Federal  Reserve  Agent,  3 — 243. 
Wilson,  R.  R.,  4 — 713. 

Advertising  space.  Acceptances  based  on  contract 
for,  are  valid  trade  acceptances,  3 — 114,  116. 

(See  Advertising.) 

Agent — 

Bill  drawn  by  an  agent  against  his  corporation  is 
not  eligible  for  purchase,  2 — 462. 

Bill  of  owner  against  agent  secured  by  warehouse 
receipts  is  not  drawn  against  actually  exist¬ 
ing  values,  2 — 684. 

Bill  drawn  by  a  corporation  against  its  agent 
representing  a  shipment  of  goods,  may  be 
accepted  by  a  bank  although  no  sale  is  in¬ 
volved.  Its  maturity,  however,  should 
approximate  the  duration  of  the  transit, 
3—690. 

Alaska — 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipments  between  Alaska  and  any 
foreign  country  and  between  Alaska  and 
Porto  Rico,  the  Philippines,  or  the  Canal 
Zone,  but  not  between  Alaska  and  Hawaii, 
1—91. 

Shipments  from  Alaska  to  foreign  countries  are 
not  subject  to  stamp  tax,  even  though  ac¬ 
cepted  or  delivered  or  both  within  the  United 
States,  5 — 467. 

Shipments  from  Alaska  to  the  Canal  Zone,  Porto 
Rico,  the  Philippines,  and  the  Virgin  Islands 
are  not  considered  shipments  to  foreign 
countries  but  are  specifically  exempted  from 
stamp  tax,  5 — 467. 

Alien  Property  Custodian .  ( See  infra,  Ally  of  enemy . ) 

Allied  Purchasing  Committee- 

Member  banks  may  accept  drafts  drawn  to  finance 
sales  to,  although  the  title  passes  before  the 
export  shipment  begins.  If  secured,  such 
bills  would  be  valid  domestic  bills  if  involv¬ 
ing  a  domestic  shipment,  3 — 878. 

(See  infra,  Export  and  import.) 

Allies.  (See  infra,  Export  and  import.) 

Allowance  for  loss  of  interest  in  collection  of  accept¬ 
ances,  4 — 521. 

Ally  of  enemy — 

Drafts  can  be  drawn,  accepted,  or  transferred  on 
funds  to  credit  of  an  enemy  or,  only  under 
licenses  from  Bureau  of  Enemy  Trade,  4 — 11. 
Such  drafts  may  be  paid  when  accepted  on  or  be¬ 
fore  December  14, 1917,  but  the  proceeds  must 
be  held  subject  to  the  disposition  of  the  Alien 
Property  Custodian,  4 — 11. 

Amendment.  United  States  Revised  Statutes,  sec¬ 
tions  5200,  5202,  5—704,  730,  965,  1055. 


ACCEPTANCES— Continued. 

American  Acceptance  Council — 

Formation  and  purposes  of,  5 — 114. 

(See  same.) 

Arrival  of  car.  (See  Drafts.) 

Attached  to  bill — 

Not  required,  under  section  13,  that  documents 
be  physically.  It  is  sufficient  if  the  accept¬ 
ing  bank  has  possession  at  time  of  acceptance , 
3—765. 

Shipping  documents  must  be  attached  at  time  of 
acceptance  to  render  a  domestic  acceptance 
eligible,  5 — 468,  471. 

(See  infra,  Domestic  acceptances;  Security. 

Automobiles  and  tires.  (See  infra,  Bills  of  lading 
drafts;  Eligible;  Warehouse  receipts.) 

Availability  of  proceeds  of  acceptances  collected  by 
Federal  Reserve  Banks,  5 — 245. 

Average  rates.  (See  Discount  and  open  market  oper¬ 
ations.) 

Bank  acceptances.  (See  supra,  Acceptance  liabili¬ 
ties.) 

Bankers’  acceptances — 

Accepted.  Must  be  accepted  to  be  eligible  as, 
2—112. 

Acceptor.  Bankers’ — 

Must  be  regularly  engaged  in  some  form  of 
banking  to  qualify  as,  1 — 362. 

Not  simply  using  its  acceptance  to  finance 
its  own  transactions,  1 — 404. 

Cash  items.  Should  be  handled  as,  4 — 372. 
Chart,  Federal  Reserve  Banks,  1 — 234. 

Cotton  factors  paper.  Held  to  be  ineligible  for 
acceptance  under  section  13,  5 — 1054;  6 — 
162,  1176. 

(See  Cotton  factor.) 

Drawn  against  actually  existing  values.  (See 
supra,  Actually  existing  values.) 

Drawn  to  purchase  goods,  secured  by  bill  of  sale 
are  not  eligible  for  purchase  under  Regula¬ 
tion  B,  1916,  2 — 684. 

(See  Purchase.) 

Federal  Advisory  Council.  Recommendations, 
5—200. 

Liabilities.  (See  supra,  Acceptance  liabilities.) 
Regulation  B,  1916,  2 — 684. 

Regulation  B,  1920,  6 — 1181. 

Regulation  S,  1915,  1 — 434. 

Report,  Federal  Reserve  Agents,  3 — 6. 

(See  infra,  Actually  existing  values;  Bankers’ 
acceptances;  Bill  of  lading;  Discount  and 
open- market  operations;  Domestic;  Export 
and  import;  Security.) 

Bankers’  foreign  trade  acceptances.  (See  Discount 
and  open-market  operations.) 

Based  on  live  stock,  section  13 — 

Agricultural  bills  and  notes  need,  not  be  secured. 
Must  simply  be  based  on  transactions  entered 
into  for  the  purposes  of  agricultural  opera¬ 
tions,  1 — 72. 

Bills  or  notes  of  packing  companies,  the  proceeds 
of  which  are  used  for  the  purchase  of  live 
stock  for  immediate  slaughter  are  not,  and 
are  ineligible  for  rediscount  if  maturity  ex¬ 
ceeds  90  days,  3 — 616. 

Belgian  industrial  credit,  5 — 309. 

(See  supra,  Acceptance  credits.) 


6 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ACCEPTANCES— Continued. 

Bill  of  exchange — 

Regulations,  1920,  6—1179,  1181,  1182. 

(See  supra,  Actual  security;  Actually  existing 
values.) 

(See  infra,  Bills  of  exchange;  Purchase.) 

Bill  of  lading  act,  uniform,  2 — 515. 

Bill  of  lading  drafts — 

Automobiles  or  tires  in  process  of  shipment,  eli¬ 
gible  if  otherwise  complying  with  the  law 
and  regulations,  6 — 65,  66. 

Collection  of.  Method  of  handling  for,  3 — 11.4; 
4 — 436. 

Correspondent  bank  may  hold  bill  of  lading  for 
the  accepting  bank,  3 — 765;  4 — 971. 

Drafts,  section  13.  Bill  of  lading  drafts  on  other 
than  banks  are  not  “drafts”  under  section 
13,  and  can  be  received  by  Federal  Reserve 
Banks  only  for  collection  and  credit  when 
paid,  6—948. 

Eligible — 

Draft  of  a  purchaser  on  a  bank  with  bill  of 
lading  attached  is  not  connected  with  a 
domestic  shipment  but  may  be  merely  a 
straight  loan  not  necessarily  commercial 
and  is  not,  3 — 380;  6 — 65,  1301. 

(See  Purchase.) 

Draft  secured  by  warehouse  receipt  covering 
automobiles  or  tires  is  not  eligible  for 
acceptance  as  they  are  not  readily  mar¬ 
ketable  staples  under  section  13,  6 — 65. 
Draft  with  bill  of  lading  attached  covering 
automobiles  or  tires  in  process  of  ship¬ 
ment  is  eligible  if  otherwise  complying 
with  the  lavi  and  the  regulations,  6 — 
65,  66. 

(See  Automobiles.) 

Draft  of  an  importer  on  a  bank  covering  im¬ 
ported  goods  is  eligible  whether  or  not 
the  bill  of  lading  is  attached,  6 — 162. 
Draft  of  a  purchaser  of  cotton  seed  oil  on  a 
bank  secured  by  bill  of  lading  is  not 
eligible  as  it  is  not  clear  that  the  pro¬ 
ceeds  are  to  be  used  to  pay  for  the  oil, 
6—1301. 

(See  Purchase.) 

Indorsement — 

With  exemption  from  liability  for  genuine¬ 
ness,  quantity  or  quality  does  not  affect 
negotiability.  In  any  event  settled  by 
negotiable  instruments  act,  3—457. 

Must  convey  title  to  accepting  bank,  4 — 198. 

Inspection  of  goods.  Right  of,  may  be  reserved 
without  impairing  negotiability,  5 — 472. 

Renewals.  Renewal  of  drafts  secured  by  bill  of 
lading  can  not  be  made  unless  renewal 
acceptance  complies  with  the  law  and  regu¬ 
lations  applicable  to  original  acceptance, 
6—65,  66. 

Surrender  of — 

Bank  accepting  a  domestic  bill  secured  by 
bill  of  lading  may  surrender  the  bill  of 
lading  after  acceptance  if  draft  is  not  in 
excess  of  the  10  per  cent  limitation, 

4— 634. 

If  in  excess  of  10  per  cent  limitation,  sur¬ 
render  of  bill  of  lading  may  be  made  only 
on  substitution  of  other  actual  security, 

5— 468. 


ACCEPTANCES— Continued. 

Bill  of  sale.  A  bank  acceptance  secured  by  a,  of 
stock,  the  proceeds  to  be  used  for  purchase  of 
goods,  is  not  eligible  for  purchase  as  a,  is  not 
security  under  section  13,  2 — 684. 

(See  Purchase.) 

Bills  of  exchange.  Regulations  1920,  6 — 1179,  1181, 
1182. 

(See  Bills  of  exchange;  practice  of  handling.  Prin¬ 
cipal  heading.) 

Borrowed  monev.  Acceptances  do  not  constitute, 
2—64,  678,  680. 

(See  infra,  Own  acceptances.! 

Borrower.  (See  Borrower;  Ten  per  cent  limitation.) 
Boston  Clearing  House.  Acceptances  may  be  cleared 
through,  4 — 819,  at  820. 

Bureau  of  enemy  trade.  (See  supra,  Ally  of  enemy.) 
Cable  transfers  are  eligible  for  purchase,  1 — 360,  365. 
Call  loans  based  on  acceptances,  4 — 805. 

Canal  Zone — 

Federal  Reserve  Banks  may  discount  accept¬ 
ances  based  on  shipments  between  the  con¬ 
tinental  United  States  and  the,  1 — 91. 
Shipments  from  territorial  United  States  to  the 
Canal  Zone  are  not  considered  shipments  to 
foreign  countries  and  are  subject  to  stamp 
tax,  5 — 467 . 

Cash  items.  Bankers'  acceptances  should  be  handled 
as,  4—371  at  372- 
Charts — 

Acceptances  held.  3 — 56. 

Bankers’  acceptances  held,  1 — 234. 

Purchases  of  acceptances^  5 — 66. 

Chattel  mortgagee.  (See  infra,  Security.) 

Chicago  Clearing  House .  Acceptances  may  be  cleared 
through,  4 — 819. 

Circular  on  acceptances.  Federal  Reserve  Agents  to 
prepare,  5—415. 

Circulars.  (See  Circulars  and  regulations.) 

Classes  of  accepting  institutions.  (See  Discount  and 
open-market  operations.) 

Clayton  Antitrust  Act.  Open-market  purchases  not 
a  test  of  substantial  competition  under,  3 — 878. 
Clean  drafts.  (See  infra,  Export  and  import.) 
Clearance  of  bankers’  acceptances.  (See  Boston  Clear¬ 
ing  House;  Chicago  Clearing  House;  New  York 
Clearing  House;  Philadelphia  Clearing  House.) 
Collateral.  (See  infra,  Security.) 

Collateral  notes.  Draft  seemed  by,  in  turn  secured  by 
chattel  mortgage  on  cattle,  held  not  eligible  unless 
draft  itself  is  eligible,  3 — 690. 

Collection  charges.  Bill  payable  with,  not  eligible 
unless  so  drawn  as  to  show  that  charges  accrue 
only  if  bill  is  dishonored  at  maturity,  3 — 880; 
4—745. 

Collection  of  banker’s  acceptance — 

Should  be  paid  by  check  on  Federal  Reserve 
Bank  or  through  clearing  house;  otherwise 
interest  for  one  day  should  be  added,  4 — 521. 
By  Federal  Reserve  Bank  of  New  York,  5-245. 
Uniform  schedule,  all  Federal  Reserve  Banks, 
5—246. 

Collection  of  notes.  Charges  may  be  made  against 
Federal  Reserve  Banks  by  member  banks  for  col¬ 
lection  of  notes  and  bills  drawn  on  other  than 
banks,  6 — 699. 

(See  Exchange  charges.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


7 


ACCEPTANCES— Continued. 

Collector  of  Customs,  4—520. 

( See  Transit  entry  and  warehouse  receipt.) 

Commercial  paper.  When  acceptances  are  classed  as. 
(See  infra,  Own  acceptances,  purchase  of.) 

Commercial  paper  actually  owned.  ( See  supra,  Actu¬ 
ally  owned.) 

Commercial  rates  on.  ( See  Federal  Reserve  Bank  and 
branch  cities.) 

Committee  on.  Meeting  at  New  York,  5 — 530. 

Commodity  paper  eligible  for  purchase  only  if  two- 
name  paper,  1 — 406. 

Condition  of  accepting  banks,  5 — 555. 

(See  Condition.) 

Conditional  acceptance — 

Bill  drawn  payable  at  sight  but  accepted  payable 
in  three  months  is  a,  and  drawer  and  prior 
indorsers  are  released,  2 — 463;  5 — 564. 
Conditional  acceptances  are  not  drawn  in  good 
faith  against  actually  existing  values  under 
United  States  Revised  Statutes,  section  5200, 

2—463,  at  464. 

Conference  of  Federal  Reserve  Board  and  bankers  on 
acceptance  credits,  6 — 559. 

Construction  of  phrases — 

Attached  to  bill,  3 — 765. 

Based  on  live  stock,  1 — 72;  3 — 616. 

Drafts.  Section  13,  6—66,  162,  267,  386,  610, 
835,  948. 

Gold  coin  and  bars,  3 — 29. 

Growing  out  of  exportation,  3 — 28. 

Labor,  5 — 565. 

Other  actual  security,  3 — 881;  5 — 468. 

(See  infra,  Domestic;  Security.) 

Contingent  liability — 

On  sales  of  bankers’  acceptances  and  rediscounts 
between  Federal  Reserve  Banks. 

(See  Discount  and  open  market-operations;  Re¬ 
sources  and  liabilities.) 

(See  infra,  Guaranty.) 

Continental  United  States — 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipments  between  the,  and  Porto 
Rico,  the  Philippines,  or  the  Canal  Zone,  but 
not  between,  and  Hawaii  or  between  any  two 
parts  of  the,  1 — 91. 

Drafts  against  shipments  from,  to  foreign  countries 
are  not  subject  to  stamp  tax,  5 — 467. 

Drafts  against  shipments  to  Porto  Rico,  the 
Virgin  Islands,  and  the  Philippines  are  spe¬ 
cifically  exempt  from  stamp  tax  although 
those  countries  are  not  considered  foreign, 
5—467. 

Contract  for  renewal — 

Invalid,  1—126;  6—277. 

(See  infra,  Renewal.) 

Correspondent,  Foreign.  (See  infra,  Guaranty.) 

Cotton.  Financing  of,  by  acceptances,  2 — 12,  458; 

3—193;  4—691,  713. 

Cotton  factor — 

Draft  of,  on  a  bank  secured  by  warehouse  receipt 
for  cotton  consigned  for  sale  is  not  eligible  for 
acceptance  or  for  discount,  5 — 1054;  6 — 162, 
1176. 

(See  Cotton:  Valorization.) 


ACCEPTANCES— Continued. 

Credit,  Belgium  industrial,  5 — 309. 

(See  supra,  Acceptance  credits.) 

Credits — 

Acceptance  credits — 

Term  of,  should  not,  as  a  rule,  exceed  one 
year,  4 — 257. 

(See  supra,  Acceptance  credits.) 

(See  Opinions  of  counsel.) 

European.  (See  Allied  powers.) 

Limitations  on,  1 — 269. 

Revolving  acceptance  credits.  (See  infra,  Same.) 

Syndicate  acceptance  credits.  (See  infra,  Re¬ 
volving  acceptance  credits.) 

Decrease  in,  5 — 5. 

Demand  bills — 

Must  be  presented  for  pavment  within  a  reason¬ 
able  time,  3—31;  4—109,  1119. 

Become  due  on  date  on  which  presented  for 
acceptance,  3 — 31;  4 — 109,  1119. 

If  holder  presents  for  acceptance  instead  of  pay¬ 
ment  the  drawer  and  indorsers  would  prob¬ 
ably  be  released,  3 — 31;  4 — 109,  1119. 

If  held  for  more  than  a  reasonable  time  after 
acceptance  they  are  classed  as  overdue  paper 
and  in  substance  as  promissory  notes  of 
acceptor,  subject  to  United  States  Revised 
Statutes,  section  5200,  3 — 31;  4 — 109,  1119. 

Development  of.  (See  infra,  Growth.) 

Differential  rates — 

In  favor  of  member  bank  acceptances,  3 — 28. 

Against  acceptances  of  acceptance  corporations 
not  indorsed  by  a  bank  or  banker,  4 — 634. 

Direct  liability.  (See  infra,  Guaranty.) 

Discount  and  open-market  operations.  (See  same.) 

Discount  corporation,  New  York,  5 — 114. 

Discount  market — 

American  Acceptance  Council  and  New  York 
Discount  Corporation  organized  to  develop, 
5—114. 

Discussion  of,  4 — 1054. 

Discount  of — 

Acceptances  indorsed  by  member  banks  of  other 
Federal  Reserve  districts,  1 — 98. 

Before  acceptance.  Take  commercial  paper  rate, 
1—268. 

National  banks  have  had  power  to  discount  accept¬ 
ances  since  1864,  2 — 680,  at  683. 

(See  infra,  Regulation  A,  1920.) 

Renewal  acceptances.  (See  infra,  Renewal.) 

(See  infra,  Domestic;  Discount.) 

(See  also  Discount  and  open-market  operations.) 

Discount  rates.  (See  same.) 

Distribution.  (See  Discount  and  open-market  opera¬ 
tions.) 

Documentary  draft.  (See  infra,  Refinance  drafts.) 

Dollar  exchange — 

Application  to  accept  granted,  2 — 665;  3 — 658; 

4—938;  6—1175. 

Applications  granted  for  one  country  carries 
permission  for  other  countries  subsequently 
authorized,  4 — 1119. 

Applications  granted  only  when  usages  of  trade 
in  foreign  countries  require  and  not  because 
dollar  exchange  is  at  a  premium,  6 — 835. 


8 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ACCEPTANCES — Continued. 

Dollar  exchange — Continued. 

Appreciation  of  dollar  cuts  down  our  exports,  5 — 

1011. 

Development  of,  1 — 53,  312. 

Discount  of,  in  Spain.  Explanation,  4 — 158,  394, 
1038, 1039. 

Drafts  to  produce,  are  eligible  for  purchase,  2 — 6G5. 
European  countries.  Rates  in,  3 — 156,  582,  683. 
Federal  Advisory  Council  suggests  that  privilege 
may  later  have  to  be  extended  to  other  coun¬ 
tries,  4 — 1177. 

Federal  Reserve  Banks  may  purchase,  drafts  in 
open  market,  2 — 665. 

Federal  Reserve  Board.  Stabilization  of,  in 
Spain,  4—158,  394;  5—1038,  1039. 

Fifty  per  cent  limitation,  section  13,  is  separate 
and  distinct  from  similar  limitation  on  do¬ 
mestic  acceptances,  3 — 528. 

List  of  countries  permitted  to  draw.  ( See  supra, 
Applications.) 

Premium.  ( See  supra,  Appreciation.) 

Purchase  of — 

(, See  supra,  Federal  Reserve  Banks.) 

(See  Discount  and  open- market  operations.) 
Spain,  depreciation  of.  (See  supra,  Discount; 

Federal  Reserve  Board.) 

Regulations — 

B  and  C,  1916,  2—534,  665,  666. 

C,  1917,  3—542. 

New,  under  preparation,  4 — 1119. 

C,  1920,  6—1182. 

Domestic  acceptances — 

Abuse  of,  2—680  at  683;  5—256,  415,  858;  6—560, 
1301. 

Agent.  Bank  acceptance  against  shipment  by  a 
corporation  to  its  agent  held  valid  although 
no  sale  involved,  3 — 690. 

Amendment  suggested  permitting — • 

American  Bankers  Association,  2 — 6. 
Federal  Reserve  Board,  2 — 323. 

Capital.  Drafts  drawn  for  purpose  of  adding  to 
working  capital  are  not  eligible,  6 — 1301. 
Cotton  factor.  Draft  of  a  cotton  factor  on  a  bank 
secured  by  warehouse  receipt  for  cotton  con¬ 
signed  for  sale  is  not  eligible  for  acceptance  or 
for  discount,  5 — 1054;  6 — 162,  1176. 

Device.  Drafts  must  not  be  used  as  a  device  to 
finance  the  carrying  of  goods  throughout  the 
process  of  manufacture  into  finished  products, 
6—66,  1301. 

Discount — 

Federal  Reserve  Banks  not  encouraged  to 
discount,  when  security  has  been  re¬ 
leased,  5 — 254,  at  256. 

Draft  secured  by  Canadian  warehouse  receipt 
is  eligible  for  acceptance  and  discount 
but  not  for  purchase  under  present 
regulations,  5 — 740. 

Discount  market.  Necessity  for  developing,  4 — 
259. 

Eligible — 

Refiner  of  oil  draws  on  bank  with  bill  of 
lading  attached;  held  not  eligible  as 
may  be  pure  finance  paper,  6 — 1301. 

(See  Finance  paper.) 

(See  supra,  Discount.) 


ACCEPTANCES— Continued. 

Domestic  acceptances — Continued. 

Evasion  of  section  5200 — 

(See  infra,  Speculative  purposes.) 

(See  supra,  Abuse  of.) 

Export  acceptances.  Care  should  be  taken  where 
dealer  uses  both  domestic  and,  4 — 314,  438. 
Farm  loan  bonds.  Federal  Advisory  Council 
opposes  Hollis  bill  making  farm  loan  bonds 
valid  security  for  acceptances,  1 — 395. 
Finishing  acceptances.  Domestic  acceptances 
must  not  be  used  as  a  device  for  carrying 
goods  through  the  process  of  manufacture  into 
finished  products,  6—66. 

Holdings  of.  (See  Discount  and  open  market 
operations.) 

Import  acceptances  changed  in  good  faith  into 
domestic  acceptances  are  not  ultra  vires,  2 — 
12,  13. 

Limitations — 

Ten  per  cent  limitation  on  unsecured  ac¬ 
ceptances  is  distinct  from  the  10  per 
cent  limitation  of  United  States  Revised 
Statutes,  section  5200,  3 — 286. 

The  domestic  acceptance  limitation  of  50  per 
cent  is  independent  of  the  50  per  cent 
limitation  on  dollar  exchange  accept¬ 
ances,  3 — 528. 

General  statement  as  to  all  limitations  on 
acceptances,  5 — 254. 

All  domestic  acceptances  are  subject  to  the 
50  per  cent  limitation  of  section  13,  4 — • 
1119. 

(See  Ten  per  cent  limitation.) 

Maturity  of  drafts  drawn  on  security  of  bills  of 
lading  should  have  relation  to  time  involved 
in  the  domestic  shipment,  6 — 1301. 

Mississippi  authorizes  secured  domestic  accept¬ 
ances,  6 — 701. 

National  banks  can  not  appoint  agents  to  accept 
and  pay  drafts,  6 — 835. 

(See  supra,  Discount.) 

Purchase  of — 

Drafts  secured  by  Canadian  warehouse  re¬ 
ceipts  are  eligible  for  acceptance  and  dis¬ 
count  but  not  eligible  for,  under  regula¬ 
tions,  5 — 740. 

Not  encouraged  when  security  has  been  re¬ 
leased,  5 — 254. 

Purchaser.  Bill  drawn  on  bank  by,  not  eligible 
merely  because  secured  by  bill  of  lading,  2 — 
684;  3—380;  6—65,  66,  1301. 

Rates — 

Domestic  bankers’  acceptances  are  included 
in  general,  on  bankers  acceptances,  2 — 
111. 

(See  Discount  rates.) 

Readily  marketable  staples.  Drafts  secured  by 
warehouse  receipts  covering  automobiles  or 
tires  are  not  eligible  for  acceptance  by  mem¬ 
ber  banks  as  they  are  not  secured  by,  6 — 65. 

Regulations — 

Circular  1916,  2 — 15. 

C,  1917,  3—542. 

A,  1920,  6—1179. 

B,  1920,  6—1181. 

C,  1920,  6—1182. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


9 


ACCEPTANCES — Continued. 

Domestic  acceptances — Continued. 

Renewals — 

Of  import  acceptances,  after  importation, 
become  domestic  acceptances  for  which 
security  is  necessary,  3 — 30. 

Drafts  secured  by  warehouse  receipts  should 
not  be  accepted  subject  to,  6 — 276,  277. 

Security- 

Accommodation  acceptance.  A  bank  ac¬ 
ceptance  with  agreement  purporting  to 
assign  security  but  mentioning  no  spe¬ 
cific  security  is  an  accommodation 
acceptance  and  is  not  valid,  4 — 311. 

Acceptance,  time  of — 

All  domestic  acceptances  must  be 
secured  at  time  of  acceptance,  3 — 
286,  878;  4—435  ;  5—143,  254. 

The  accepting  bank  must  have  possession 
of  the  security  at  time  of  acceptance 
but  it  may  be  held  for  it  by  its  agent, 

3—765,767;  4—971;  5-471. 

Bill  of  lading — 

(See  supra,  Maturity;  Purchaser.) 

(See  infra,  Release.) 

Bills  of  sale.  A  banker’s  acceptance  drawn 
to  finance  purchase  of  goods,  secured  by 
bills  of  sale,  is  not  eligible  for  purchase, 
2—684. 

Canadian  warehouse  receipt.  (See  supra, 
Purchase.) 

Chattel  mortgage  on  cattle  not  valid  security, 

4—309,  437,  871. 

Domestic  shipment.  Banks  may  accept 
drafts  involving,  when  secured,  3 — 878; 
4 — 435  ;  5—254. 

Export  bills  require  security  just  as  domestic 
bills  if  proceeds  are  to  be  used  for  other 
purposes  than  payment  of  the  accept¬ 
ance,  4 — 439. 

Food  Administration.  Banks  may  accept 
drafts  of,  secured  by  notation  on  draft 
by  a  trustee  holding  warehouse  receipts, 
identifying  it  as  a  draft  secured  by  the 
grain  stored,  4 — 976. 

Importation.  An  acceptance  given  after 
importation  is  a  domestic  acceptance 
requiring  security,  3 — 30. 

Purchaser.  Bill  drawn  by,  of  goods  not 
eligible  merely  because  secured  by  bill 
of  lading,  3 — 380;  6 — 65,  66,  1301. 

Real  estate  mortgage.  An  eligible  bill  is  not 
rendered  ineligible  merely  because  se¬ 
cured  by  a,  3—458. 

Release  of  security — 

The  release  of  security  on  a  draft  exceed¬ 
ing  the  10  per  cent  limitation  violates 
section  13  unless  some  other  actual 
security  is  substituted,  3 — 286;  5 — 
143,  362,  364,  468. 

Federal  Reserve  Banks  not  encouraged 
to  discount  domestic  acceptances  on 
which  security  has  been  released, 

5—524. 

(See  infra,  Ten  per  cent  limitation.) 

Shipping  documents — 

Banks  may  accept  drafts  involving  do¬ 
mestic  shipments  when  secured  by, 
3—878;  4-435;  5—254. 


ACCEPTANCES— Continued. 

Domestic  acceptances — Continued. 

Security — Continued. 

Shipping  documents — Continued. 

Must  be  attached  at  time  of  acceptance, 
5-468,  471. 

(See  supra,  Attached  to  bill.) 

Must  be  made  out  or  indorsed  so  as  to 
convey  or  secure  title  to  the  accept¬ 
ing  bank,  4 — 198. 

Statement.  General  statement  as  to  security 
for  domestic  acceptances,  5 — 254. 

Ten  per  cent  limitation,  section  13 — 

Is  distinct  from  10  per  cent  limitation  of 
United  States  Revised  Statutes,  sec¬ 
tion  5200,  3—286. 

Drafts  in  excess  of — 

All  acceptances  must  be  secured 
throughout  life  of  draft,  3 — 286; 
5—143,  254,  362,  364,  468. 

Security  may  be  released  after  ac¬ 
ceptance  on  substitution  of — 

A  trust  receipt  provided  owner 
has  no  control,  3 — 286,  881; 
5—143, 253,  254. 

A  warehouse  receipt  provided 
the  warehouse  is  independ¬ 
ent  of  the  borrower,  3 — 30, 
286,  881;  4—31,  634,  971; 
5—254. 

(See  infra,  Warehouse  receipts.) 

Bank  accepting  in  transaction  in¬ 
volving  shipment  from  corpora¬ 
tion  to  its  agent,  secured  by  bill 
of  lading,  may,  after  acceptance, 
release  the  bill  of  lading  on  sub¬ 
stitution  of  drafts  drawn  by 
agent  on  purchasers  of  the  goods 
secured  by  bills  of  lading  cover¬ 
ing  the  same  goods,  5 — 468. 

Bank  accepting  an  export  draft  may 
take  as  security  a  trade  accept¬ 
ance  drawn  by  drawer  on  a  for- 
r  eign  purchaser  to  whom  the 

shipping  documents  have  been 
surrendered  on  acceptance,  6 — 
1065. 

Drafts  not  in  excess  of — 

Must  be  secured  at  time  of  accept¬ 
ance,  3—878;  4—435;  5—254, 
471. 

Shipping  documents  may  be  re¬ 
leased — 

After  acceptance,  4 — 634;  5 — 
254. 

On  substitution  of  a  trust  re¬ 
ceipt,  5 — 143,  254. 

(See  infra,  Trust  receipt.) 

Warehouse  receipt  may  be  released 
after  acceptance,  4— 634; 
5—254. 

As  matter  of  policy,  should  not 
be  done,  4—634. 

Federal  Reserve  Banks  not  en¬ 
couraged  to  discount  drafts 
on  which  security  has  been 
released,  5 — 254. 


10 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ACCEPTANCES — Continued. 

Domestic  acceptances — Continued. 

Security— Continued. 

Ten  per  cent  limitation — Continued. 

Drafts  not  in  excess  of — Continued. 
Warehouse  receipt — Continued. 

Bank  which  has  accepted  not  in 
excess  of  10  per  cent  limita¬ 
tion  may  give  further  ac¬ 
ceptances  if  secured,  al¬ 
though  security  for  first  ac¬ 
ceptance  has  been  released 
and  acceptance  not  yet 
liquidated,  5 — 364. 

Transit  entry  and  warehouse  receipt  held  to 
be  a  valid  security,  4 — 520. 

Trust  receipts.  Security  may  be  released 
after  acceptance  on  substitution  of,  pro¬ 
vided  borrower  has  no  control,  3 — 286, 
881;  &— 143,  254. 

Unsecured  drafts — 

Bill  drawn  against  a  nonmember  trust 
company  before  actual  sale  can  not 
comply  with  Regulation  S  as  to  se¬ 
curity,  and  is  not  eligible,  2 — 65. 

Violation  of  section  13  to  accept,  exceed¬ 
ing  10  per  cent  limitation,  even  with 
guaranty  of  customer,  5 — 143. 

Warehouse  receipts — 

If  not  in  excess  of  10  per  cent  limitation, 
may  be  released  after  acceptance, 

4 — 634. 

As  a  matter  of  policy,  should  not  be 
released,  4 — 634. 

Receipt  of  custodian  of  wool  held  to  be 
equivalent  to  a,  4 — 636. 

Federal  Reserve  Banks  not  encouraged  to 
discount  acceptances  in  which  the 
security  has  been  released,  5 — 254. 

If  in  excess  of  the  10  per  cent  limitation, 
security  may  be  released  after  ac¬ 
ceptance  on  substitution  of,  provided 
warehouse  is  independent  of  bor¬ 
rower,  3 — 30,  286,  881;  4 — 31,  634, 
862,  971;  5—254. 

Drafts  secured  by,  for  carrying  goods  for 
speculation  purposes,  are  in  evasion 
of  section  5200  and  not  eligible  for 
acceptance,  6 — 858. 

(See  Speculation.) 

United  States  Revised  Statutes,  section  5200 — 

Acceptances — 

Accommodation  acceptances  not  growing 
out  of  commercial  transactions  and 
not  representing  a  debt  from  drawee 
to  drawer  are  subject  to  10  per  cent 
limitation  of,  2 — 680. 

Does  not  apply  to,  unless  drawer  fails  to 
cover  at  or  before  maturity,  2 — 64, 
463,  680,  684;  3—696;  4—197. 
Purchaser  by  a  bank  of  its  own  accept¬ 
ances  become  subject  to,  2 — 397,  680; 
3—28,  193,  691;  4—197. 

Subsequent  rediscount  would  revive  the 
acceptance,  free  from,  3 — 28,  193, 
691;  4—197. 

( See  infra,  Own  acceptances.) 

( See  Ten  per  cent  limitation;  United 
States  Revised  Statutes,  section 
5200.) 


ACCEPTANCES— Continued. 

Domestic  acceptances — Continued. 

United  States  Revised  Statutes — Continued. 

Demand  and  sight  drafts — held  for  more  than 
a  reasonable  time  after  acceptance  be¬ 
come,  in  effect,  promissory  notes  of 
acceptor,  subject  to,  3 — 31;  4—109,1119. 

Section  13.  Ten  per  cent  limitation  on  ac¬ 
ceptances  under  section  13  is  distinct 
from,  3—286;  4—197. 

Speculative  purposes.  A  draft  secured  by 
a  warehouse  receipt  for  goods  carried  for 
speculative  purposes  is  an  evasion  of, 

5—858. 

(See  Ten  per  cent  limitation,  United  States 
Revised  Statutes,  section  5200.) 

United  States  Revised  Statutes,  section  5202. 

An  acceptance  by  the  foreign  correspondent 

of  a  national  bank  under  the  guaranty  of  the 

national  bank  could  be  treated  as  money 

borrowed  subject  to  limitation  of,  4 — 311. 

Warehouse  receipts — 

Cotton  factors  draft  on  a  bank,  secured  by  a 
warehouse  receipt  covering  cotton  con¬ 
signed  for  sale  is  not  eligible  for  accept¬ 
ance  or  discount,  5 — 1054;  6 — 162,1176. 

Difference  between  bills  of  sale  and,  as  se¬ 
curity,  2 — 684. 

Discount  of  drafts  on  which,  have  been  re¬ 
leased  discouraged,  5 — 254. 

Drafts  secured  by  Canadian,  are  eligible  for 
acceptance  and  discount  but  not  for  pur¬ 
chase  under  existing  regulations,  5 — 740. 

Drafts  secured  by,  covering  automobiles  and 
tires  are  not  eligible  as  not  being  covered 
by  readily  marketable  staples,  6 — 65. 

Drafts  secured  by,  not  eligible  for  accept¬ 
ance  unless  goods  are  stored  pending  a 
reasonably  immediate  sale,  shipment,  or 
distribution,  5 — 858  ;  6 — 66,  277. 

Drafts  secured  by,  when  goods  are  being  car¬ 
ried  for  speculative  purposes,  are  not 
eligible  for  acceptance,  5 — 858;  6 — 66, 
277. 

Drafts  secured  by,  are  not  subject  to 
renewals,  6 — 276. 

Receipt  of  custodian  of  wool  may  be 
treated  as  a  warehouse  receipt,  if  the 
borrower  has  no  control,  4 — 636. 

Renewal.  Drafts  secured  by  warehouse  re¬ 
ceipts  are  not  subject  to  renewal,  6 — 276. 

Warehouse  must  be  independent  of  borrower, 
3—30,  286;  4—31,  636,  832  ;  6—682. 

Whisky  in  bond — 

Warehouse  receipts  for,  are  valid  security 
for  a  note,  but  not  for  a  banker’s 
acceptance  as  it  is  not  a  readily 
marketable  staple  under  section  13, 

6—494. 

(See  supra,  Security.) 

(See  supra,  Ten  per  cent  limitation.) 

(See  Warehouse  receipts.) 

Domicile  bills.  Drafts  drawn  by  American  exporters 
on  foreign  buyers,  accepted  payable  in  United 
States  in  dollars,  may  be  eligible,  technically, 
but  Federal  Reserve  Banks  may  decline  to  dis¬ 
count  them  as  not  desirable  investments,  6 — 3S5, 
386. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


11 


ACCEPTANCES— Continued. 

Drafts— 

Acceptances  of  banks  are  “drafts”  under  section 
13  and  no  exchange  charges  can  be  deducted 
for  collection,  6 — 162,  699. 

Bill  of  lading  drafts — 

On  other  than  banks  are  not  “drafts”  under 
section  13  and  can  be  received  only  for 
collection  and  credit  when  paid.  The 
prohibition  against  deducting  exchange 
charges  does  not  apply  to  them,  2 — 264; 
6—948,  999. 

Bight  of  inspection  of  goods  before  accepting 
reserved  in,  does  not  affect  negotiability, 
5 — 472. 

( See  supra,  Bills  of  lading.) 

Cotton  factors  drafts.  ( See  supra,  Cotton  factors.) 
Exchange  charges  on — 

(See  supra,  Bill  of  lading  drafts.) 

(See  infra,  Exchange  charges.) 

Finance  drafts — 

(See  supra,  Dollar  exchange;  Domestic.) 

(See  infra,  Finance  drafts;  Refinance  drafts.) 
(See  also  Finance  paper,  principal  heading.) 
Foreign  buyer.  Draft  on  a  bank  secured  by  a 
documentary  draft  on  a  foreign  buyer,  drawn 
by  same  drawer,  is  eligible  for  acceptance, 
6—610,  1065. 

Payable.  (See  same.) 

Railroad  administration,  5 — 307. 

(See  same.) 

Right  of  inspection.  (See  supra,  Bill  of  lading 
drafts.) 

Sight  drafts.  (See  same.) 

Transit  entry  and  warehouse  receipt.  Drafts 
drawn  against  may  be  accepted  if  properly 
assigned,  4 — 520. 

(See  supra,  bill  of  lading;  Dollar  exchange;  Do¬ 
mestic.) 

(See  infra,  Renewal;  Warehouse  receipts.) 

(See  also  Drafts,  principal  heading.) 

Drawn  in  good  faith.  (See  supra,  Actually  existing 
values.) 

Dummy  drawee.  Bill  drawn  against  a,  is  not  drawn 
against  actually  existing  values,  2 — 608,  684. 
Earnings  on,  by  Federal  Reserve  Banks.  (See  Dis¬ 
count  and  open-market  operations.) 

Eligible — 

Bankers’  acceptances  to  be,  must  be  accepted, 
2—212. 

Paper  of  concerns  not  regularly  engaged  in  some 
form  of  banking  business  is  not,  as  a  banker’s 
acceptance,  1—362,  404. 

(See  supra,  Actually  existing  value;  Bill  of  lading; 
Domestic;  Drafts.) 

(See  infra,  Payable;  Security;  Warehouse  re¬ 
ceipts.) 

(See  also  Drafts;  Eligible;  Security;  Warehouse 
receipts.) 

Enemy.  (See  supra,  Ally  of  enemy.) 

European  banks,  6 — 375. 

(See  supra,  Acceptance  liabilities.) 

Evasion  of  United  States  Revised  Statutes,  section 
5200,  2—680  at  683;  5—256,  415,  858. 

Exchange  charges — ■ 

Member  bank  can  not  deduct,  in  accounting  to 
the  Federal  Reserve  Bank  for  its  own  accept¬ 
ances  forwarded  to  it,  for  collection  by  the 
Federal  Reserve  Bank,  6 — -162. 


ACCEPTANCES— Continued. 

Exchange  charges — Continued. 

Member  bank  can  make  no  charge  against  Federal 
Reserve  Bank  for  collection  of  acceptances, 
as  acceptances  are  drafts  under  section  13, 
6—699. 

(See  supra,  Drafts;  Acceptances;  Bill  of  lading.) 

(See  Exchange  charges.) 

Export  and  import  transactions — 

Allied  Purchasing  Committees.  Drafts  drawn 
against  sale  of  packing-house  products  to, 
must  be  secured  as  domestic  acceptances 
unless  drawer  has  contract  for  export,  4 — 435, 
438. 

Clean  draft  of  an  exporter  in  Chile  can  not  be 
accepted  unless  m  connection  with  a  con¬ 
tract  of  sale  or  an  actual  shipment,  3 — 378. 

Construction  as  to  what  constitutes.  Opinion  of 
counsel,  1 — 91,  268,  276,  404,  405. 

Contract  for  exportation.  There  must  be  an  ac¬ 
tual.  Mere  intention  to  export  will  not 
suffice,  6 — -65,  66. 

Dealers  in  both  export  and  domestic  transactions. 
Banks  must  see  that  proceeds  are  to  be  used 
in  export  transactions,  and  that  drafts  will  be 
paid  out  of  proceeds  of  sale  of  export  goods, 
4—314,  438. 

Delay  in  shipment.  Temporary,  will  not  invali¬ 
date,  2—458. 

Domestic.  Cotton  export  shipments  changed 
later  in  good  faith  into,  shipments  are  not 
ultra  vires,  2 — 12. 

Domestic  concerns — - 

Can  not  extend  credits  on  open  account  to 
foreign  purchasers  by  means  of  export 
acceptances,  5—254. 

Drafts  of  American  manufacturers  to  finance 
purchases  of  goods  from  American  im¬ 
porters  are  not  eligible  as  import  accept¬ 
ances,  6 — 162. 

Import  acceptance.  Bill  against  bank  secured 
by  import  acceptance  not  eligible  as,  3 — 28. 

Importers.  Drafts  of,  on  banks  covering  imported 
goods  are  eligible,  whether  or  not  bill  of  lading 
attached  and  whether  or  not  the  goods  have 
been  shipped  at  time  of  drawing  draft,  6 — 162. 

Intention.  Mere,  to  export  not  sufficient,  6 — 65, 

66. 

Member  banks  may  accept  drafts  drawn  to  finance 
exports  although  title  has  passed  before  ship¬ 
ment.  If  secured,  and  involving  a  domestic 
shipment,  would  also  be  a  valid  domestic 
acceptance,  3 — 878. 

National  banks  can  not  accept  drafts  secured  by 
an  export  or  import  acceptance  as  the  draft 
does  not.  necessarily  involve  an  export  or 
import  acceptance,  3 — 28. 

Renewal  of  acceptance  originally  based  on  an 
importation  must  be  secured  as  it  becomes  a 
domestic  acceptance,  3 — 30. 

Revolving  acceptance  credit — 

Under  which  drawer  agrees  to  produce  or 
purchase  goods  and  assign  them  as  se¬ 
curity  for  the  acceptance  or  any  renewals 
thereof,  held  not  a  valid  import  accept¬ 
ance,  4  -976. 

(See  Opinions  of  counsel.) 

(See  infra,  Revolving  acceptance  credits.) 


L2 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ACCEPTANCES — Continued. 

Export  and  import  transactions — Continued. 

Sale.  If  proceeds  are  to  be  used  to  finance  an 
export  transaction,  it  is  not  material  whether 
or  not  the  goods  have  been  sold  at  time  of 
acceptance,  3 — 527. 

Security — 

Drafts  not  in  excess  of  the  10  per  cent  limi¬ 
tation.  No  security  necessary  provided 
proceeds  are  to  be  used  to  liquidate  the 
acceptance;  if  not  so  used,  security  is 
required  as  in  a  domestic  acceptance, 
4 — 435,  438,  439;  5—143. 

Drafts  in  excess  of  the  1 0  per  cent  limitation — 
Must  be  secured  during  life  of  draft,  3 — 
286;  5—143,  254,  362,  364,  468. 
Security  may  be  released  aftei  accept¬ 
ance  on  substitution  of  a  trust  re¬ 
ceipt,  providing  owner  has  no  con¬ 
trol,  3—286,  881;  5—143,  254. 

Or  on  substitution  of  a  warehouse  receipt, 
providing  warehouse  is  independent 
of  borrower,  3 — 30,  286,  881;  4 — 31, 
634,  971,  972;  5—254. 

Export  bills — 

Require  security  when  use  of  proceeds  is 
for  purposes  other  than  payment  of 
acceptance,  4 — 439. 

Trade  acceptance  drawn  on  foreign  buyer 
secured  by  shipping  documents  held 
to  be  valid  security  for  an,  drawn  on 
a  bank,  although  bank  has  surren¬ 
dered  shipping  documents  to  foreign 
buyer  on  his  acceptance,  6 — 1065. 
Import  bill.  Bill  drawn  on  a  bank  secured 
by  an,  held  not  eligible  as  an  import  bill, 
3—28. 

Shipment.  There  must  be  a  bona  fide  contract 
for,  within  a  reasonable,  specified  time,  to 
constitute  a  valid  export  or  import  bill,  4 — 
976. 

Farm  loan  bonds.  Federal  Advisory  Council  opposes 
Hollis  bill  making,  valid  security  for  bills  and 
notes,  1 — 394. 

Federal  Advisory  Council  favors  additional  acceptance 
power,  3—106;  4—1175,  1177. 

(See  supra,  Farm  loan  bonds.) 

Federal  Reserve  Act,  section  13 — 

Amendments  suggested  by  Federal  Reserve 
Board,  2 — 323. 

Limitations  of,  how  differing  from  United  States 
Revised  Statutes,  section  5200,  3 — 286. 

(See  supra,  Domestic;  United  States  Revised 
Statutes,  section  5200.) 

(See  Ten  per  cent  limitations.) 

Federal  Reserve  Agents — 

Report  on  acceptances,  3 — 6. 

To  prepare  circular  on,  5 — 415. 

(See  Federal  Reserve  Agents.) 

Federal  Reserve  Banks— 

Availability  of  proceeds  of  collected  acceptances, 
5—245. 

Discount.  May  discount  acceptances  bearing  in¬ 
dorsement  of  member  banks  of  other  Federal 
Reserve  districts.  1 — 98. 

Hold  60  per  cent  of  total  acceptances,  5 — 105. 
Holdings  of  acceptances — 

Comparison  1914  and  1919,  5 — 771. 

(See  Discount  and  open-market  operations.) 


ACCEPTANCES— Continued. 

Federal  Reserve  Banks — Continued. 

Purchase  and  sales  of  acceptances  between 
Federal  Reserv  e  Banks.  (See  Rediscounts.) 
Report  on  acceptances  held  by,  5 — 105. 

(See  Federal  Reserve  Banks.) 

Federal  Reserve  Board — 

Acceptance  credits.  Foreign,  2 — 587. 
Acceptance  policy,  4 — 257;  5 — 309,  858. 

Purchase  of  own  acceptances.  Policy  as  to.  (See 
infra,  Own  acceptances.) 

Renewal  acceptances.  (See  infra,  Renewal  ac¬ 
ceptances.) 

Section  14.  What  purchases  can  be  made  under, 
1—360. 

Syndicate  acceptance  credits,  4 — 257. 

(-See  infra,  Revolving  credit  acceptances.) 
(See  Federal  Reserve  Board.) 

Fictitious  drawee.  Bill  drawn  against  a,  is  not  drawn 
in  good  faith  against  actually  existing  values,  2 — 
608,  684. 

Fifty  per  cent.  No  authority  from  Federal  Reserve 
Board  is  necessary  to  accept  up  to,  1 — 126. 
Finance  drafts.  (-See  Finance  paper.  Principal  head¬ 
ing-) 

Financial  condition,  Statement  of.  Indorsing  bank 
or  banker  must  give  a  satisfactory,  where  bill  is 
drawn  in  a  foreign  country,  and  such  statement 
can  not  be  obtained  from  the  drawer  or  acceptor, 
2—111. 

Food  Administration,  Grain  Corporation.  (See  supra, 
Domestic;  Security.) 

Food  products.  Financing  of,  by  acceptances,  4—255. 
Foreign  bills — 

Federal  Reserve  Banks  should  be  cautious  as  to 
buying,  1 — 360. 

Bills  payable  abroad  are  not  eligible  for  purchase 
under  Regulations  A  and  B,  1917,  but  may 
be  purchased  under  Special  Instructions  2, 
1916,  4—520. 

Drafts  drawn  abroad,  payable  in  United  States  in 
dollars,  secured  by  a  Canadian  warehouse 
receipt  is  eligible  for  acceptance,  and  after 
acceptance,  for  discount,  but  is  not  eligible 
for  purchase  under  present  regulations,  5 — 740 
Foreign  buyer.  An  export  draft  on  a  bank  secured  by 
a  documentary  draft  drawn  by  same  drawer  on  a 
foreign  buyer  is  eligible  for  acceptance,  6 — 610. 
Foreign  correspondent.  (See  infra,  Guaranty;  Na¬ 
tional  bank.) 

Foreign  seller.  Draft  by  importer  for  purpose  of  pay¬ 
ing,  is  eligible  whether  or  not  secured  by  bill  of 
lading  and  whether  or  not  the  goods  had  been 
shipped  at  time  of  drawing  the  draft,  6 — 162. 

Foreign  trade.  Eligibility  of  acceptances  in.  (See 
supra,  Export  and  import.) 

Foreign  trade  acceptances,  Bankers’.  (See  Discount 
and  open-market  operations.) 

Form  for  trade  acceptances,  3 — 378;  4 — 636;  5 — 142. 
Forward  rates,  1 — 97,  98. 

Frederick,  L.  Bankers’  acceptance  liabilities,  Lon¬ 
don  and  New  York,  5 — 21. 

Gold  bars  and  coin.  Bills  to  finance  shipment  of,  are 
eligible  for  purchase  as  they  are  “goods”  under 
section  13,  3 — 29. 

Good  faith,  drawn  in.  (See  supra,  Actually  existing 
values.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


13 


ACCEPTANCES — Continued. 

Goods,  section  13 — 

Gold  bars  and  coin  are,  3 — 29. 

Labor  is  not,  5 — 565. 

Great  Britain  increases  rates  on,  6 — 955. 

“Growing  out  of,”  construction  of  words,  3 — 28. 

Growth  of  acceptances,  1 — 52;  2 — 590,  669;  3 — 5,  6, 

350,  581,  664;  4—11,  402,  595,  602,  604,  855, 1054; 

5—767;  6 — 559,  666. 

Guaranty — 

An  acceptance  by  a  foreign  correspondent  under 
guaranty  of  a  national  bank  constitutes  a 
direct  and  not  a  contingent  acceptance 
liability  of  the  national  bank,  4 — 311. 

Authority  to  guaranty  is  an  incident  of  its  author¬ 
ity  to  accept,  4—311. 

National  bank,  in  giving  guaranty,  is  exercising 
power  of  acceptance  through  an  agent,  4 — 
311. 

Might  treat  this  as  a  loan  to  its  customer  showing 
its  liability  to  its  foreign  correspondent  in  its 
report  of  condition  as  money  borrowed  sub¬ 
ject  to  United  States  Revised  Statutes,  sec. 
5202,  4—311. 

National  bank  could  arrange  with  its  foreign  cor¬ 
respondent  to  accept  for  account  of  one  of  its 
customers  agreeing  to  provide  funds  before 
maturity  if  its  customer  failed  to  do  so.  In 
such  a  case  its  liability  would  be  merely 
contingent  and  need  not  be  shown  as  a  direct 
acceptance  liability,  4 — 311. 

( See  infra,  National  bank.) 

(See,  however,  Volume  7,  Federal  Reserve  Bulle¬ 
tin,  May  1921,  page  547.) 

Harding,  Gov.  Addresses  on,  2 — 587;  4—602;  5 — 105. 

Hawaii — • 

Federal  Reserve  Banks  can  not  discount  ac¬ 
ceptances  based  on  shipments  between  con¬ 
tinental  United  States  and,  1 — 91. 

Drafts  based  on  shipments  from  United  States  to, 
are  subject  to  stamp  tax,  5 — 476. 

Holdings  of  acceptances.  ( See  Discount  and  open- 
market  operations.) 

Import  acceptances.  ( See  supra,  Export  and 
import.) 

Indorsement — • 

Bill  payable  to  order  of  drawee  must  have  his,  to 
be  negotiable,  4 — 110. 

In  blank  passes  title  but  better  practice  is  to  re¬ 
quire  specific  indorsement,  4 — 744. 

Inspection.  Right  reserved  for  inspection  of  goods 

before  acceptance  does  not  affect  negotiability, 

5 — 472. 

Insular  possessions — 

Acceptance  based  on  trade  between  foreign  na¬ 
tions  and  our,  by  a  company  purchasing  goods 
held  not  to  be  a  "banker’s  acceptance  but  to  be 
a  valid  trade  acceptance,  1 — 404. 

(See  supra,  Canal  Zone;  Continental  United  States; 
Hawaii.) 

(See  infra,  Porto  Rico;  Philippines;  Virgin 
Islands.) 

Interest — 

Loss  of.  Allowance  for,  in  collection  of  accept¬ 
ances,  4 — 521. 

Bill  payable  with  interest  after  maturity  is 
negotiable,  3 — 200;  4 — 109. 

Renewal  acceptances  are  in  effect  a  guaranty  of 
a  fixed  rate  of  interest,  2 — 588;  4 — 259. 


ACCEPTANCES— Continued. 

Interest — Continued. 

(See  supra  Domestic;  Renewal.) 

(See  also  Collection;  Drafts;  Renewal.) 

Labor  held  not  to  be  “goods”  under  section  13, 
5 — 565. 

Law  Department.  Opinions  of  counsel.  (See  Opin¬ 
ions;  Counsel.) 

Laws  of  States.  Acceptance  laws,  3 — 529. 

(See  also  State  banks,  etc.;  Laws  of  States.) 
Letter  of  Texas  banker  favoring  bankers’  acceptances, 

3— 159. 

Liabilities.  Acceptance,  2 — 670;  3 — 6,  350,  664; 

4— 11,  440,  855,  1114;  5—21,  105,  440,  513,  555, 
561,  852,  1152;  6—158,  375,  686. 

Liability,  contingent. 

(See  Discount  and  open  market  operations; 
Member  bank  condition  statements;  Na¬ 
tional  banks;  Rediscounts;  Resources  and 
liabilities.) 

(See  supra,  Guaranty.) 

Liability.  Direct.  (See  supra,  Guaranty.) 

License.  (See  supra,  Ally  of  enemy.) 

Maturities  of  purchased  acceptances.  (See  Dis¬ 
count  and  open-market  operations.) 

Maturity.  (See  Agent;  Discount  and  open-market 
operations;  Interest;  Rebate;  United  States 
Revised  Statutes,  section  5200.) 

Mississippi  law  authorizes  secured  domestic  accept¬ 
ances,  6 — 701. 

Money  borrowed — 

Acceptances  do  not  constitute,  2 — 64,  678,  680. 
(See  infra,  National  banks;  Own  acceptances.) 
(See  supra,  Guaranty.) 

National  bank — 

Acceptance  of  a  foreign  correspondent  under 
guaranty  of  a,  is  an  acceptance  of  the  national 
bank.  Could,  however,  be  treated  as  money 
borrowed  subject  to  limitations  of  section 
5202,  4—311. 

If  foreign  correspondent  accepts  for  account  of 
customer  of  the  national  bank,  the  guaranty 
liability  of  the  national  bank  would  be  merely 
contingent  and  need  not  be  shown  as  an 
acceptance  liability,  4 — 311. 

(See,  however,  Volume  7,  Federal  Reserve  Bul¬ 
letin,  May  1921,  page  547). 

National  banks  have  had  power  to  discount 
acceptances  since  1864,  2 — 680  at  683. 
National  banks  are  forbidden  by  United  States 
Revised  Statutes,  section  5190,  to  appoint  an 
agent  in  another  city  to  accept  and  pay  drafts 
for  it,  6 — 835. 

(See,  however,  Volume  7,  Federal  Reserve 
Bulletin,  May  1921,  page  547.) 

(See  National  banks.) 

Negotiable.  Draft  payable  to  order  of  drawee  held 
not,  until  accepted  and  indorsed  by  drawee. 
Would  then  be  negotiable  in  hands  of  third  party 
and  drawer  would  be  not  released,  4 — 110. 
Negotiability.  Conditions  affecting,  1 — 21. 

New  Orleans  branch  bank.  Purchases  of  acceptances 
by,  3—28. 

New  York  City  trust  companies.  Purchases  of  ac¬ 
ceptances,  2 — 590,  670. 

New  York  Clearing  House.  Acceptances  may  be 
cleared  through,  4 — 819. 

New  York  Discount  Corporation  formed  to  develop 
discount  market  for  acceptances,  5 — 114. 


14 


INDEX-DIGEST  OP  FEDERAL,  RESERVE  BULLETIN. 


ACCEPTANCES— Continued. 

New  York  saving  banks  may  invest  in  acceptances, 
4 — 525. 

Nonmember  bank  acceptances.  Differential  against, 

3— 28. 

One  hundred  per  cent.  Power  to  accept  up  to — 
Applications  granted,  1 — 71;  2 — 215,  265,  328, 
372,  437,  438,  515;  3—658,  746,  839,  941;  4— 
13,  80,  184,  296,  402,  492,  697,  742,  859,  967, 
1100,  1198;  5—29, 127,  251,  357,  466,  562,  650, 
737,  856,  961,  1050;  6—60,  159,  382,  492,  608, 
697,  833,  945,  1063,  1175,  1300. 

Error  in  act  of  September  7,  1916 — 

Corrected  by  act  of  June  21, 1917,  3 — 100,  658. 
Banks  already  having  authority;  need  make 
no  new  application,  3 — 658. 

Open  market  for  acceptances — 

American  acceptance  council  and  New  York  Dis¬ 
count  Corporation  organized  to  develop,  5 — 114. 
Discussion  of,  4 — 1054. 

(See  supra,  Growth  of.) 

Open  market  operations — 

( See  infra,  Purchases  in  open  market.) 

(See  Discount  and  open  market  operations.) 

Open  market  purchases  not  a  test  of  substantial  com¬ 
petition  under  Clayton  Anti- Trust  Act,  3 — 878. 

Open  market  rates — 

Lower  than  Federal  Reserve  Bank  rates,  3 — 76. 
(See  discount  and  open  market  operations.) 

Other  actual  security — • 

Construction  of  phrase,  3 — 881;  6 — 1065. 

(See  supra,  Actual  security;  Domestic;  security; 
Export  and  import;  Security.) 

Own  acceptances.  Purchase  of — 

Purchase  of  own  acceptances  before  maturity. 
Limitations  of  section  5200  apply.  If  subse¬ 
quently  rediscounted  the  obligation  would 
revive  free  from  limitations  of  section  13,  2 — 
397,  680  ;  3—28, 193,  397;  691;  4— 197,  808,  974. 
Member  banks  may  deduct  own  acceptances  pur¬ 
chased  from  aggregate  limitations  of  section 
13,  2—397. 

Policy  of  Federal  Reserve  Board  as  to,  4—257,  at 
258. 

Payable.  (See  same;  Principal  heading.) 

Payable  out  of  United  States.  Bills,  not  eligible  for 
purchase  under  Regulations  A  and  B,  1917,  but 
could  be  purchased  as  bills  payable  in  foreign 
countries  under  special  instructions  No.  2,  1916, 

4— 520. 

Payment  of.  (See  infra,  Place  of  payment.) 

Philadelphia  clearing  house.  Acceptances  may  be 
cleared  through,  4 — 919. 

Philadelphia  national  banks.  Acceptances  of,  1916, 
3—6. 

Philippines — 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipments  between  the  continental 
United  States  and  the,  1 — 91. 

Drafts  based  on  shipments  from  United  States  to, 
are  specifically  exempted  from  stamp  tax, 
5 — 476. 

Place  of  payment — 

An  acceptance  accepted  payable  at  a  place  other 
than  residence  of  acceptor  is  a  negotiable 
acceptance  unless  expressly  stated  payable 
there  and  nowhere  else,  3 — 289;  5 — 142. 


ACCEPTANCES— Continued. 

Place  of  payment — Continued. 

Draft  payable  at  bank  on  which  drawn  may  be 
accepted  payable  at  the  Federal  Reserve 
Bank  provided  no  stipulation  that  it  is  pay¬ 
able  only  there,  3 — 379. 

Policy  of  Federal  Reserve  Board.  (See  supra,  Federal 
Reserve  Board.) 

Porto  Rico — 

Federal  Reserve  Banks  may  discount  accept¬ 
ances  based  on  shipment  of  goods  between 
the  continental  United  States  and,  1 — 91. 

Drafts  based  on  shipments  between  United  States 
and,  are  specifically  exempt  from  stamp  tax, 

5—467. 

Power  of  acceptance.  Federal  Advisory  Council 
favors  additional,  3 — 106;  4 — 1175,  1177. 

Presentment  for  acceptance — 

Drawer  and  indorser  of  a  bill  made  payable  on  a 
date  specified  are  not  discharged  by  failure 
to  present  bill  for  acceptance  unless  an  ex¬ 
press  provision  that  it  must  be  so  presented, 
or  unless  it  is  payable  elsewhere  than  at  resi¬ 
dence  or  place  of  business  of  drawee,  2 — 608. 

If  holder  of  a  sight  draft  presents  it  for  acceptance 
rather  than  for  payment,  the  drawer  and  in¬ 
dorsers  would  probably  be  released,  4 — 109. 

Presentment  for  payment.  Demand  and  sight  bills 
must  be  presented  for  payment  within  a  reason¬ 
able  time.  After  that  they  are  considered  as 
promissory  notes  of  the  acceptor  subject  to  limita¬ 
tions  of  United  States  Revised  Statutes,  section 
5200,  3—31. 

Private  banker.  (See  Acceptance  corporation.) 

Promissory  notes.  Federal  Reserve  Banks  can  not 
purchase,  in  open  market  even  though  bearing  an 
additional  indorsement,  1 — 347,  360,  365,  406. 

Purchase.  (See  supra,  Payable  out  of  United  States.) 

Purchase  of  foreign  bills — 

Left  for  present  to  discretion  of  Federal  Reserve 
Banks;  subject  to  future  regulations,  1 — 360. 

(See  Cable  transfers;  Foreign  bills.) 

Special  Instructions  No.  2, 1916,  2 — 530. 

Purchase  of  own  acceptances.  (See  supra,  Own 
acceptances.) 

Purchaser  of  goods.  Bill  by,  on  a  bank  not  eligible 
merely  because  secured  by  bill  of  lading.  May  be 
pure  finance  paper,  3 — 380;  6 — 65,  66,  1301. 

Purchases  in  open  market — • 

Discussion  as  to  whether,  should  be  charged  to 
accepting  bank  as  part  of  line  of  discount 
granted  to  it,  6 — 559. 

(See  supra,  Promissory  notes.) 

(See  Discount  and  open-market  operations.) 

Pyramiding  of  acceptance  credits,  3 — 28,  at  29. 

Qualification  as  bankers  acceptor,  1 — 362,  404. 

Qualified  acceptances,  2 — 463;  5 — 564. 

Railroad  Administration.  Acceptances  of.  Hines, 
Director  General  of  Railroads,  addresses  governors 
on,  5 — 307. 

Rate,  commercial  paper.  Discounts  of  export  bills 
before  acceptance  take  commercial  paper  90-day 
rate,  and  not  the  acceptance  rate,  1—268. 

Rate  of  earnings.  (See  Discount  and  open-market 
operations;  Earnings.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


15 


ACCEPTANCES— Continued. 

Rates  of  discount — 

Federal  Reserve  Bank  of  New  York  increases, 
3—3,  4. 

(See  Discount  rates.) 

Federal  Reserve  Banks.  Acceptance  rates  are 
higher  than  commercial  rates,  3 — 76. 

(See  Discount  rates.) 

Great  Britain  increases,  6 — 955. 

London  and  New  York,  2 — 591. 

Rates  of  purchase  to  be  submitted  to  Federal  Reserve 
Board  for  approval,  1 — 360. 

Ratio — 

Acceptance  liability  to  total  liabilities.  (See 
Ratio.) 

Acceptances  to  capital  and  surplus.  (See  Ratio.) 
(See  also  Acceptance  liabilities.) 

Readily  marketable  staples.  Drafts  secured  by 
warehouse  receipts  covering  automobiles  or 
tires  are  not  eligible  for  acceptance,  as  they  are 
not  secured  by,  6 — 65. 

Real  estate  mortgages.  (See  infra,  Security.) 

Rebate  agreements.  Federal  Reserve  Banks  may 
agree  to  permit  acceptors  to  take  up  acceptances 
before  maturity  under,  3 — 949. 

Refinance  drafts.  6 — 610. 

Regulations — 

A,  1917,  4—520. 

A,  1920,  6—1179,  1301. 

B,  1916,  2—532,  666. 

B,  1917,  4—520. 

5—740. 

B,  1920,  6—1181. 

C,  1916,  2—534,  665. 

C,  1917,  3—542. 

C,  1920,  6—1182. 

E,  1916,  3—29. 

E,  1920,  6—1183. 

S,  1915,  1 — 434. 

T,  1915,  2—15. 

(See  Circulars  and  regulations;  Special  Instruc¬ 
tions  No.  2,  1916.) 

Regulations  A  and  B,  1917.  Bills  payable  out  of 
United  States  not  eligible  for  purchase  under,  but 
can  be  purchased  under  Special  Instructions 
No.  2,  1916,  4—520. 

Regulations,  Foreign  bills — 

None  to  be  made  at  present,  1 — 360. 

(See  supra.  Foreign  bills.) 

Regulations.  New,  under  preparation  to  put  an  end 
to  unsound  acceptance  methods,  5 — 530. 
Reimbursement  for  acceptances.  Conference  of 
bankers,  4 — 805. 

Release  of  security.  (See  supra.  Domestic,  security; 
Ten  per  cent  limitation;  Export  and  import, 
security.) 

Renewal  acceptances — 

Belgium  renewal  acceptance  credit,  5 — 309. 

Contract  for,  is  invalid,  1 — 126;  6 — 277. 
Exchange  rates.  Renewal,  not  eligible  when 
proceeds  of  original  acceptance  are  held 
back  because  of  adverse,  5 — 858. 


ACCEPTANCES— Continued. 

Renewal  acceptances — Continued. 

Federal  Reserve  Board — 

Policy  as  to,  4—257;  5 — 309. 

Will  take  into  account  abnormal  conditions 
abroad,  5 — 858. 

Guaranty  of  interest  rates.  Are  in  effect  a,  2 — 
588;' 4—259. 

Import  acceptances  renewed  after  importation 
become  domestic  and  require  security, 

3— 30. 

Regulations — 

Must  comply  with  law  and,  applicable  to 
original  acceptance,  6 — 66,  276,  277. 

(See  infra,  Revolving  acceptance  credits.) 
(See  supra,  Domestic;  Warehouse  receipts.) 
(See  also,  National  bank;  Purchases.) 
Report  on — 

Federal  Reserve  Agents,  3 — 6. 

Governors.  Acceptance  credits,  5 — 415. 
Revolving  acceptance  credits — 

Federal  Reserve  Board  on,  4 — 257. 

Term  should  not  as  a  rule  exceed  one  year, 4 — 257. 
With  renewal  privileges  held  not  to  be  a  valid 
import  acceptance,  4 — 976. 

Rulings  by  Federal  Reserve  Board.  (See  various 
headings  under  Acceptances.) 

Sales  of  acceptances — 

Between  Federal  Reserve  Banks,  4 — 590,  777, 
778,  1147;  5—169,  310,  495,  794,  1085;  6—192, 
531,  730,  781,  1014,  1015,  1019,  1041,  1042, 
1043,  1044,  1133,  1228,  1232. 

Fiscal  year  1920,  6 — 730. 

Savings  banks — 

New  York.  May  invest  in  bankers’  acceptances, 

4 —  525. 

Purchase  of  acceptances  by,  4 — 953. 

Schedule  of  availability.  Proceeds  of  collected  ac¬ 
ceptances,  5 — 245,  246. 

Section  13.  (See  Federal  Reserve  Act,  section  13.) 
Section  14.  (See  supra,  Purchases  in  open  market.) 

Securities,  Open  market  purchases  of.  Ruling, 
Foreign  Exchange  Division,  4 — 973. 

Security.  (See  supra,  Domestic,  security;  Export 
and  import,  security.) 

Shipping  documents — 

Must  be  made  out  or  indorsed  so  as  to  convey 
title  to  accepting  bank,  4 — 198. 

(See  supra,  Domestic,  security;  Export  and 
import,  security.) 

(See  Bills  of  lading;  Bills  of  exchange,  handling 
of.) 

Sight  drafts — 

Accepted  payable  at  fixed  future  date  are  quali¬ 
fied  acceptances,  2 — 463;  6 — 564. 

Must  be  presented  for  payment  within  a  reason¬ 
able  time,  3 — 31. 

After  that,  considered  in  substance  as  promissory 
notes  of  acceptor  subject  to  limitations  of 
section  5200,  3 — 31. 

Payable  when  presented  without  days  of  grace, 
4—109. 

Single  name  paper  not  eligible  for  purchase  in  open 
market  even  when  bearing  additional  indorse¬ 
ment,  1—347,  360,  365,  406. 

Sizes.  (See  Discount  and  open-market  operations.) 


16 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ACCEPTANCES— Continued. 

Special  instructions  No.  2,  1916 — 

Purchase  of  bills  payable  in  foreign  countries, 
2—530. 

Bills  payable  abroad  can  be  purchased  under, 
4 — 520. 

Stamp  tax — 

Acceptances  are  not  taxable  as  ‘  ‘  promissory  notes  ” 
under  the  act  of  October  22,  1914,  2 — -211. 
Acceptances  originating  outside  oft  but  payable 
within  United  States  and  originating  inside 
of,  but  payable  outside  of  United  States,  are 
subject  to  stamp  tax  under  act  of  October  3, 
1917,  3— *-950. 

Staples,  Readily  marketable.  ( See  supra,  Domestic; 
security.) 

State  banks — 

Conditions  as  to  making  of  acceptances  by,  1 — 262. 
Purchases  of  acceptances  of.  ( See  Discount  and 
open-market  operations.) 

Statements  as  to  financial  condition  of  acceptors. 
Ultimate  responsibility  rests  with  purchasing 
bank.  If  in  proper  form,  Federal  Reserve  Banks 
need  not  pass  upon  them,  2 — 13. 

States.  Laws  of,  as  to  acceptances,  1 — 61;  3 — 529. 

Substitution  of  security.  (See  supra,  Domestic;  10  per 
cent  limitation;  Export  and  import  transactions.) 

Sugar  in  bond  as  security  for  bankers’  acceptances, 
4—520. 

Syndicate  acceptance  credits.  (See  supra,  Belgian 
industrial  acceptance  credit;  Revolving  accept¬ 
ance  credits.) 

Tax.  (See  supra,  Stamp  tax.) 

Ten  per  cent  limitation,  section  13 — 

Bank  may  accept  up  to  10  per  cent,  release  any 
security,  and  give  further  acceptances  if 
secured,  5 — 364. 

(See  supra,  Domestic,  10  per  cent  limitation; 
Export  and  import,  10  per  cent  limitation. 
United  States  Revised  Statutes,  section  5200. 
(See  supra,  Domestic  acceptances;  United 
States  Revised  Statutes,  section  5200.) 

(See  Ten  per  cent  limitation.) 

Term  of  revolving  acceptance  credits  should  not,  as  a 
rule,  exceed  one  year,  4 — 257. 

Texas  trust  companies  authorized  to  accept  drafts  and 
bills,  6 — 950. 

Trade  acceptances — 

An  acceptance  of  a  negotiable  instrument  is 
“trade,”  within  meaning  of  trading  with  the 
enemy  act,  3 — 851. 

Accepted  before  sale  or  delivery  are  not  drawn 
against  actually  existing  value,  4 — 974. 
Acceptor  other  than  drawee.  Is  ineligible  for  pur¬ 
chase  as  a  trade  acceptance,  2 — 112. 

Actual  security.  A  trade  acceptance  drawn  on 
foreign  buyer  to  whom  bill  of  lading  is  re¬ 
leased  after  acceptance,  held  to  be  actual  se¬ 
curity  under  section  13  for  a  banker’s  export 
acceptance,  6 — 1065. 

Actually  existing  value — 

Drawn  against  a  balance  due  on  open  account 
may  be  a  good  trade  acceptance  but  is  not 
drawn  against,  3 — 287. 

To  be  drawn  against,  must  be  drawn  at  time 
of  shipment  or  delivery  or  within  a  rea¬ 
sonable  time  thereafter  while  the  goods  or 
their  proceeds  are  in  possession  of  pur¬ 
chaser,  4 — 974. 


ACCEPTANCES — Continued. 

Trade  acceptances — Continued. 

Addresses  on,  3—9, 10,  243,  245  ;  4 — 602,  713, 1193; 
5—105. 

Advertising  space.  Bills  drawn  against  purchase 
of,  valid,  3—114,  116. 

Agent.  Draft  of  lumber  company  on  a  selling  cor¬ 
poration  in  which  it  owns  stock,  would  be  a 
valid  trade  acceptance  if  sales  corporation 
purchases  the  lumber  outright.  If  sales  cor¬ 
poration  does  not  purchase  but  merely  re¬ 
ceives  as  agent,  it  would  not  be  a  valid  trade 
acceptance,  4—33. 

American  Trade  Acceptance  Council  succeeded 
by  American  Acceptance  Council,  5 — 114. 

Approved  form  of.  (See  infra,  Form.) 

Balance  on  open  account,  bill  drawn  against  a, 
may  be  a  valid,  but  is  not  drawn  against  ac¬ 
tually  existing  values,  3 — 287. 

Bank  acceptance  of  bill  drawn  against  a  land  com¬ 
pany  held  not  a  valid,  2 — 112. 

Bank,  payable  at  a.  A  trade  acceptance,  is  equiva¬ 
lent  to  an  order  to  the  bank  to  pay,  4 — 971. 

Building  operations.  Trade  acceptances  cover¬ 
ing,  5 — 565. 

Circular.  (See  infra,  Regulations.) 

Collection  charges.  A  bill  payable  with,  is  not 
negotiable,  3 — 880. 

Collection  items.  Trade  acceptances  to  be  han¬ 
dled  as,  4 — 371. 

Commercial  paper.  A  bill,  proceeds  of  which  are 
to  be  used  for  wages  or  services,  is  not  a  valid 
trade  acceptance,  taking  preferential  rate,  but 
may  be  rediscounted  as  ordinary,  5 — 565. 

Conditional  sales.  Not  a  basis  for,  5 — 964. 

Conference  on,  3 — 243,  244,  245. 

Cost  of  installation.  Bill  drawn  for  purchase 
price  including,  held  valid,  4 — 310. 

Cotton.  Financing  of,  by  trade  acceptances  4 — 
602,  713. 

(See  Cotton.) 

Crops.  Desirability  for  aid  in  moving,  1 — 258. 

Discount  allowed  for  settlement  made  by,  2 — 524. 

Discount  for  prompt  payment  — 

Order  to  pay  a  certain  net  amount  after  de¬ 
ducting  discount  for  prompt  payment  at 
maturity,  but  if  not  so  paid  to  pay  a 
greater  amount  to  include  discount  is 
negotiable,  4 — 200. 

Order  to  pay  a  fixed  sum,  but  with  provision 
that  a  discount  of  5  per  cent  will  be  al¬ 
lowed  if  paid  before  maturity.  Not  fav¬ 
ored  by  Federal  Reserve  Board  because 
of  conflicting  decision  as  to  negotiability, 
4—871. 

Discounts  by  Federal  Reserve  Banks,  2 — 42,  90, 
140,  193,  248,  297,  359,  422,  495,  575,  643, 
715;  3—61,  139,  221,  408,  426,  637,  716,  814, 
902,  977;  4—53,  57,  135,  229,  342,  463,  552, 
667,  668,  776,  897,  986,  1024,  1145,  1146, 
1242,  1243,  1244;  5—84,  85,  86,  165,  166,  168, 
280,  281,  390,  391,  494,  495,  496,  591,  592, 
682,  683,  697,  792,  793,  884,  885,  991,  1083, 
1084,  1085,  1183,  1184;  6—90,  191,  306,  412, 
530,  641,  740,  870,  984,  1101,  1231,  1348. 

(See  Discount  and  open-market  operations.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


17 


ACCEPTANCES— Continued. 

Trade  acceptances — Continued. 

Domicile  bills  technically  good,  but  undesirable 
as  investments,  6 — 3S5,  386. 

( See  Domicile  bill.) 

Drawn  in  good  faith,  etc.  ( See  infra,  Good 
faith.) 

Eligibility — 

Export  and  import,  2 — 168. 

For  rediscount,  4 — 109,  971. 

Exchange — 

Payable  with,  probably  negotiable,  3 — 880. 
{See  Exchange ;  principal  heading.) 

Extension  of  time.  Agreement  for,  by  holder  is 
of  doubtful  negotiability  and  not  favored, 
4—870. 

Federal  Reserve  Agents.  Report  on,  3 — 8. 
Federal  Reserve  Bank  of  Cleveland — 

Circular  letter  on,  2 — 100. 

Form  submitted  by,  2 — 101. 

Federal  Reserve  Board — 

Discount  for  prompt  payment  favored  by,  2 — 
524. 

Inquiry  as  to  use  of,  3 — 657. 

Form  approved  by,  4 — 636. 

Foreign  countries.  Authority  to  buy,  drawn  in 
foreign  countries  on  American  acceptors,  2 — 
111. 


ACCEPTANCES— Continued. 

Trade  acceptances — Continued. 

Land  company.  Bill  drawn  on,  but  accepted  by 
a  bank,  is  not  a  valid,  2 — 112. 

Letter  favoring,  3 — 159. 

Materials.  Draft  of  manufacturers  or  material 
man  upon  a  builder  to  cover  cost  of  materials 
sold  to  builder  is  a  valid,  and  eligible  for  dis¬ 
count,  5 — 565. 

Maturity.  Must  not  exceed  90  days  from  pre¬ 
sentation  for  rediscount  to  be  eligible, 
4—971. 

National  banks.  ( See  Same;  principal  heading.) 

National  Credit  Men’s  Association — 

Conference,  New  York,  3 — 243,  244,  245. 

Resolution  favoring,  4 — 606. 

Address  on,  4 — 1193. 

Open  accounts — 

Bill  drawn  for  a  balance  due  on,  is  technically 
a  valid  trade  acceptance,  but  not  drawn 
in  good  faith  against  actually  existing 
values  under  section  13  and  United  States 
Revised  Statutes,  section  5200,  unless 
complying  with  conditions  stated,  3 — 
287;  4—974. 

Should  not  look  with  favor  on,  to  liquidate 
slow  open  accounts,  4 — 30. 

Open-market  purchases — 

{See  infra,  Purchases,  open-market.) 


Form  of,  2—101;  3—378  ;  5—142;  4—636. 

Gas.  Bill  by  gas-producing  company  on  gas  dis- 
distributing  company  for  gas  sold  and  de¬ 
livered  held  valid,  4 — 435. 

Good  faith — 

Drawn  in,  etc.,  only  when  within  a  reason¬ 
able  time  after  shipment  or  delivery  of 
goods,  3—287;  4—974. 

{See  supra,  Actually  existing  values; 
Balance.) 

Goods.  Labor  is  not,  under  regulations,  5 — 565. 

Growth  in  use  of,  3 — 157,  657;  4 — 595,  604,  808, 
1193. 

Harding,  Gov.  Addresses  on,  4 — 595,  602;  5 — 
105. 

Harris,  B.  D.  Address  on,  3 — 245. 

Holdings,  Federal  Reserve  Banks.  {See  Discount 
and  open- market  operations.) 

Import.  {See  Export  and  import  transactions.) 

Import,  indorsed  by  bank  or  banker  takes  bankers’ 
acceptance  rate,  2 — 168. 

Installment  purchases.  Purchaser  on  install¬ 
ment  plan  gives  seller  an  accepted  bill  for 
each  installment,  before  delivery,  with  au¬ 
thority  to  seller  to  fill  in  the  maturity  date 
of  each  installment  and  also  his  name  as 
drawer.  Held  valid,  4 — 437. 

Insurance  premiums.  Bill  drawn  for,  is  not  a 
valid,  4 — 309. 

Interest,  payable  with,  for  delayed  payment 
after  maturity,  held  negotiable,  3 — 200. 

Investment  operations  in.  {See  Discount  and 
open-market  operations.) 

Jewelry  trade.  Not  popular  in,  6 — 1033. 

Labor  alone  not  “goods”  under  section  13.  Bill 
for  purchase  price  including  cost  of  installa¬ 
tion  (and  labor)  is  valid,  5 — 565. 

37599°— 21 - 2 


{See  Discount  and  open-market  operations.) 
Payable — 

Accepted  payable  at  place  other  than  that 
stated  in  draft,  held  valid  if  no  express 
stipulation  payable  nowhere  else,  5 — 142. 

Accepted  payable  at  a  bank  is  equivalent  to 
an  order  on  the  bank  to  pay  under  nego¬ 
tiable  instruments  act,  with  certain  ex¬ 
ceptions,  4 — 971. 

Policy  holder.  Draft  of  casualty  company 
against  a,  for  premiums  not  a  valid,  4 — 309. 

Purchases,  Open-market — 

Regulation  A,  1916,  2 — 531,  539. 

Regulation  B,  1916,  2—532,  541. 

Regulation  B,  1920,  6—1181. 

{See  Discount  and  open-market  operations. 

Railroad  company.  Draft  of  seller  of  supplies 
against  a.  Railroad  company  may  consti¬ 
tute  a.  Valid,  4 — 974. 

Rates.  Import  trade  acceptances  when  indoresd 
by  a  bank  or  banker,  take  bankers’  accept¬ 
ance  rates,  2 — 168. 

Rediscount.  {See  supra,  Eligibility;  Maturity.) 
Regulations.  {See  Regulations.) 

Sales  corporation.  Draft  drawn  by  lumber  com¬ 
pany  against  a,  in  which  it  owns  stock  is 
valid  if  lumber  is  actually  purchased  in  good 
faith  by  sales  corporation.  If  latter  is  merely 
an  agent,  would  be  invalid,  4 — 33. 

Section  13.  {See  supra,  Good  faith.) 

Section  5200.  {See  infra,  United  States  Revised 
Statutes,  section  5200.) 

Stamp  tax  should  be  affixed  and  canceled  by 
drawer,  but  acceptor  may  do  it  by  agreement, 
4—977. 

Stockholder.  {See  supra,  Sales  corporation.) 


18 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ACCEPTANCES— Continued. 

Trade  acceptances — Continued. 

Ten  per  cent  limitation,  section  5200 — 

(See  Ten  per  cent  limitation;  Trade  acceptances.) 
(See  infra,  United  States  Revised  Statutes,  sec¬ 
tion  5200.) 

Title.  Retention  of,  by  drawer,  until  payment, 
invalid,  5 — 964. 

Title  to  materials.  If  contractor  has  no,  furnished 
or  to  the  building  while  being  erected,  a  bill 
drawn  on  him  by  subcontractor  would  not  be 
a  valid,  5 — 565. 

Trading  with  enemy  act.  Acceptance  of  a  nego¬ 
tiable  instrument  held  to  be  “trade”  under, 
3—851. 

Tregoe,  J.  H.  Address  on,  4 — 1193. 

Treman,  Deputy  Gov.  Addresses  on,  3 — 9,  243. 
Trust  receipts.  (See  supra,  Domestic;  Security.) 
Ultra  vires.  (See  supra,  Export  and  import; 
domestic.) 

Union  Discount  Co.  Oganized  to  finance  cotton 
by  means  of  acceptances,  4 — 930,  939. 
United  States  Revised  Statutes,  section  5200 — 
Acceptances — 

Accommodation  acceptances  not  growing 
out  of  commercial  transactions  and 
not  representing  a  debt  from  drawee 
to  drawer  are  subject  to,  2 — 680. 

In  evasion  of,  2 — 680,  at  683;  5 — 254, 415, 
858. 

Not  subject  to,  unless  drawer  fails  to 
cover,  2—64,  463,  680,  684. 

(See  infra,  Purchase  of  own  acceptances.) 
Amendment  of,  4 — 1055;  5 — 704, 730, 965, 1055. 
See  Act  of  September  24,  1918;  Act  of 
March  3  (1919;  Act  of  October  22, 1919.) 

Limitations  of.  (See  Ten  per  cent  limita¬ 
tion.) 

Paper  actually  owned,  etc.  (See  supra,  Actu¬ 
ally  owned.) 

Purchase  of  own  acceptances.  (See  supra, 
Own  acceptances.) 

Trade  acceptances  drawn  against  balance  on 
open  account  are  subject  to,  except  under 
conditions  stated,  4 — 974. 

(See  Ten  per  cent  limitations;  United  States 
Revised  Statutes,  section  5200.) 

United  States  Revised  Statutes,  section  5202 — 
Amendment  of,  5 — 704,  730,  965,  1055. 

(See  supra,  Guaranty.) 

Valorization  of  cotton,  2 — 524. 

(See  Cotton,  principal  heading.) 

Virgin  Islands.  Shipments  from  territorial  United 
States  to,  are  not  shipments  to  foreign  coun¬ 
tries,  but  drafts  based  on  such  shipments  are 
specifically  exempt  from  stamp  tax,  5 — 467. 

Waiver  of  demand,  notice,  and  protest  by  drawer 
or  indorser  does  not  affect  acceptor,  1 — 277; 
2—226. 

Warburg,  P.  M.  Address  on,  4 — 604. 

Warehouse  receipts.  (See  supra,  Domestic  se¬ 
curity;  Warehouse  receipts.) 

Wills,  D.  C.  Address  on  trade  acceptances, 
3—243. 

ACCESS,  4—634,  862. 

(See  Acceptances,  Security;  Warehouse  receipts.) 


ACCOMMODATED. 

Number  of  banks  accommodated.  (See  Member 
banks,  number  rediscounting.) 

ACCOMMODATION  ACCEPTANCES. 

(See  Acceptances,  Accommodation  paper.) 

ACCOMMODATIONS  TO  CORRESPONDENT 
BANKS. 

Method  employed  by  city  banks  in  granting,  6 — 584. 

ACCOUNT. 

Balance  on  open  account,  3—287;  4 — 30,  974. 

(See  Acceptances,  trade.) 

Capital  account,  3 — 949. 

(See  Finance  paper.) 

Current  expense  account.  (See  same.) 

Foreign  account,  4 — 87,  171,  172,  365. 

(See  Federal  Reserve  Board;  Foreign  payments; 

War  Finance  Corporation;  War  Trade  Board.) 

Member  bank  reserve  account.  (See  Member  bank 
condition  statements;  Member  banks;  Resources 
and  liabilities.) 

Open  account.  (See supra,  Balance.) 

Profit  and  loss  account.  (See  Federal  Reserve  Banks; 
Profit  and  loss  account;  Reserve  for  franchise  tax.) 

Surplus  account.  (See  Surplus.) 

ACCOUNTING,  UNIFORM. 

(See  Federal  Trade  Commission.) 

ACCOUNTS. 

New  ruling,  Foreign  Exchange  Division,  4 — 864. 

(See  Date  of  closing;  Federal  Reserve  Agents;  Opin¬ 
ions  of  counsel;  Savings  accounts;  United  States 
bonds;  Suspense  accounts.) 

ACCRUED  DIVIDENDS. 

(See  Dividends;  Earnings  and  expenses;  Federal  Re¬ 
serve  Banks;  National  banks.) 

ACCRUED  INTEREST. 

Allotted  purchases  of  United  States  bonds,  Federal 
Reserve  Banks,  1 — 356. 

Liberty  Loans,  1 — 355;  5 — 100. 

Payment  of,  on  demand  note  is  not  a  renewal  and  not 
subject  to  stamp  tax,  3 — 950. 

ACT.  (See  Federal  Reserve  Act.) 

ACT. 

1882,  July  12.  (See  National  banks.) 

1890,  July  14.  Purchase  of  silver  bullion,  4 — 398. 
Repealed  November  1,  1893,  4 — 399. 

1893,  November  1.  Silver  purchase  act  repealed, 
4—399. 

1907,  March  4.  (See  National  banks.) 

1908,  May  27.  (See  United  States  Revised  Statutes, 
sec.  3847.) 

1908,  May  30.  Aldrich-Vreeland.  No  reserves  re¬ 
quired  against  Government  deposits,  3 — 692. 

1909,  March  4  (See  Federal  Reserve  notes;  Emblem.) 

1913,  October  3.  Income  tax.  (See  Capital  stock; 
Stock  dividends;  Tax.) 

1914,  October  15.  (See  Clayton  Antitrust  Act.) 

1914,  October  22.  Income  tax — 

Tax  on  promissory  notes  under,  repealed  by  act 
September  8, 1916,  2 — 512. 

(See  Federal  Reserve  Act,  taxation;  Taxation; 
Tax.) 

1915,  March  3.  Acceptances  up  to  100  per  cent  of 
capital  and  surplus  permitted  with  authority  of 
Federal  Reserve  Board.  (Nee  infra,  Act  of  Sept.  7, 

1916.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


19 


ACT — Continued. 

1916,  May  15.  Kern  amendment.  (See  Clayton  Anti¬ 
trust  Act.) 

1916,  May  18.  Authorizes,  under  certain  conditions, 
deposits  of  postal  savings  in  nonmember  banks 
which  were  forbidden  by  Federal  Reserve  Act, 
section  15,  2 — 331. 

1916,  June  12.  Secretary  of  Treasury  may  receive 
deposits  of  gold  bullion  and  foreign  coin  and 
issue  gold  certificates  therefor,  said  gold  bullion 
and  foreign  coin  not  to  exceed  two-thirds  of  total 
amount  of  gold  certificates  at  such  time  outstand¬ 
ing.  Repeals  United  States  Revised  Statutes, 
section  5193,  2 — 311. 

1916,  July  7.  Farm  loan  act,  section  13,  3 — 379. 

1916,  July  17.  National  banks  may  discount  notes 
secured  by  farm  loan  bonds  issued  under,  4 — 635. 
1916,  September  7.  Amending  Federal  Reserve 
Act — 

Error  contained  in,  as  to  acceptances  up  to  100 
per  cent,  2 — 508,  513. 

Cured  by  amendment,  3 — 100,  658 
(See  infra,  Act  of  June  21,  1917.) 

Permits  certain  National  banks  to  act  as  real 
estate  and  insurance  agents,  2 — 440;  3 — 164. 
Permits  issue  of  member  bank  collateral  notes, 
2—440,  513. 

1916,  September  8.  Repeals  taxes  under  act  of 
October  22, 1914,  on  promissory  notes,  etc. ,  2 — 512. 
(See  Stock  dividends.) 

1917,  March  3.  War  revenue  act,  3 — 248,  251. 

1917,  April  24,  Bond  act — 

Text,  3 — 345. 

Provisions,  3 — 458,  459,  601. 

1917,  June  15 — 

Executive  order  of  June  22,  under, 

Creates  exports  council, 

Export  licenses, 

Exports  of  coin,  bullion,  etc.,  3 — 582. 

(See  Export.) 

Proclamation,  gold  exports,  3 — 583,  737. 

(See  Proclamations.) 

1917,  June  21.  Amendment  to  Federal  Reserve  Act — 
Error  in  act  of  September  7,  1916,  as  to  accept¬ 
ances  up  to  100  per  cent,  corrected  by,  3 — 
102,  658. 

Synopsis  and  text,  3 — 509,  511. 

1917,  August  10.  Lever  food  control  act.  Pending 
amendments  to,  5 — 967. 

1917,  September  24.  Second  Liberty  bond  act — 
Text,  3—749. 

War-savings  certificates,  3 — 925. 

Income  from  second  Liberty  loan  in  part  exempted 
from  income  tax,  3 — 930. 

(See  War-savings  stamps.) 

1917,  October  3.  War  revenue — 

Statement  as  to,  3 — 832. 

Text,  3—868. 

(See  Stock  dividends;  Tax.) 

1917,  October  5.  Issue  of  national  bank  notes  in  de¬ 
nominations  of  $1,  $2,  and  $5,  up  to  $25,000  to 
any  one  bank,  3 — 837. 

1917,  October  6 .  Trading  with  enemy .  T ext,  3 — 851 . 
1917,  November  20.  Amendment  by  Philippine  Leg¬ 
islature  to  Philippine  national  bank  act,  4 — 728. 


ACT — Continued. 

1918,  March  21.  Government  control  of  railroads. 
Text,  4—296. 

1918,  April  4.  Third  Liberty  bond  act — 

Text,  4—306. 

Treasury  circular  as  to  deposit  of  public  moneys 
under  act  September  24,  1917,  as  amended 
by,  4 — 494. 

1918,  April  23.  Pittman  Act.  Melting  of  silver 
dollars — • 

Text,  4 — 395. 

Price  of  bullion  fixed,  4 — 807,  818. 

1918,  May  23.  National  banks  entitled  to  make  Red 
Cross  contributions,  4 — 498. 

1918,  September  24.  Amends  second  Liberty  bond 
act.  Amends  section  5200  United  States 
Revised  Statutes,  by  permitting  national 
banks  to  purchase  or  discount  in  excess  of 
the  10  per  cent  limitation  to  any  amount 
permitted  under  rules  and  regulations  of 
the  Comptroller  of  the  Currency,  with 
the  approval  of  the  Secretary  of  the  Treasury, 
notes  secured  by  not  less  than  a  like  face 
amount  of  United  States  bonds  issued  since 
April  24,  1917,  or  by  certificates  of  indebted¬ 
ness  of  the  United  States,  4 — 961, 1055. 

(See  infra,  act  of  March  3,  1919;  Act  of  October  22, 

1919. ) 

1918,  September  26.  Amends  Federal  Reserve  Act. 
Text,  4 — 947. 

1918,  November  7.  Act  permitting  consolidation  of 
national  banks.  Text,  4 — 1178. 

1919,  March  3.  Amends  Federal  Reserve  Act.  New 

subsection  11  (m) — 

Federal  Reserve  Board  by  affirmative  vote  of  not 
less  than  five  members  may  permit  Federal 
Reserve  Banks  to  discount  for  member  banks 
notes,  drafts,  or  bills  bearing  signature  of  any 
one  borrower  in  excess  of  the  amount  per¬ 
mitted  under  sections  9  and  13,  but  in  no  case 
to  exceed  20  per  cent,  provided  such  notes, 
etc.,  discounted  in  excess  shall  be  secured  by 
not  less  than  a  like  face  amount  of  bonds  or 
notes  of  the  United  States  issued  since  April 
24,  1917,  or  certificates  of  indebtedness  of  the 
United  States,  the  provisions  of  this  sub¬ 
section  not  to  be  operative  after  December  31, 

1920,  5—229. 

Analysis,  5—361,  1055,  1056;  6—495. 

Extended,  with  limitations,  to  October  31,  1921. 
Act  of  February  27,  1921.  (See  Volume  7,  Fed¬ 
eral  Reserve  Bulletin,  March,  1921,  p.  310.) 
Reasons  for  passage  of,  4 — 1055. 

1919,  March  3.  Victory  Liberty  loan  act.  Text,  5 — 225. 

1919,  September  19.  Amends  section  25,  Federal 
Reserve  Act.  Foreign  banking  corporations, 
5—965. 

1919,  October  22.  Amends  sections  5200,  5202.  United 
States  Revised  Statutes — 

Analysis,  5 — 1055. 

Does  not  affect  discount  power  of  Federal  Reserve 
Banks  under  sections  9  and  13,  5 — 1056. 

(See  Opinions,  Counsel.) 

1919,  December  24.  Gold  certificates  made  legal 
tender,  6 — 60. 

1919,  December  24.  Edge  bill.  Section  25  (a)  added 
to  Federal  Reserve  Act;  Edge  Act;  foreign  bank¬ 
ing  corporations;  Federal  charter,  6 — 56. 
Regulation  K,  1920,  6—379, 1190. 


20 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


A  C  T — Continued . 

1920,  April  13.  Amends  Federal  Reserve  Act  by 
authorizing  progressive  rates  of  discount.  Text, 
6—448,  498. 

1920,  May  26.  Amends  Kern  amendment  to  Clayton 
Antitrust  Act.  Private  banker  may  serve  as 
interlocking  directors  when  not  in  substantial 
competition,  etc.,  6 — 813,  948. 

ACTUAL  CIRCULATION. 

(See  Federal  Reserve  notes;  Federal  Reserve  Bank 
notes;  Money.) 

ACTUAL  SECURITY,  OTHER. 

(See  Acceptances,  actual  security;  Acceptances,  con¬ 
struction;  Acceptances,  domestic;  Acceptances, 
export  and  import;  Acceptances,  security.) 

ACTUALLY  EXISTING  VALUES. 

(See  Acceptances,  actually  existing  values;  Accep¬ 
tances,  trade;  Opinions  of  counsel;  Ten  per  cent 
limitation;  United  States  Revised  Statutes,  sec¬ 
tion  5200.) 

ACTUALLY  OWNED. 

Federal  Reserve  Banks  may  decline  to  discount  mem¬ 
ber  bank  collateral  notes  secured  by  Government 
obligations  unless  the  Government  obligations 
securing  them  and  securing  the  Government 
deposits  held  by  the  bank  are  actually  owned  by 
it,  6 — 163. 

ACTUALLY  OWNED,  COMMERCIAL  OR  BUSI¬ 
NESS  PAPER.  SECTION  5200. 

An  acceptance  discounted  by  the  accepting  bank  is 
not  paper,  2 — 680. 

Acceptances  actually  owned  by  persons  offering  them 
for  discount  are  paper,  2—678,  680,  684. 

Accommodation  acceptances  are  not  paper,  2 — 684. 

Renewed  paper  is  not  paper,  3 — 287. 

Section  13  contains  no  such  exception  to  its  limita¬ 
tions,  2—224,  274;  3—195. 

Secured  notes  are  not  necessarily  paper,  2 — 329. 

Trade  acceptances  discounted  for  drawer  and  not  for 
bona  fide  holder  are  not  paper,  4 — 863. 

AD  INTERIM  CERTIFICATES,  3—600. 

(See  Liberty  bonds.) 

ADDITIONAL  CIRCULATION. 

(See  Federal  Reserve  Bank  notes;  National  bank 
notes.) 

ADDITIONAL  SECURITY,  3—881. 

ADDITIONS  TO  SURPLUS,  4—521. 

(See  surplus.) 

ADDRESSES  ON  FEDERAL  RESERVE  ACT. 

Delano,  F.  A.,  1 — 298; 

Hamlin,  C.  S.,  1—136;  2—261,  309,  510. 

Harding,  Gov.,  1—66,  252;  2—160,  309,  509,  587;  3— 
159;  4—595,  602,  1175;  5—105. 

Harris,  B.  D.,  3 — 245. 

Miller,  A.  C.,  2—261;  4—923;  5—915. 

Perrin,  John,  1 — 186. 

Warburg,  P.  M.,  1—132,  352;  2—102,  261,  309,  510, 
669;  4—595,  604. 

Wills,  D.  C.,  1—189;  3—243. 

Williams,  John  Skelton,  2 — 261,  509. 

ADELSON,  L.  C. 

Appointed  assistant  secretary,  Federal  Reserve  Board, 
4—365. 

Appointed  deputy  governor,  Federal  Reserve  Bank  of 
Atlanta,  5 — 201. 


ADJUSTMENT  OF  SALARIES,  FEDERAL  RE¬ 
SERVE  BANKS,  6—54,  1293. 

ADJUSTMENTS,  STOCK,  1—406. 

ADMINISTRATOR. 

(See  Fiduciary  powers.  New  York.) 

ADMISSIBLE  ASSETS. 

Ruling,  Commissioner  of  Internal  Revenue,  5 — 472. 

ADMISSION,  FEDERAL  RESERVE  SYSTEM. 

List  of  State  banks  and  trust  companies  admitted,  1 — 
29,  251,  314,  347;  2—6,  122,  206,  372,  513,  590; 

3— 158,  347,  439,  507,  603,  659,  734,  834,  933;  4— 
16,  92,  185,  294,  408,  508,  609,  696,  734,  856,  966, 
1098,  1196;  5—4,  40  ,  49,  129,  250,  358,  465,  562, 
649,  738,  855,  961,  1051,  1155;  6—62,  159,  273,  383, 
492,  607,  697,  833,  945,  1063,  1174,  1299. 

ADVANCES,  DIRECT. 

To  allied  powers.  (See  Allied  powers.) 

To  canners,  farmers,  and  live-stock  raisers,  4 — 807, 
829,  830. 

To  member  banks.  (See  Member  bank  collateral 
notes.) 

War  Finance  Corporation,  4 — 251. 

ADVERTISE. 

No  right  to  advertise  as  being  under  Government 
protection,  1 — 362;  6 — 65. 

Right  to  advertise  savings  accounts,  1 — 18. 

ADVERTISING. 

Of  Government  protection  is  objectionable,  1 — 362; 
6—65. 

Of  words  “clearing  member”  not  objectionable,  3 — 
879. 

Held  to  be  objectionable,  4 — 1119,  1216. 

Of  word  “  Federal.”  Objectionable,  3 — 615;  4 — 521. 

Of  word  “reserve”  in  title  of  bank  is  objectionable, 

4— 521. 

Of  word  “trust  company”  as  part  of  title  permitted 
when  bank  is  authorized  to  exercise  fiduciary 
powers,  6 — 497. 

ADVERTISING  SPACE. 

Bill  drawn  on  purchaser  of,  a  valid  trade  acceptance, 
comes  within  “goods,”  section  13,  3 — 116. 

ADVISORY  COMMITTEE. 

Duties  assigned  to,  determine  whether  or  not  they 
are  officers  or  employees  as  defined  by  Clayton 
Antitrust  Act,  3 — 118. 

ADVISORY  COUNCIL. 

(See  Federal  Advisory  Council.) 

AFRICA. 

National  City  Bank,  N.  Y.,  foreign  branch  at  Cape 
Town,  6 — 159. 

(See  Portuguese  Africa;  Rhodesia;  South  Africa.) 

AFRICA,  SOUTH. 

Proposed  Central  Reserve  Bank  for,  6 — 1040. 

AGENCIES,  CATTLE  LOAN,  4-S32. 

(See  War  Finance  Corporation.) 

AGENCIES,  FOREIGN. 

Deposits  in.  (See  Federal  Reserve  Bank  statements.) 

AGENCIES,  FOREIGN  BANK  BRANCHES  AND. 

Acceptances  bought  in  open  market  by  Federal  Re¬ 
serve  Banks  from.  (See  Discount  and  open  mar¬ 
ket  operations.) 

(See  Foreign  branches.) 

AGENCY: 

Memphis,  3 — 168. 

Savannah.  (See  Annual  Report,  page  38.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


21 


AGENT. 

Bill  drawn  by  agent  upon  his  corporation  not  eligible 
for  purchase,  2 — 462. 

Bill  drawn  by  corporation  against  shipment  of  goods 
to,  etc . ,  may  be  accepted  by  member  bank,  3—690. 
(See  Sales  corporation.) 

AGENT,  EXCHANGE  AND  COLLECTION. 

(See  Non-member  banks.) 

AGENT,  NATIONAL  BANK,  6—835. 

(See  Acceptances;  Guaranty;  National  Bank.) 

AGENT,  TRANSFER. 

(See  National  banks.) 

AGENT  FOR  SALE  OF  WAR  SAVINGS  CERTIFI¬ 
CATES  AND  THRIFT  STAMPS. 

Forms  for  sale  of  by,  4 — 87. 

AGENTS,  APPROVED  RESERVE. 

(See  Approved  Reserve  Agents.) 

AGENTS,  FISCAL. 

(See  Fiscal  agents.) 

AGENTS,  INSURANCE. 

Regulations  for  national  banks  acting  as,  3 — 164. 
AGENTS  FOR  MEMBER  BANKS. 

Federal  Reserve  Banks  may  purchase  bills  but  not 
notes  as  agents  for  member  banks,  1 — 347. 

AGENTS. 

(See  Acceptances,  trade;  Approved  Reserve  agents; 
Collecting  agents;  Federal  Reserve  agents;  Fiscal 
agents;  Reserve  agents.) 

AGGREGATE. 

Net  deposit  and  note  liability,  1917,  4 — 130,  769. 

(See  Net  deposits;  Resources  and  liabilities.) 

AGREEMENT. 

(See  Boston  Clearing  House.) 

AGREEMENTS. 

Credit.  (See  Tax.) 

Extension  of  time.  (See  Acceptances,  trade.) 

Foreign  exchange.  (See  Foreign  exchange;  Secretary 
of  Treasury.) 

Rebate  of  discount,  1 — 308,  388;  2 — 461. 

Repurchase — United  States  bonds  and  Treasury  cer¬ 
tificates  bought  under,  4 — 466,  557,  671. 

(See  also  Repurchase  agreements;  United  States 
bonds;  United  States  Treasury  certificates; 
U.  S.  R.  S.,  sec.  5200.) 

Security.  (See  Acceptances,  security;  Acceptances, 
ten  per  cent  limitation.) 

AGRICULTURAL  CONDITIONS. 

(See  Business  conditions;  Crops;  Federal  Reserve 
agents;  Reports.) 

AGRICULTURAL  IMPLEMENTS. 

Terms  of  sale,  6 — 1T49. 

(See  Agricultural  and  live  stock  paper.) 

AGRICULTURAL  LOANS. 

(See  Farm  land  loans;  Real  estate  loans.) 

AGRICULTURAL  AND  LIVE  STOCK  PAPER. 

Based  on  live  stock.  Construction,  1 — 72;  3 — 616. 

Cattle — 

Are  readily  marketable  commodities,  2 — 65. 
Notes  for  breeding,  raising  and  fattening,  are, 
2—112,  679. 

(See  Security;  Special  instructions  No.  2,  1916.) 
Notes  of  fanners  for  purchase  of,  are,  2 — 395. 


AGRICULTURAL  AND  LIVE  STOCK  PAPER— Con. 

Cattle — Continued. 

Loans  to  farmers  to  fatten,  are,  3 — 378,  763. 
Hoover,  Herbert,  urges  loans  to  raisers  of,  at  not 
over  7  per  cent,  3 — 659. 

(See  infra,  Live  stock;  Security.) 

Cattle  dealer.  Note  of,  is  not,  1 — 212. 

Cattle  loan  agencies.  Establishment  of,  4 — 832. 
Chattel  mortgages — 

Not  required  as  security  for,  1 — 72,  74;  3 — 378. 
(See  Security.) 

Circular,  Federal  Reserve  Board,  1 — 38. 

Classification  of  paper.  Method,  2 — 67;  3 — 114. 
Collateral  note.  (See  Security.) 

Commercial  fertilizer.  Six  months  farmers’  notes  for, 
are,  1 — 75. 

Commodities — 

Farmers’  notes  for,  actually  used  for  agricultural 
purposes  are,  4 — 310,  312. 

If  capable  of  use  but  not  so  used,  are  not  agricul¬ 
tural  paper  but  merely  commercial  paper, 
4—310,  312. 

Cows — 

Note  of  farmer,  proceeds  of  which  are  to  be  used 
for  purchase  of,  is,  2 — 395. 

(See  Cattle;  Live  stock.) 

Crops.  Loan  to  farmer  to  produce  crops  is,  whether 
or  not  secured  by  mortgage  on  the  live  stock, 
3—378. 

Dealer.  Note  of  cattle  dealer  is  not,  1 — 212. 
Definition,  1—72;  2—67;  6—1180,  1301. 

Discount  of.  Limitations  on,  2 — 67. 

Discounts.  (See  infra,  Holdings.) 

Discounts,  direct.  Federal  Reserve  Banks  can  make 
no  direct  discounts  for  individuals,  only  through 
member  banks,  3 — 457. 

Distinction  between  commercial  paper  and,  6 — 1301. 
Eligibility  defined,  6 — 1301. 

Farm  land,  note  of  farmer  proceeds  to  be  used  for 
draining  and  tilling  is,  4—743. 

Fattening  of  cattle.  (See  Cattle.) 

Fertilizer.  (See  supra,  Commercial  fertilizer.) 
Holdings  of,  Federal  Reserve  Banks,  3 — 221,  317,  408, 
486,  565,  638,  717,  814,  902,  978;  4r-53,  135.  229, 
342,  463,  552,  668,  776,  897,  1024,  1146,  1244; 
5—86,  168,  281,  391,  496,  592,  683,  794,  885,  991, 
10S5,  1184;  6—93,  103,  307,  415,  532,  641,  741,  872, 
985,  1102,  -1233,  1349. 

Hoover,  H.  (See  infra,  Interest.) 

Identification.  (See  Classification.) 

Implements — 

Note  of  farmer  in  part  payment  of,  is,  1 — 212; 
2—67. 

Note  of  dealer  in,  is  not,  1 — 212. 

Bill  drawn  on  farmer  for  price  of,  is,  2 — 67. 

Note  of  retail  dealer  in,  to  wholesale  dealer  is  not, 
1—212;  2—526;  4—1118. 

Terms  of  sale,  6 — 1149. 

Irrigation  Company.  Note  of,  is  eligible  if  proceeds 
used  for  agricultural  purposes.  Sale  of  water 
merely  is  not,  6 — 949. 

Interest.  Hoover,  H.,  urges  loans  to  raisers  of  cattle 
at  not  over  7  per  cent,  3 — 659. 

Limitation — 

Limit  fixed  at  25  per  cent  of  capital  stock,  1 — 72. 
Fixed  at  99  per  cent,  2 — 67. 


22 


INDEX-DIGEST  OF  FEDERAL.  RESERVE  BULLETIN. 


AGRICULTURAL  AND  LIVE  STOCK  PAPER— Con. 

Live  stock — 

Based  on.  Construction,  1 — 72;  3 — 616. 

(, See  Cattle;  Cows.) 

Note  or  bill  of  packing  company  for  purchase  of, 
for  immediate  slaughter  is  not,  3 — 616. 

Live  stock  paper — 

Limit  fixed  by  Federal  Reserve  Board  at  25  per 
cent  of  assets  of  the  Federal  Reserve  Bank, 
1—72. 

Limit  fixed  at  99  per  cent,  2 — 67,  at  68. 

Note  given  by  farmer  in  part  payment  for  live 
stock  is,  1 — 212. 

Note  by  a  dealer  in  live  stock  is  not,  1 — 212. 
Loans. 

Increase  in  agricultural.  Federal  Reserve  Banks 
and  member  banks,  6 — 1124. 

Member  banks.  Federal  Reserve  Banks  can  discount, 
only  through  member  banks,  3 — 457. 

Millet  seed.  Note  of  retail  dealer  for  purchase  of,  is 
not,  2 — 526. 

Mule.  Note  of  farmer  in  part  payment  of  a,  is,l — 212. 
Mule  dealer.  Note  of,  is  not,  1 — 212. 

Rates.  ( See  Discount  rates.) 

Readily  marketable  commodities.  Cattle  are,  2 — 65. 
Regulations,  Federal  Reserve  Board,  1 — 38;  2 — 530; 
3 — 540;  6—1180. 

Retail  dealer.  N ote  of,  in  payment  to  wholesale  dealer 
is  not,  1—212;  2 — 526;  4—1118.  k 
Security — 

Note  secured  by  collateral  notes  in  turn  secured 
by  a  chattel  mortgage  on  cattle  is  not  necessa¬ 
rily,  3—690. 

Note  of  farmer  to  produce  crops  or  fatten  cattle 
needs  no,  3 — 378. 

Silos .  N ote  of  farmer  for  purchase  of,  is  not  agricultural 
paper  as  silos  are  permanent  improvements,  4 — 971. 
Tractors.  Notes  of  farmer  for,  is,  4 — 309. 

War  Finance  Corporation — 

Loans  to  farmers,  4 — 828;  5 — 28,  29. 

(See  also  Commodity  paper.) 

AGRICULTURAL  IMPLEMENTS. 

Terms  of  sale,  6 — 1149. 

AGRICULTURAL  PRODUCTS. 

Acreage  and  production,  5 — 737,  1053;  6 — 1125. 

Corn,  wheat,  oats,  hay,  1918,  1919,  5 — 853,  962,  1053. 
Exports  and  production,  1914-1918,  5 — 636. 

AGRICULTURAL  LOANS. 

Increase  in,  by  member  banks  and  Federal  Reserve 
Banks,  6—1124. 

AGRICULTURE. 

(See  Department  of  Agriculture.) 

AID,  GOVERNMENT. 

(See  Government  aid.) 

AID,  STATE. 

To  banking.  Report,  British  Commission,  5 — 122. 
AIKEN,  GOV. 

Report  on  the  clearing  system  of  the  Federal  Reserve 
Bank  of  Boston,  3 — 162. 

Resigns,  4 — 5. 

ALABAMA. 

Warehouse  laws,  1 — 260. 

National  banks  authorized  to  exercise  fiduciary 
powers,  2 — 523. 

Laws  as  to  acceptances,  3 — 529. 


ALABAMA — Continued. 

Laws  as  to  reserves,  3 — 768. 

List  of  State  and  member  banks,  4 — 92. 

Laws  as  to  foreign  banking  corporations,  5 — 54. 
Banking  law  amendments  as  to  Federal  Reserve  Sys¬ 
tem,  5 — 967. 

ALASKA. 

Federal  Reserve  Banks  can  not  discount  acceptances 
based  on  shipments  between  continental  United 
States  and  Alaska,  1 — 91. 

Drafts  drawn  based  on  shipments  from  Alaska  to  for¬ 
eign  countries  are  not  subject  to  stamp  tax,  5 — 467. 

ALDRICH-VREELAND  ACT. 

(See  Emergency  currency.) 

ALDRICH-VREELAND  NOTES. 

Discount  rates  lowered  to  assist  in  retirement  of, 
1—47. 

Issue  of,  4 — 279. 

ALGERIA. 

Handling  of  bills  of  exchange  in,  5 — 453. 

ALIEN  ENEMIES. 

Instructions  of  Federal  Reserve  Board  as  to  dealings 
with,  3 — 431,  655. 

ALIEN  PROPERTY  CUSTODIAN,  4—11,  365. 

(See  Acceptances;  Ally  of  enemy;  War  Trade  Board.) 

ALIENS,  NONRESIDENT,  4—163. 

(See  Tax,  income.) 

ALL  OTHER  LIABILITIES. 

(See  Federal  Reserve  Bank  statements.) 

ALL  OTHER  RESOURCES. 

(See  Federal  Reserve  Bank  statements.) 

ALLEN,  P.  S. 

Elected  class  B  director,  Boston,  4 — 695,  817. 
ALLEN,  S.  P. 

Resigns  as  assistant  secretary  of  Federal  Reserve 
Board,  4—365. 

ALLIED  POWERS. 

Central  gold  reserve,  1913-1920,  6 — 1296. 

Credits  to,  by  Argentina,  6 — 596. 

Loans  by  United  States,  to,  3 — 10,  424,  731;  4 — 21, 
279,  1057,  1059;  5—33,  845,  957,  1014;  6—688,  901. 
Loans,  future,  4 — 1166. 

Public  debts,  1913-1918,  4—268,  270,  375,  1057. 

War  finance,  1914-1918,  4—267,  269,  1057. 

Trade  with,  1913,  1919,  5—957,  1037. 

(See  Central  powers;  European  central  banks; 
Neutral  powers;  Public  debts.) 

ALLIED  PURCHASING  COMMITTEE. 

Bills  for  financing  sales  to,  3 — 878;  4 - — 435,  438. 

ALLIES. 

(See  Allied  powers.) 

ALLONGE. 

An  indorsement  of  negotiable  paper  made  on  a  sepa¬ 
rate  piece  of  paper  attached  to  original  instru¬ 
ment,  known  as  an  Allonge  is  a  valid  indorsement, 
2—610. 

ALLOTMENTS. 

Liberty  Loans,  I,  II,  3 — 506,  578,  917,  932. 

Liberty  Loan  III,  4 — 359. 

Liberty  Loan  IV,  5 — 225. 

Liberty  Loan  I-V,  5 — 521,  787. 

United  States  bonds,  purchase  by  Federal  Reserve 
Banks,  section  18, 1 — 355;  2 — 12,  13,  64,  156,  316, 
512;  3—5,  80,  238,  240,  341,  507,  879. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


23 


ALLOTMENTS — Continued. 

United  States  Treasury  loan  and  tax  certificates,  1919, 
1920,  6—729. 

(See  National  banks;  United  States  bonds,  sec¬ 
tion  18;  United  States  Treasury  certificates.) 

ALLOWANCE. 

( See  Depreciation.) 

ALLY  OF  ENEMY,  3—838;  4—11,  171,  172. 

(See  Acceptances;  Act  October  6,  1917,  trading  with 
enemy;  Insurance  companies;  War  Trade  Board.) 

ALTERATION,  4—1118. 

(See  Commercial  paper.) 

ALTERATION  OF  BANK  BUILDING. 

Charged  to  current  expense  account,  5 — 26. 

AMALGAMATION. 

Report  on,  of  British  banks,  4 — 954. 

AMEND,  RIGHT  TO. 

Rules  as  to  savings  accounts,  4 — 199. 

(See  Savings  accounts.) 

AMENDMENTS  PROPOSED  AND  ENACTED. 

Acceptances,  Domestic — 

American  Bankers  Association,  2 — 6. 

Federal  Reserve  Board'  2 — 323. 

Acceptances  up  to  100  per  cent,  etc.  (See  Act  of 
Sept.  7,  1916;  Act  of  June  21,  1917.) 

Acts  of  amendment.  (See  Act;  principal  heading.) 
American  Bankers  Association.  (See  same.) 

Bills  of  lading,  uniform.  American  Bankers  Asso¬ 
ciation,  2—6. 

(See  Bills  of  lading.) 

Branches,  National  banks.  (See  National  banks.) 
Bullion.  (See  Gold  certificates.) 

Capital,  Reduction  of.  (See  Federal  Reserve  Banks; 

State  banks.) 

Clayton  Antitrust  Act — 

American  Bankers  Association,  2 — 6. 

Federal  Advisory  Council,  1 — 394. 

Private  bankers,  6 — 813,  948. 

(See  Clayton  Antitrust  Act.) 

Clearing  members,  3 — 100. 

Federal  Advisory  Council  favors,  3 — 106. 

Coin,  foreign.  (See  Gold  certificates.) 

Collateral  notes.  Member  bank  15-day.  Federal  Re¬ 
serve  Board  favors,  2 — 323. 

(See  Member  bank  collateral  notes.) 

Comptroller  of  Currency.  Absorption  of  duties  and 
office  in  Federal  Reserve  Board  favored  by  Fed¬ 
eral  Advisory  Council,  1 — 394. 

Directors.  (See  Section  22.) 

Directors.  Election  of,  4 — 414,  947. 

Domestic  acceptances,  2 — 6. 

(See  Acceptances;  domestic.) 

Edge  Act.  (See  same.) 

Exchange  charges.  (See  Exchange  charges;  Hardwick 
amendment.) 

Farm  land  loans — 

Amendment  to  section  24. 

Federal  Advisory  Council,  1 — 394. 

(See  Real  estate  loans.) 

Farm  loan  bonds  as  security  for  Federal  Reserve  Bank 
loans;  Hollis  bill,  Federal  Advisory  Council 
opposes,  1 — 394. 

Federal.  Limiting  use  of  word.  Bill  proposed  by 
Federal  Reserve  Board,  2 — 373. 


AMENDMENTS  PROPOSED  AND  ENACTED— Con. 
Federal  Advisory  Council—^ 

Suggested  amendments,  1 — 394. 

(See  Federal  Advisory  Council;  principal  head¬ 
ing-) 

Federal  charter.  (See  Edge  Act;  Foreign  banks  and 
branches.) 

Federal  Reserve  Agent — 

Assistant,  created,  3 — 101. 

Deputy,  abolished,  3 — 100. 

Federal  Reserve  Banks — 

Reduction  of  capital — 

Federal  Advisory  Council  favors,  1 — 394. 
American  Bankers  Association,  2 — 6. 

Surplus  increased.  Federal  Advisory  Council 
favors,  4—1173,  1177. 

Federal  Reserve  Board — 

Act,  June  21,  1917,  3—497. 

Explanation  of,  3 — 501,  509,  660. 
Interpretation,  section  22,  3 — 614,  694. 

Text,  3—511. 

Act,  September  7,  1916,  2 — 439. 

Act,  September  7,  1916,  error.  Acceptances  up 
to  100  per  cent,  2 — 508,  513;  3—101, 191,  658. 
Act,  September  24,  1918,  4 — 1055. 

Act,  March  3,  1919.  Explanation  of,  4 — 1055. 
Amendments,  House  and  Senate,  3 — 153. 
Amendments  reintroduced,  April  1917,  3 — 336. 
Anticipation  of  reserve  payments,  2 — 5,  661,  668; 
3—1,  101. 

Clearing  members,  3 — 101. 

Collateral  notes.  Member  bank  15-day,  2 — 323. 
Comparison,  House  and  Senate  bills,  3 — 177. 
Congress  adjourns.  No  action,  3-235. 

Directors  fees,  section  22,  3 — 101. 

Domestic  acceptances,  2 — 323. 

Federal.  Use  of  word,  2 — 373;  3 — 615;  4 — 521. 
Federal  Advisory  Council — 

Favors,  with  some  modifications,  reversing 
its  original  recommendations,  3 — 340. 
Opposes  power  to  Federal  Reserve  Board  to 
increase  member  bank  reserves,  3 — 108. 

Federal  Reserve  Agent — 

Assistant,  title  created,  3 — 101. 

Deputy,  title  abolished,  3 — 101. 

Federal  Reserve  notes,  issue  against  gold,  2 — 101, 
191,  323;  3—101. 

Foreign  banks  and  branches,  2 — 323;  3 — 450. 

Foreign  exchange  bank.  Federal  Reserve  Board 
opposes,  4 — 724. 

Limiting  use  of  words  “Federal”  and  “Reserve,” 
2—373. 

Minimum  deposit  of  United  States  bonds  with 
United  States  Treasurer  abolished,  3 — 101,  at 
104.  • 

Mutual  savings  banks.  Admission,  3 — 101. 
National  banks.  Branches,  3 — 101. 

Opposes  foreign  exchange  bank,  4 — 722,  at  724. 
Real  estate  loans,  2 — 323. 

Report,  Home  Committee,  3 — 191. 

Report,  Senate  Committee,  3 — 188. 

Reserve.  Use  of  word,  2 — 373;  3 — 615;  4 — 521. 


24 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


AMENDMENTS  PROPOSED  AND  ENACTED— Con. 
Federal  Reserve  Board — Continued. 

Reserves — 

All,  to  be  carried  in  Federal  Reserve  Banks, 
3—192. 

Anticipation  of  required  payments,  2 — 5,  661, 
668;  3—101; 

Clearing  members,  3 — 101. 

Lowered,  3 — 101. 

Power  to  increase  member  bank,  3 — 101,  at 
102,  108. 

Vault,  abolished,  3 — 101. 

State  banks.  Admission  of  certain,  without 
required  capital,  disapproved,  3 — 764. 
Statement  as  to  amendments,  3 — 1,  98. 

Section  9.  State  banks  and  trust  companies, 
3—336. 

Suggestions  4 — 696. 

Two-year  limitations  as  to  Federal  Reserve  Board 
members  changed,  5 — 20,  229. 

Federal  Reserve  notes — 

Issue  against  gold,  2 — 101,  191,  323;  3 — 101. 
Rejected  by  H.  R.,  3 — 191. 

Federal  Advisory  Council  favors,  3 — 106. 
Small  denominations,  4 — 416,  948. 

Fiduciary  powers,  4 — 415,  948,  1086. 

Amendment  construed,  5 — 362,  363. 

Foreign  banking  corporations.  ( See  Edge  Act.) 
Foreign  banks  and  branches — 

Federal  Reserve  Board,  2 — 323;  3 — 450;  5 — 705, 
727,  820,  965,  1056,  1109. 

Text,  6 — 56.  (Edge  Act.) 

(See  Edge  Act.) 

Foreign  coin.  ( See  Gold  certificates.) 

Foreign  exchange  bank.  Federal  Reserve  Board 
opposes,  4 — 722,  at  724. 

Gold  certificates.  Issue  against  bullion  and  foreign 
coin.  United  States  Revised  Statutes,  section 
5193  repealed,  2 — 311. 

Hardwick  Amendment — 

American  Bankers  Association — 

Committee  of  twenty-five,  3 — 428. 
Committee  of  five.  Report,  4 — 962. 
Conference,  3 — 428. 

Construction,  Federal  Reserve  Board,  3 — 656,  661. 
Exchange  charges,  3 — 428,  441,  656,  660,  661. 
House  and  Senate  bill,  3 — 441. 

Passes  House  of  Representatives,  May  5,  1917, 
3 — 428. 

Passes  Senate  May  9,  1917,  3 — 428. 

Insurance.  (See  National  banks.) 

Member  banks’  collateral  notes.  (See  same.) 

Mutual  savings  banks.  Admission,  3 — 101;  5 — 50. 
National  banks — 

Domestic  branches,  2 — 323;  3 — 101,  at  106;  5 — 21. 
Federal  Advisory  Council,  1 — 394;  3 — 106,  at 
109. 

Federal  Reserve  Board,  2 — 323. 

Foreign  branches.  (See  supra,  Foreign  banks 
and  branches.) 

Insurance  agents,  2 — 440;  3 — 164. 

Real  estate  agents,  2 — 323,  440;  3 — 164. 

(See  Act  September  7,  1916.) 

Phelan  bill.  (See  Act  September  26,  1918.) 


AMENDMENTS  PROPOSED  AND  ENACTED— Con. 
Real  estate  agents.  National  banks  as,  2 — 323,  440; 
8—164. 

Real  estate  loans,  2 — 323,  at  326. 

(See  Farm  land  loans;  Real  estate  loans.) 
Reduction  of  capital.  Federal  Reserve  Banks.  (See 
Federal  Reserve  Banks.) 

Repeal  of  United  States  Revised  Statutes,  section 
5193.  Gold  certificates  allowed  against  bullion 
and  foreign  coin,  2 — 311. 

Reserve.  Limiting  use  of  word,  2 — 373. 

Reserves — 

Changes  in  requirements,  3 — 101,  at  104;  4 — 416, 
948,  1086. 

Member  banks.  American  Bankers  Association, 
2—6. 

Anticipation  of  payments,  2 — 5,  661,  668;  3 — 1, 

101. 

Power  to  increase,  3 — 101. 

Federal  Advisory  Council  opposes,  3 — 106,  at 
108. 

Review  of,  2 — 508-513. 

Savings  accounts,  5 — 50. 

Vault,  abolished,  3 — 101. 

Review  of  amendments,  Federal  Reserve  Board,  2 — 
508,  513. 

Savings  departments.  National  banks.  Suggested 
amendment,  5 — 51. 

Section  9.  (See  Act  March  3,  1919;  Savings  banks; 
State  banks.) 

Section  10.  (See  Federal  Reserve  Board.) 

Section  11  (k).  (See  Fiduciary  powers.) 

Section  11  (m).  (See  Act  March  3,  1919.) 

Section  13.  (See  Act  March  3,  1919.) 

Section  22 — 

See  supra,  Directors,  3 — 101,  106. 

Federal  Reserve  Board  interprets,  3 — 30. 

Federal  Advisory  Council  approves  with  modi¬ 
fications,  3 — 106. 

Section  24.  (See  Farm  land  loans.) 

Section  25.  (See  Foreign  banking  corporations.) 
Section  25a.  (See  Edge  bill.) 

State  banks,  section  9 — 

Federal  Reserve  Board  opposes  amendment  per¬ 
mitting  certain,  to  enter  system  without 
required  capital,  3 — 764. 

Redrafted,  3 — 336. 

State  laws.  (See  State  banks;  Laws  of  States.) 
Surplus,  increase  of,  5 — 21,  228. 

Federal  Advisory  Council  favors,  4 — 1173,  1177. 
Ten  per  cent  limitation,  sections  9  and  13.  (See  Act 
March  3,  1919;  Ten  per  cent  limitation;  United 
States  Revised  Statutes,  section  5200.) 

Uniform  bills  of  lading.  ( See  Bills  of  lading.) 

United  States  bonds — 

Requirement  for  minimum  deposit  by  national 
banks  with  United  States  Treasurer  abolish¬ 
ed,  3—101. 

Federal  Advisory  Council  approves,  3 — 106. 
United  States  council  of  State  banking  institutions. 

Proposed  amendments,  5 — 50. 

United  States  one-year  gold  notes.  Collateral  for 
Federal  Reserve  Bank  notes,  3 — 101,  at  104. 
United  States  Revised  Statutes,  section  5154.  Sepa¬ 
rate  savings  departments  for  savings  banks  con¬ 
verted  into  national  banks,  5 — 50. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


25 


AMENDMENTS  PROPOSED  AND  ENACTED— Con. 
United  States  Prevised  Statutes,  section  5193.  Re¬ 
pealed  by  act  June  12,  1916.  Permits  gold  certi¬ 
ficates  against  bullion  and  foreign  coin,  2 — 311. 
United  States  Revised  Statutes,  section  5200 — ■ 

Act  of  Sept.  24,  1918.  Loans  of  national  banks  in 
excess  of  the  10  per  cent  limitation,  4 — 961, 
1055. 

Act  of  Oct.  22,  1919.  Additional  exceptions  to 
10  per  cent  limitation,  5 — 704,  730,  965,  1055. 

Text  5 — 965. 

(See  Act  of  March  3,  1919.) 

United  States  Revised  Statutes,  section  5202.  Act 
Oct.  22,  1919.  New  exception  to  100  per  cent 
limitation.  Liabilities  created  by  indorsement 
of  accepted  bills  payable  abroad,  actually  owned 
by  discounting  bank  and  discounted  at  home  or 
abroad,  5 — 730. 

Text,  5 — 965. 

Vault  reserves.  (See  Reserves.) 

AMERICAN  ACCEPTANCE  COUNCIL. 

Address,  Gov.  Harding,  5 — 105. 

Purposes  of,  5 — 114. 

Successor  of  American  Trade  Acceptance  Council, 
5—114. 

AMERICAN  ASSOCIATION  OF  STATE  HIGHWAY 
OFFICIALS. 

(See  Capital  Issues  Committee.) 

AMERICAN  BANKERS  ASSOCIATION. 

Amendments  suggested — 

Clayton  Antitrust  Act,  2 — 6. 

Domestic  acceptances,  2 — 6. 

Federal  Reserve  Banks — 

Reduction  of  capital,  2 — 6. 

Trust  companies  may  deposit  reserves  in, 
3—335. 

Member  banks  reserves,  2 — 6. 

Uniform  bills  of  lading,  2 — 6. 

Commercial  paper.  Article  on,  2 — 449. 

Conference  with  governors  of  Federal  Reserve  Banks, 
2—1. 

Governor  Harding  to  attend  convention  of,  2 — 509. 
Hardwick  amendment,  3 — 428. 

Report  on,  4 — 962. 

McFadden  gold  subsidy  bill.  Report  on,  6 — 1147. 
Par  collection.  Hearing  on,  2 — 262. 

Savings  banks.  Condition  of,  4 — 952. 

Secretary  of  Treasury  addresses,  6 — 1125. 

Support  pledged  to  Capital  Issues  Committee,  4 — 263. 
Treasury  United  States.  Cooperation  with,  in  placing 
Liberty  bonds,  3 — 438. 

AMERICAN  BUSINESS  CONCERNS. 

Branches  in  foreign  countries,  5 — 637. 

AMERICAN  COTTON  EXPORT  ASSOCIATION, 

5—553. 

AMERICAN  DOLLAR. 

Exchange  situation.  (See  Foreign  exchange;  Secre¬ 
tary  of  Treasury.) 

Depreciation  of,  abroad,  cuts  down  our  exports, 
5—1011. 

Reasons  for  depreciation  of,  in  Spain,  1913-1919, 
5—1038. 

(See  Acceptances;  Dollar  exchange;  Foreign  ex¬ 
change;  Gold.) 


AMERICAN  EXPEDITIONARY  FORCES. 

Remittances  to.  Ruling,  Foreign  Exchange  Division, 
4—866. 

AMERICAN  FEDERATION  OF  LABOR. 

Advises  purchase  of  United  States  bonds,  6 — 770. 

(See  Capital  Issues  Committee.) 

AMERICAN  FOREIGN  BANKING  CORPORATION. 

List  of  stockholding  banks  in,  4 — 736. 

Foreign  branches,  5 — 357,  562,  854,  1154;  6 — 272,  607 
944,  1288. 

Habana  Branch.  Condition,  6 — 1167. 

AMERICAN  INVESTMENTS  ABROAD,  6—777,  780. 

AMERICAN  RAILWAY  EXPRESS  CO. 

Discontinues  special  rates  to  United  States  Govern¬ 
ment  for  currency  shipments,  5 — 27. 

AMERICAN  RELIEF  ASSOCIATION. 

Purchase  of  foreign  exchange  from,  5 — 470. 

Foreign  exchange  transactions  through,  excepted 
from  general  release  of  Government  control  over 
foreign  exchange  transactions,  5 — 615. 

Dealers  prohibited  from  purchasing  exchange  on 
specified  countries  except  through,  5 — 652. 

AMERICAN  SHIPS. 

(See  United  States  vessels.) 

AMERICAN  TRUST  &  SAVINGS  BANK,  BIRMING¬ 
HAM,  ALA. 

Reasons  for  joining  Federal  Reserve  System,  3 — 370. 

AMORTIZATION. 

Of  cost  of  Federal  Reserve  notes,  furniture  and  equip¬ 
ment,  2 — 59. 

AMOUNT. 

(See  Like  face  amount.) 

AMOUNT  OF  RESERVES. 

(See  Federal  Reserve  Bank  statements;  Foreign 
branches.) 

AMSTERDAM. 

Exchange  rates  on,  1914-1918,4 — 387,  1199;  6 — 1160. 
Amsterdam  on  foreign  countries,  5—646. 

Berlin  on  Amsterdam,  6 — 1076,  1319. 

Christiania  on  Amsterdam,  6 — 43. 

New  York  on  Amsterdam,  6 — 50. 

(See  Foreign  exchange  rates;  Amsterdam;  Holland; 
Netherlands.) 

ANALYSES. 

Foreign  exchange  and  currency  situation.  League  of 
Nations,  6—898,  901,  902,  903,  909. 

ANALYSIS  AND  RESEARCH. 

(See  Division  of.) 

ANGLO-FRENCH  LOAN. 

Payment,  6 — 901,  1129. 

ANNUAL  ABSORPTION  OF  SECURITIES  IN 
UNITED  STATES,  5—1014. 

ANNUAL  ELECTION. 

Directors,  1 — 211. 

Officers  and  employees,  2 — 2,  64. 

(See  Directors.) 

ANNUAL  EXPENDITURES. 

(See  Expenditures.) 

ANNUAL  RATE  OF  EARNINGS. 

(See  Discount  and  open-market  operations;  earnings.) 


26 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ANNUAL  REPORT. 

Federal  Reserve  Board,  2 — 51,  99. 

1917,  4—69,  79. 

1918,  5—529. 

1919,  6—223,  239. 

Comptroller  of  Currency.  Year  ending  October  31, 
1916,  synopsis,  3 — 172. 

Secretary  of  Treasury,  4 — 18. 

Farm  Loan  Board,  5 — 129 

ANONYMOUS  CIRCULAR,  2—53. 

ANTI-PROFITEERING. 

(See  Act,  August  10,  1917.) 

ANTICIPATING. 

( See  Allotments;  Taxes;  United  States  Treasury 
certificates.) 

ANTICIPATION. 

Payment  of  final  reserve  installment,  2 — 5,  661,  668; 

3— 1,  101. 

Of  taxes  by  issue  of  Treasury  certificates.  (See  United 
States  Treasury  certificates.) 

ANTWERP. 

Foreign  exchange  rates.  Paris  on,  6 — 1074. 

(See  Belgium;  Foreign  exchange  rates.) 

APPEALS. 

(See  Redistricting.) 

APPLES. 

Proper  warehouse  requirements  for,  4 — 404. 

APPLICATION. 

Stamp  tax  to  instruments,  etc.,  issued  by  Federal 
Reserve  banks,  1 — 211. 

To  capital  stock  of  Federal  Reserve  banks,  1 — 211. 

APPLICATION  FORM. 

(See  Liberty  loan.) 

APPLICATIONS. 

Amendment  to  Regulation  F,  1917,  fiduciary  powers, 

4— 1215. 

Sale  as  agent  of  war  savings  certificates,  4 — 87. 
Supplementary.  (See  Fiduciary  powers.) 

Surrender  of  stock — 

(See  Dividends.) 

(See  also  Capital  stock;  Capital  Issues  Committee.) 

APPOINTMENTS. 

Yearly  terms  for  employees,  2 — 51. 

(See  Deputy  chairman;  Directors;  National  bank  ex¬ 
aminers;  Tenure  of  office.) 

APPORTIONMENT. 

Of  assessments,  1 — 307. 

(See  Organization  expenses.) 

APPRECIATION. 

Of  American  dollar  abroad  cuts  down  our  export  trade, 

5— 1011. 

Of  gold  lira  in  Italy,  5 — 846. 

APPROPRIATIONS,  ESTIMATES  AND. 

Comparison,  1920,  5 — 1105. 

APPROVAL  OF  SECRETARY  OF  TREASURY. 

(See  Act  of  Oct.  6,  1917 ;  Licenses;  President  of  United 
States.) 

APPROVED  RESERVE  AGENTS. 

Aggregate  of  reserves  in  vaults,  in  Federal  Reserve 
banks,  and  with,  must  equal  total  reserves  re¬ 
quired,  2 — 606. 


APPROVED  RESERVE  AGENTS— Continued. 

Amounts  due  to  national  banks  from,  1915-1917, 

3— 484. 

(See  Uncollected  funds.) 

Federal  Advisory  Council  and  Federal  Reserve  Bank 
of  Richmond  favor  anticipation  of  final  reserve 
payments  to  the  end  that  deposits  with,  shall 
cease  to  count  as  reserves,  2 — 5,  668. 

State  banks,  unless  so  required  by  State  law  need  not 
have  a  national  bank  as,  1 — 75. 

ARCHITECT. 

Employment  of  a  consulting,  5 — 313. 

ARGENTINA. 

Advances,  deposits,  and  discounts,  banks  of,  1914- 
1919,  6—599. 

Agreement  with,  as  to  foreign  exchange,  4 — 75,  76. 
Banco  de  la  Nacion;  condition,  1913-1919,  6 — 597. 
Banking  and  financial  conditions  in,  6 — 592. 

Banks  of.  Condition,  1914-1919,  4— 739;  6—488,599. 
Buenos  Aires — 

Banks,  condition,  5 — 639. 

Exchange  rates  on  foreign  countries,  6 — 598. 
First  National  Bank  of  Boston.  Branch  in,  4 — 
1079,  1080;  6—1298. 

Foreign  exchange  rates — • 

New  York  on,  6 — 598. 

On  foreign  countries,  6 — 598. 

Credit  to  Allies,  6 — 596. 

Credits  in  Federal  Reserve  Bank  of  New  York, 

4— 941. 

Debt,  public,  6 — 596. 

Foreign  branches  in — 

First  National,  Boston,  4 — 1080;  6 — 1298. 

National  City  Bank,  New  York,  4 — 943. 

Gold  conversion  fund,  1900-1919,  5 — 140;  6 — 145, 1297. 
Gold  embargo,  6 — 778. 

Gold  exports  from  United  States  to,  since  removal  of 
embargo,  5 — 1017. 

Gold  reserves,  1913-1920,  6—1296,  1297. 

Government  aid  to  foreign  commerce,  5 — 1048. 

Loans  placed  in  United  States,  5 — 33;  6 — 596. 
Monetary  system  of,  6 — 593. 

Notes  in  circulation,  etc.,  1914-1919,  5 — 849;  6 — 488, 
599. 

United  States  Government  and  other  loans  placed  in, 

5— 33;  6—596. 

(See  Buenos  Aires.) 

ARIZONA. 

National  banks  in,  authorized  to  exercise  fiduciary 
powers,  2 — 523. 

Laws  as  to  acceptances,  3 — 529. 

Laws  as  to  reserves,  3 — 768. 

Amendments  to  banking  law3,  5 — 658. 

ARKANSAS. 

Warehouse  laws,  1 — 260. 

Exercise  of  fiduciary  powers  by  national  banks  in, 
2—523. 

Acceptance  laws,  3 — 529. 

Reserves,  laws  as  to,  3 — 768. 

Banking  law  amendments,  5 — 568. 

ARMISTICE. 

Three  hundred  millions  of  hoarded  money  returned  to 
banks  since,  5 — 205. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


27 


ARMY  MEAL  TICKETS. 

Federal  Reserve  Banks  may  request  member  banks  to 
receive,  for  collection,  4 — 938. 

ARRIVAL  OF  CAR. 

Draft  payable  on,  held  nonnegotiable  and  can  not  be 
discounted  bv  Federal  Reserve  Banks,  1 — 219; 
4—31,  436,  437. 

A  draft  payable  on,  is  in  effect  a  time  draft  and  subject 
to  stamp  tax,  4 — 31. 

( See  Bills  of  exchange;  Federal  Reserve  Banks;  Tax, 
Stamp.) 

ASIA  BANKING  CORPORATION,  NEW  YORK. 

History  of,  4 — 818. 

Foreign  branches,  5 — 357,  562,  854,  1154;  6 — 272,  607, 
944,  1298. 

ASSESSMENTS. 

Apportionment  of,  1 — 307. 

Expenses,  Federal  Reserve  Board — 

July-December,  1915,  1 — 119. 

January  to  June,  1916,  2 — 7. 

July-December,  1916,  2 — 318. 

JaDuary-June,  1917,  3 — 23. 

July-December,  1917,  3 — 525. 

January-June,  1918,  4 — 24. 

July-December,  1918,  4 — 608. 

January-July,  1919,  5 — 130,  722; 

January- July,  1920,  6—132,  726,  828. 

ASSETS,  ADMISSIBLE,  5—472. 

ASSETS  AND  LIABILITIES. 

( See  Conditions;  Resources  and  liabilities.) 

ASSETS,  EARNING. 

1914-1919,  5—771. 

Inadmissible,  5 — 472. 

Increase  in,  5 — 3. 

(See  Discount  operations;  Earning  assets.) 
Purchase  of.  (See  National  banks.) 

Quick,  3 — 527. 

(See  Commercial  paper;  Statements.) 

Sale  of.  (See  Earning  assets;  National  banks;  Re¬ 
sources;  Total  earning  assets.) 

(See  Earning  assets;  Total  investment  operations.) 

ASSIGNABILITY. 

Government  vouchers  are  not  assignable  under  United 
States  Revised  Statutes,  section  3477,  but  Federal 
Reserve  Banks  may  discount  notes,  otherwise 
eligible,  secured  by  such  vouchers,  3 — 28S. 

ASSIGNEES  OF  UNITED  STATES  ONE-YEAR 
TREASURY  NOTES. 

Take  them  free  from  obligation  of  Federal  Reserve 
Banks  to  renew  them,  2 — 330. 

(See  United  States  one-year  Treasury  notes.) 

ASSIGNMENT. 

Of  United  States  bonds  for  purchase  by  Federal  Re¬ 
serve  Banks.  (See  United  States  bonds.) 

ASSISTANT  FEDERAL  RESERVE  AGENT. 

(See  Federal  Reserve  Agent.) 

ASSISTANT  SECRETARY  OF  FEDERAL  RESERVE 
BOARD. 

R.  G.  Emerson,  appointed,  5 — 918. 

ASSISTANT  TREASURER  OF  UNITED  STATES. 

Unfit  Federal  Reserve  notes.  (See  Federal  Reserve 
notes.) 


ASSOCIATE  MEMBERS. 

Mutual  savings  banks,  having  no  capital  stock,  sug¬ 
gested  for  membership,  3 — 100. 

(See  Savings  banks.) 

ASSOCIATED  ADVERTISING  CLUBS. 

Cooperation  with  Capital  Issues  Committee,  4 — 266. 

ASSOCIATIONS,  EXPORT,  5—419. 

Webb  Act.  (See  Edge  Act;  Foreign  banking  corpora¬ 
tions.) 

ASSURED  REVENUES,  SEC.  14,  2—170;  3—32. 
(See  Warrants.) 

AT  HOME  OR  ABROAD. 

(See  United  States  Revised  Statutes,  section  5202. 

ATHENS. 

(See  Foreign  exchange  rates.) 

ATLANTA. 

(See  Federal  Reserve  Bank  of  Atlanta.) 

ATTACHED. 

Construction  of  word.  Does  not  necessarily  mean 
physical  attachment,  3 — 765. 

ATTORNEY  GENERAL  OF  KENTUCKY. 

(See  Kentucky.) 

ATTORNEY  GENERAL  OF  MISSOURI. 

(See  Fiduciary  powers.) 

ATTORNEY  GENERAL  OF  UNITED  STATES. 

(See,  Opinions,  Attorney  General  of  United  States.) 

ATTORNEYS’  FEES. 

(See  Fees;  Negotiable.) 

AUDIT. 

Gold  settlement  fund.  (See  Gold  settlement  fund.) 

AUDITORS. 

Conference  of,  and  transit  managers,  4 — 1175. 

AUSTRALIA. 

Commonwealth  Bank  of  Australia.  Note  issue  de¬ 
partment  created,  6 — 1321. 

Debt  and  resources,  1913-1918,  4—272,  1057-1077. 
Gold  production,  1909-1919,  5 — 19. 

Handling  of  bills  of  exchange  in,  5 — 447. 

Loans  placed  in  U.  S.,  5 — 33;  6 — 688. 

Price  movements,  5 — 476. 

Silver  production,  1900-1918,  5 — 141. 

United  States  Government  and  other  loans  placed  in, 
5—33;  6 — 68S. 

Wholesale  prices,  1913-1920,  6—279,  506,  511,  616, 
621,  708,  711,  849,  905,  954,  961,  1069,  1079,  1198, 
1208,  1310,  1323. 

AUSTRIA-HUNGARY. 

Banks  of  issue.  Condition,  3 — 331;  5 — 849;  6 — 488. 
Gold  reserves,  3 — 331;  6 — 1296. 

National  debt,  3—18;  4—283,  1062,  1075;  5—849, 

1200. 

Trading  with,  forbidden,  5 — 853,  854. 

War  loans,  3—349;  4—283,  1062,  1075;  5—849,  1200. 

AUSTRO-HUNGARIAN  BANK. 

Condition,  1913-1919,  4—245,  1167;  5—197,  295,  463, 
648,  1200. 

Discounts  and  Government  securities,  4 — 1167. 

Gold  reserve,  1900-1920,  5—849,  1200;  6—144,  1297. 
Notes,  etc.  (See  supra,  Condition.) 

AUTHORITIES,  STATE. 

(See  State  banks.) 


28 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


AUTHORITY  TO  ACCEPT. 

None  needed  unless  in  excess  of  the  50  per  cent 
limitation,  1 — 126. 

AUTHORITY  TO  GUARANTEE  AN  ACCEPTANCE. 

( See  Acceptances;  Guaranty.) 

AUTOMOBILE  ACCESSORIES. 

Terms  of  sale,  6 — 258,  261. 

AUTOMOBILES. 

Terms  of  sale,  6 — 258,  261. 

(See  Acceptances;  Bill  of  lading;  Warehouse  receipt.) 

AVAILABILITY  AT  PAR. 

Drafts  of  member  banks  on  Federal  Reserve  Banks, 
3—78. 

(See  Clearing  system;  Federal  Reserve  exchange 
drafts;  Immediate  credit  at  par.) 

AVAILABILITY  OF  UNCOLLECTED  FUNDS. 

(See  Clearing  system.) 

AVERAGE  MATURITY  OF  BILLS  PURCHASED. 

(See  Discount  and  open-market  operations.) 

AVERAGE  MONTHLY  SALES. 

(See  Retail  trade.) 

AVERAGE  RATE  OF  EARNINGS. 

(See  Discount  and  open- market  operations.) 

AVERAGE  SIZE. 

Items  rediscounted  by  Bank  of  France,  6 — 1018. 
Member  bank  collateral  notes,  6 — 1017. 

Member  bank  rediscounts,  6 — 1017,  1018. 

(See  Discount  and  open-market  operations.) 

AVERAGE  STOCKS. 

(See  Retail  trade.) 

B. 

BABSON’S  BUSINESS  BAROMETER,  5—331. 

BALANCE,  BANK. 

(See  Bank  balances.) 

BALANCE  OF  TRADE. 

Analysis,  United  States,  5 — 526;  G — 900,  902. 

Canada,  5 — 1143. 

Denmark,  1912-1917,  6—39. 

France,  6 — 959. 

Gold  reserves  can  be  maintained  only  when  balance 
of  trade  is  favorable,  5 — 124. 

Great  Britain,  6 — 908. 

Norway,  1912-1917,  6—39. 

Reserve.  (See  Reserves.) 

Restoration  of  normal,  necessary,  5 — 194,  816. 

Sweden,  1912-1917,  6—39. 

United  States  balance  of  trade,  5 — 526;  6 — 900,  902. 
When  exports  and  imports  balance  there  will  be  no 
export  problem,  5 — 614. 

Great  Britain  and  Spain,  1913-1919,  5 — 1038. 

Spain  and  France,  1913-1919,  5 — 1038. 

United  States,  2—661;  5—194,  526,  536,  614,  816, 
1038. 

(See  Exports  and  imports.) 

BALANCE  ON  OPEN  ACCOUNT. 

(See  Trade  acceptances.) 

BALANCE,  SAVINGS. 

Available  for  export  trade  not  large.  Financing  in 
excess  of,  will  result  in  increased  prices,  5 — 613. 

BALANCE  SHEET  OF  WAR. 

European  countries,  4 — 1057. 


BALANCE  SHEETS. 

(See  Assets  and  liabilities;  Bank  of  Spain;  Bank  of 
England,  etc.) 

BALANCES. 

Large  foreign,  of  our  manufacturers,  6 — 1128. 

(See  Clearing  house  balances;  City  banks;  Bank  bal¬ 
ances;  Interest.) 

BALANCES,  DOLLAR. 

Due  to  a  foreign  bank  can  not  be  offset  by  foreign 
currency  balances  due  from  same  bank,  6 — 963. 

BALANCES  DUE  FOREIGN  BANKS. 

(See  Foreign  banks.) 

BALANCES,  EXPORT,  2—663. 

BALANCES,  FICTITIOUS  RESERVE. 

Gold  control  by  wiping  out,  3 — 2. 

BALANCES,  NONMEMBER  BANK,  3—617. 

(See  Clearing  system.) 

BALANCES,  RESERVE,  3—660. 

(See  Clearing  system;  Rulings,  Federal  Reserve 
Board.) 

BALLOTING. 

(See  Directors.) 

BALTIMORE. 

Redistricting  decision  postponed,  1 — 86. 

Question  of  branch  bank  postponed,  3 — 440. 

Branch  bank,  4 — 10,  256. 

Directors,  5 — 126;  6 — 61. 

Employees,  5 — 778. 

BANCO  DE  CHILE. 

Condition,  1914-1919,  6—1057. 

BANCO  DE  LA  NATION. 

(See  Argentina.) 

BANCO  ESPANOL  DE  LA  ISLA  DE  CUBA. 

Condition,  1914-1920,  6—1166. 

BANCO  INTERN ACIONAL,  CUBA. 

Condition,  1918-1919,  6—1167. 

BANCO  MERCANTIL  AMERICANO  DE  CUBA. 

Condition,  1919,  6 — 1168. 

BANCO  NACIONAL  DE  CUBA. 

Condition,  1914-1920,  6—1166. 

BANK,  BANKS. 

Morris  plan  banks  are  “banks”  under  Clayton  Act, 
3—527. 

Word  construed  to  include  savings  and  loan  associa¬ 
tions  under  section  8,  Clayton  Act,  2 — 118. 

(See  Acceptance  liabilities;  Argentine  banks;  Branch 
banks;  Buenos  Aires  banks;  Buildings;  Central 
banks  of  Europe;  Chain  of  banks;  Chile;  Clear¬ 
ings;  Clerks;  Commercial  banks;  Commonwealth 
Bank  of  Australia;  Consolidations;  Correspondent 
banks;  Cost  of  premises;  Credit  banks;  Deposits; 
Directors;  European  central  banks;  Farm  Loan 
Banks;  Federal  Reserve  Banks;  Foreign  bank 
branches  and  agencies;  Foreign  banks;  Foreign 
exchange  banks;  German  banks;  Holdings;  Insol¬ 
vent  banks;  International  bank;  Issuing  banks; 
Joint  stock  banks;  Liquidating  banks;  Loans; 
Member  banks;  Mutual  savings  banks;  National 
banks;  Net  deposits;  New  York  Clearing  House 
banks;  Nonmember  banks;  Philippine  national 
bank  act;  Private  banks;  Regrouping;  Savings 
banks;  State  banks;  United  States  Treasury  cer¬ 
tificates;  Trust  companies;  War  Trade  Board.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


29 


BANK  ACCEPTANCES. 

Chart.  January-August,  1915,  1 — 234. 

( See  Acceptances.) 

BANK  ACCEPTANCES. 

( See  Federal  Advisory  Council;  Acceptances.) 

BANK  ASSOCIATIONS. 

(See  American  Bankers  Association;  State  Bankers 
Association.) 

BANK  BALANCES. 

Clearing-house  conference  on,  6 — 157. 

Increasing  at  financial  centers,  5 — 101. 

Interest  rates  on,  6 — 3,  157. 

(See  Computation  of  reserves;  Foreign  banks;  Re¬ 
serves;  Interest.) 

BANK,  CENTRAL  RESERVE. 

South  Africa,  6 — 1040. 

BANK  CLERKS. 

Deferred  classification.  Draft  law,  4 — 597. 

BANK  CREDITS. 

A  factor  as  to  high  prices,  5 — 814. 

Expansion  of,  1917,  3—499. 

London  banks,  1913-1918,  5—323. 

Situation  August,  1920,  6 — 775. 

(See  Credits ;  Inflation.) 

BANK  DEBITS. 

(See  Clearing-house  bank  debits.) 

BANK  DEPOSITS. 

Chart,  2—222. 

Currency.  Prices  and,  6 — 247. 

Gross  individual  and  bank,  2—221. 

Interest  on.  (See  Interest.) 

Member  banks,  1914-1920,  6—726,  728. 

National  banks,  1914-1919,  5—781,  782;  6—726,  728. 
(See  Deposits;  Gross  deposits.) 

BANK  EXAMINATIONS. 

Cost,  old  and  new  system,  2 — 122. 

BANK  OFFICERS,  CERTIFICATE  OF. 

(See  Certificates;  Eligibility.) 

BANK  EXAMINERS,  NATIONAL. 

Conference,  1 — 217. 

BANK  FAILURES. 

At  Seattle,  3 — 155. 

Last  3  years  compared  with  last  33  years,  3 — 939. 

(See  Business  failures.) 

BANK  FtR  HANDEL  UND  INDUSTRIE  (DARM- 
STADTER  BANK). 

Condition,  1914-1919,  6 — 1050. 

BANK  INVESTMENTS. 

Federal  Reserve  Board  as  to,  in  foreign  Government 
obligations,  2 — 661;  3 — 2,  82,  236,  239,  652. 

(See  British  exchequer  notes;  Investments.) 

BANK  NOTES. 

(See  Federal  Reserve  bank  notes;  Federal  Reserve 
notes;  National  bank  notes;  United  States  1-year 
Treasury  notes.) 

BANK  OF  BELGIUM. 

Central  banking  in  Belgium  during  German  occupa¬ 
tion,  5 — 435. 

Gold  reserves — 

1900-1918,  5—140. 

1910-1920,  6—144,  1297. 

Notes  in  circulation,  etc.,  6 — 849. 

(See  Belgium.) 


BANK  OF  BRAZIL. 

Condition,  1913-1919,  6 — 821. 

(See  Brazil.) 

BANK  OF  DENMARK. 

Gold  reserves,  1910-1920,  6 — 1297. 

BANK  OF  ENGLAND. 

Comparison  with  Federal  Reserve  System,  2 — 658; 

3— 681;  5—463,  648,  848,  849,  1200. 

Condition  statements,  3 — 234,  329,  500,  681,  942; 

4— 243,  996,  998,  999,  1167;  5—140,  197,  463, 
648,  1007,  1200  ;  6—334,  485,  488,  893,  1070,  1199, 
1312. 

Currency  notes,  3 — 11;  6 — 6,  843,  954,  1069,  1070, 
1199,  1312. 

Discount  rates,  6—446,  955,  1070,  1199,  1312. 

Foreign  agent  of  Federal  Reserve  Bank  of  New  York, 
3 — 4,  5. 

Gold  earmarked  for  Federal  Reserve  Banks,  3 — 504. 
Gold  reserves,  1910-1920,  6—144,  488,  667,  1295,  1296, 
1297. 

Loans  to  Government,  1914-1917,  3 — 942. 

Note  circulation,  etc.,  3 — 331;  6 — 185,  842,  954,  1069, 
1199,  1312. 

(See  Great  Britain.) 

BANK  OF  EUFALA,  ALA. 

Reasons  for  joining  Federal  Reserve  System,  3 — 365. 

BANK  OF  FRANCE. 

Average  size  of  items  discounted,  6 — 1018. 

Charter,  renewal  of,  5 — 339. 

Comparison  with  Federal  Reserve  System,  2 — 659; 
3—681;  5—463,  648,  848,  1200. 

Condition  of,  3—234,  329,  500,  681,  943;  4—243,  996, 
998,  1000,  1167;  5—140,  197,  463,  648,  849,  1008, 
1200;  6—334,  485,  487,  893,  1073,  1203, 1296,  1315. 

Foreign  agent  of  Federal  Reserve  Bank  of  New  York, 
3—175. 

Gold  reserves — 

1900-1919,  3—14;  6—144. 

1920,  6—144,  372,  667,  1203,  1297. 

Loans  to  Government,  3 — 943. 

Notes  in  circulation,  etc.  (See  supra,  Condition.) 
Report  of,  1919,  6 — 372. 

(See  France.) 

BANK  OF  ISSUE,  INTERNATIONAL. 

(See  International  Bank  of  Issue.) 

BANK  OF  ITALY. 

Comparison  with  Federal  Reserve  System,  2 — 659; 
3—681;  5—463,  648,  848,  1200. 

Condition  of,  3—331,  681;  4—996,  1167;  5—140,  463, 
648,  840,  844,  1200,  1296;  6—488,  1297. 

(See  Bank  of  Naples;  Bank  of  Sicily;  Italy.) 

BANK  0<F  JAPAN. 

Comparison  with  Federal  Reserve  System,  2 — 660. 
(See  infra,  Condition.) 

Condition  of,  3 — 682;  4 — 997;  5 — 140,  464,  649,  734, 
849,  1201;  6—1077. 

Gold  reserves — 

1900-1919,  6—145. 

1910-1920,  6—1297. 

Note  issues,  1913-1920,  6—1077. 

Statement  as  to  prices,  1913-1920,  6 — 1310. 

(See  Japan.) 


30 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


BANK  OF  JAVA. 

Gold  Reserves — 

1900-1919,  6—145. 

1910-1920,  6—1297. 

Statements  of  condition,  5 — 464,  647,  649,  1201. 

War  operations,  5 — 641. 

(See  Java.) 

BANK  OF  LEWT5LLEN,  NEBR. 

Reasons  for  joining  Federal  Reserve  System,  3 — 367. 

BANK  OF  MONTCLAIR,  N.  J. 

Reasons  for  joining  Federal  Reserve  System,  3 — 356. 

BANK  OF  MONTREAL. 

Sale  of  rupees  for  gold  for  Government  of  India,  5 — 
917,  1015. 

BANK  OF  NAPLES. 

Gold  reserves,  1900-1919,  6 — 144. 

Statement  of  condition — 

1900-1918,  5—140. 

1914-1920,  6-488,  1297. 

(See  Italy.) 

BANK  OF  NETHERLANDS. 

Comparison  with  Federal  Reserve  System,  2 — 659. 

(See  infra,  Condition.) 

Gold  reserves — 

1900-1919,  6—145. 

1910-1920,  6—1297. 

Statement  of  condition,  3 — 331,  682;  4 — 385,  996;  5 — 
464,  649,  849,  1200,  1201;  6—336,  894,  1296. 

Chart,  5 — 645. 

War  operations,  5 — 641. 

(See  Holland;  Netherlands.) 

BANK  OF  NORWAY. 

Gold  reserves — 

1910-1920,  6—1297. 

1900-1919,  6—145. 

Statement  of  condition,  4 — 382,  997 ;  5 — 1200. 

1914-1918,  6-45,  488,  1297. 

(See  Norges  Bank;  Norway.) 

BANK  OF  ROUMANIA. 

Gold  reserves,  6 — 144,  1297. 

Statement  of  condition,  5 — 1201. 

(See  Rournania.) 

BANK  OF  SICILY. 

Gold  reserve,  1900-1919,  6 — 144. 

Statement  of  condition,  5 — 140;  6 — 488,  1297. 

(See  Italy.) 

BANK  OF  SPAIN. 

Comparison  with  Federal  Reserve  System,  2 — 660; 

3—681;  5—463,  648,  848,  1200;  6—1297. 
Dividends,  5 — 1036. 

Special  gold  profit  dividends,  5 — 1040. 

Gold  policy,  5 — 1039. 

Gold  profits,  5 — 1039. 

Gold  reserves,  1910-1920,  6— 145,  1297. 

Gold,  stock  of.  Forty  per  cent  consists  of  United 
States  gold  coin  purchased  largely  at  a  discount, 
5—1039. 

Statement  of  condition,  3 — 331,  682  ;  4 — 392,  997;  5 — 
140,  464,  649,  849,  1036,  1040,  1201;  6—335,  895, 
1296. 

(See  Spain.) 

BANK  OF  SWEDEN.  (See  Riksbank,  Sweden.) 


BANK  OF  SWITZERLAND. 

(See  Banque  Nationale,  Swiss;  Swiss  National  Bank, 
Switzerland.) 

BANK  OF  THE  NATION. 

(See  Argentina.) 

BANK  OF  WISCONSIN. 

Reasons  for  joining  Federal  Reserve  System.  3 — 362. 

BANK  PREMISES. 

When,  bought  with  intention  to  erect  new  buildings, 
an  amount  equal  to  value  of  buildings  to  be 
razed  may  be  charged  to  profit  and  loss,  subject  to 
approval  of  Federal  Reserve  Board  as  to  value, 
5—26. 

Reasonable  depreciation  charge  will  be  permitted  on 
remodelled  premises  used  as  permanent  banking 
quarters  by  a  Federal  Reserve  Bank,  not  to  exceed 
10  per  cent  of  estimated  value  of  buildings  on 
Dec.  31,  1918,  5—26. 

When  Federal  Reserve  Bank  has  purchased  site  for 
new  building,  it  may  charge  down  book  value  of 
premises  then  owned  and  occupied  to  a  fair  selling 

Srice,  subject  to  approval  of  Federal  Reserve 
bard,  5 — 26. 

Cost  of,  5—134,  723;  6—135,  830 

BANK  TRANSACTIONS. 

Debits  to  individual  accounts.  (See  Clearing  house 
debit  statements ;  Member  bank  condition  state¬ 
ments.) 

BANK  TRANSFERS. 

(See  Federal  Reserve  Agents;  Report  of  clearing  com¬ 
mittee,  clearing  system.) 

(See  Drafts,  Federal  Reserve  exchange;  Drafts,  Fed¬ 
eral  Reserve  transfer.) 

BANK  v.  FELLOWS. 

United  States  Supreme  Court  holds  section  11  (k) — 
Fiduciary  powers — constitutional,  3 — 254,  504,  534. 

BANKER. 

(See  Clayton  Antitrust  Act;  Private  banker.) 

BANKER,  PRIVATE. 

Can  not  serve  as  officer  or  director  of  national  bank, 
2—588. 

Changed  by  act  of  May  26,  1920,  6 — 948. 

(See  Private  banker.) 

BANKERS. 

(See  War  Trade  Board.) 

BANKERS’  ACCEPTANCES. 

(See  Acceptances,  bankers;  Acceptances,  export  and 
import;  Acceptances,  refinance  draft.) 

BANKERS  TRUST  CO.,  N.  Y. 

Reasons  for  joining  Federal  Reserve  System,  3 — 836. 

BANKING  AND  CURRENCY  COMMITTEE. 

House  of  Representatives — 

Report  on  amendments,  3 — 191. 

Report  on  bills  of  Comptroller,  4 — 414,  418,  430, 
431,  433. 

Senate.  Report  on  amendments,  3 — 177. 

(See  Congress ;  Harding,  Gov.;  Senate  resolutions.) 

BANKING  AND  ECONOMIC  CONDITIONS. 

Argentina,  6 — 592. 

Brazil,  6 — 813. 

Chile,  6—1052. 

Cuba,  6—1162. 

England,  6 — 1069. 

France,  6 — 1072. 

Italy,  5 — 840. 

Japan,  5 — 731. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


31 


BANKING  CONDITIONS. 

Abroad,  5—197,  525.  731,  840;  6—218,  564,  592,  813, 
908.  1052,  1069,  1073,  1162. 

In  United  States.  3—340  ;  5—112,  196.  317.  415,  529» 
618.  703,  725.  726,  820.  917,  1009.  1016,  1112; 
6—10,  13,  120,  122,  218,  222,  347,  454,  479,  556, 
558,  565,  671,  781,  904,  908,  910,  1011,  1018,  1133, 
1262. 

Index  of,  January,  1918-March,  1920.  6 — 479. 

Review,  1920,  6—662,  723,  1253. 

Secretary  of  Treasury  on,  5 — 725,  726 
(See  Secretary  of  Treasury.) 

(See  Financial  conditions;  Review  of  month.) 

BANKING  CORPORATIONS,  FOREIGN. 

Section  25  a.  Regulation  K,  1920,  6 — 1190. 

(See  Edge  Act;  Foreign  banking  corporations.) 

BANKING  EXPANSION. 

A  factor  in  question  of  high  prices,  5 — 814. 

(See  Expansion;  Inflation;  Prices.) 

BANKING  FACILITIES. 

Great  Britain,  5 — 119. 

(See  Great  Britain.) 

BANKING  FIRMS. 

(See  Clayton  Act;  Private  banking  firms.) 

BANKING  LAWS. 

Amendments  to  Federal  Reserve  Act.  (See  Amend¬ 
ments.) 

Amendments  of  State  banking  laws.  (See  State  banks; 
Laws  of  States.) 

BANKING  POLICY,  6—556. 

(See  Federal  Reserve  Board;  Policy.) 

BANKING  POWERS. 

(See  Federal  Reserve  Banks;  National  banks;  State 
banks.) 

BANKING  PROBLEM. 

Division  of  capital  between  domestic  and  international 
field,  5—522. 

Long-term  credits  an  investment  and  not  a,  5 — 611. 

BANKING  REVIEW. 

Federal  Reserve  System — 

1914-1917,  5—3,  771. 

1917-1919,  5—771. 

1920,  6—11,  662. 

BANKING  SITUATION. 

(See  Banking  conditions.) 

BANKING,  SOUTH  AFRICA. 

Central  reserve  bank,  6 — 1040. 

BANKING,  STATE  AID  TO. 

Report,  British  Commission,  5 — 122. 

BANKING  STATISTICS. 

(See  Monetary  and  banking  statistics.) 

BANKING,  WAR  PERIOD. 

(See  principal  countries  by  name.) 

(See  also  War.) 

BANKS. 

(See  supra,  Bank.) 

(See  Principal  banks  by  name;  Principal  countries  by 
name.) 

(See  also  Federal  Reserve  Banks;  Fiduciary  powers- 
National  banks;  Savings  banks;  State  banks  and 
trust  companies.) 

BANKS,  EXPORT. 

(See  French  National  Bank  of  Commerce.) 


BANKS  OF  EUROPE. 

Acceptances,  capital,  etc.,  6 — 375. 

BANKS  OF  ISSUE,  LEADING  FOREIGN. 

Comparison  with  Federal  Reserve  Svstem,  2 — 658; 
3—681;  5—463,  648,  848,  849,  1200;  6—488,  1297. 
(See  infra,  Condition.) 

Condition  of,  2—659;  3—234,  329,  500,  681,  942;  4— 
243,  267,  269,  375,  996,  1057,  1167;  5—140,  197, 
463,  648,  849,  1008,  1200;  6—485,  487,  488,  909, 
1044,  1047,  1049,  1295. 

Gold  reserves,  1900-1920,  6 — 144,  909,  1295. 

BANQUE  NATIONALE  SUISSE. 

(See  Swiss  National  Bank.) 

BARCLAY  &  CO.  (LTD.). 

Condition,  1914-1919,  6—1045. 

BAROMETER  OF  BUSINESS  CONDITIONS. 

Babson,  5 — 331. 

Brookmire,  5 — 332. 

Canadian  indexes,  5 — 334. 

Mitchell,  5 — 336. 

Persons,  5 — 331,  333. 

(See  Business  conditions;  Index  numbers;  Indexes.) 

BAROMETRICS,  CREDIT. 

Article  on,  by  A.  Wall,  5 — 229. 

BARRANQUILLA,  COLOMBIA. 

Branch  of  National  City  Bank,  New  York,  in.  (See 
National  City  Bank;  foreign  branches.) 

BASED  ON  LITE  STOCK. 

Construction  of  words,  1 — 72;  3 — 616. 

(See  Opinions  of  Counsel;  Agricultural  paper.) 

BEEF. 

Prices,  1914-1920,  6—1214. 

(See  Prices.) 

BELGIUM. 

Budget,  6 — 1322. 

Central  banking  in,  during  German  occupation, 
5 — 435. 

Renewal  acceptance  credit  for,  5 — 309. 

Revenue  and  expenditures,  6 — 1322. 

Production  increasing  in,  6 — 907. 

United  States — 

Loans  of,  to,  3 — 424  ;  4 — 1059. 

Government  and  other  loans  placed  in,  5 — 33; 
6—688. 

(See  Antwerp;  Bank  of  Belgium.) 

BELGRADE. 

(See  Foreign  exchange  rates.) 

BELLIGERENT  COUNTRIES. 

Foreign  exchange  rates  on,  3 — 406;  6 — 1158. 

(See  Foreign  exchange.) 

National  indebtedness,  3 — 10. 

War  loans.  (See  Allied  powers;  War.) 

BENEDICT,  C.  H. 

Appointed  class  C  director,  Federal  Reserve  Bank  of 
Minneapolis,  5 — 821. 

BERLIN. 

Foreign  exchange  rates — 

Berlin  on  foreign  countries,  6 — 1076,  1319. 
Brussels  on,  6 — 1076. 

Christiania  on,  6 — 1076. 

Holland  on,  5 — 646;  6 — 1076. 


32 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


BERLIN — Continued. 

Foreign  exchange  rates — Continued. 

Italy  on,  6 — 1076. 

London  on,  6 — 1070,  1076. 

Mark,  decline  in,  5 — 1011,  1111. 

New  York  on,  3—328,  405,  576;  4—67,  358,  684, 
837,  841,  1162,  1199;  5—1103;  6—111,  437, 
763,  1076,  1122,  1158. 

Paris  on,  6 — 1074,  1076. 

Switzerland  on,  4 — 838,  842;  5 — 552;  6 — 1076. 

( See  Foreign  exchange;  Germany.) 

BERLINER  HANDELSGESELLSCHAFT. 

Condition,  1914-1919,  B— 1051. 

BEVERAGE  PURPOSES. 

War  prohibition  act.  ( See  Opinions,  Attorney  Gen¬ 
eral  of  United  States.) 

BIGELOW,  F.  R. 

Elected  class  B  director,  Federal  Reserve  Bank  of 
Minneapolis,  3 — 8. 

BIGGS,  D.  C. 

Elected  governor,  Federal  Reserve  Bank  of  St.  Louis, 
5—201. 

BILLS. 

Regulation  A,  1920,  6 — 1179. 

(See  Acceptances;  Open-market  operations;  Circulars 
and  regulations.) 

BILLS  AND  NOTES. 

(See  Clearing  system.) 

BILLS  DISCOUNTED. 

By  Federal  Reserve  Banks.  (See  Discount  and  open- 
market  operations.) 

By  member  and  national  banks,  1914^-1920,  6 — 726, 
728. 

(See  Member  bank  condition  statements.) 

By  member  State  banks  and  trust  companies.  Classi¬ 
fication,  4—796,  798,  916,  920;  5—187,  296,  298, 
406,  520,  1007;  6—444,  766,  1007. 

BILLS,  FINANCE. 

(See  Finance  bills.) 

BILLS  OF  EXCHANGE. 

Regulations,  1920,  6—1179,  1181,  1182. 

(See  Acceptances;  Discount  and  open-market  opera¬ 
tions;  Open- market  operations.) 

BILLS  OF  EXCHANGE. 

Practice  of  handling  in  foreign  countries — 

Algeria,  5—453. 

Australia,  5 — 447. 

China,  5 — 450. 

Costa  Rica,  5 — 345. 

Denmark,  5 — 351. 

Egypt,  5 — 455. 

France,  5 — 354. 

Great  Britain,  5 — 352. 

Guatemala,  5 — 346. 

Honduras,  5 — 348. 

Morocco,  5 — 457. 

New  Zealand,  6 — 269. 

Nicaragua,  5 — 349. 

Portugal,  5 — 355. 

South  Africa,  5 — 459. 

Spain,  5 — 356. 


BILLS  OF  LADING. 

Act  Aug.  29,  1916.  Uniform  bills  of  lading,  2 — 515. 

(See  Acceptances;  Bill  of  lading  drafts;  Federal  Re¬ 
serve  Banks;  Nonmember  banks;  Security; 
United  States  Railroad  Administration.) 

BILLS  OF  SALE. 

(See  Acceptances.) 

BILLS  PAYABLE. 

National  banks  may  borrow  on,  only  up  to  amount  of 
capital  stock,  but  may  rediscount  items  in  its  pos¬ 
session  to  any  amount  acceptable  to  its  Federal 
Reserve  Bank,  2 — 112. 

New  item  in  statements  of  New  York  Clearing  House 
banks,  6 — 310. 

(See  Acceptances;  National  banks.) 

BILLS  PURCHASED. 

Holdings  last  Friday  of  month,  fiscal  year  1920. 
Chart,  6—723,  725. 

(See  Discount  and  open-market  operations. 

BILLS  RECEIVABLE. 

Eligibility  of  notes  based  on,  1 — 127. 

Not  valid  security  for  deposit  of  trust  funds  in  com¬ 
mercial  department  of  member  bank.  Not 
readily  marketable  securities  under  Regulation 
F,  1919,  section  5,  6—385. 

(See  Federal  Reserve  Banks;  Fiduciary  powers.) 

BILLS,  SALES  OF. 

(See  Rediscounts  and  sales.) 

BIRMINGHAM,  ALA. 

Branch  of  Federal  Reserve  Bank  of  Atlanta,  4 — 597. 

Directors,  5 — 126;  6 — 61. 

Employees,  5 — 778. 

BLACK,  J.  W. 

Appointed  class  C  director,  Federal  Reserve  Bank  of 
Minneapolis,  3 — 7. 

BLANK  ACCEPTANCE.  ' 

(See  Acceptances,  trade.) 

BLANKET  CUSTOMERS’  STATEMENTS. 

Ruling,  foreign  exchange  division,  4 — 866. 

BLANKET  LICENSE. 

(See  Bureau  of  imports.) 

BLANKETS,  WOOLEN. 

Terms  of  sale,  6 — 470. 

BLODGETT,  J.  W. 

Elected  class  B  director,  Federal  Reserve  Bank  of 
Chicago,  3 — 8. 

BOARD. 

(See  Emergency  Fleet  Corporation;  Export  Adminis¬ 
tration  Board;  Federal  Farm  Loan  Board;  Federal 
Reserve  Board;  Industrial  Board;  United  States 
Shipping  Board;  War  Industries  Board;  War 
Trade  Board.) 

BOGOTA. 

Foreign  branches  in — 

Mercantile  Bank  of  America,  6 — 159. 

National  City  Bank,  New  York,  6 — 159. 

(See  Foreign  exchange  rates.) 

BOILERS. 

Terms  of  sale,  6 — 156. 

BOLIVIA. 

Credits  granted  to  United  States,  4 — 941. 

Loans  placed  in  United  States,  5 — 33;  6 — 688. 

Silver  production,  1900-1918,  5 — 141. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


33 


BOLSHEVIK  GOVERNMENT. 

(See  Foreign  exchange  transactions;  Russia;  Russian 
Soviet  Government;  Soviet  Government;  War 
Trade  Board.) 

BOMBAY. 

Exchange  rates  on,  4 — 840,  1199  ;  6 — 50,  1161. 

(See  India.) 

BONA  FIDE  CONTRACT. 

(See  Acceptances.) 

BOND. 

(See  Bonds.) 

BOND  ACTS. 

Liberty  Loan  I,  3 — 345. 

Liberty  Loan  II,  3 — 749. 

Liberty  Loan  II,  supplement,  4 — 961,1055. 

Liberty  Loan  III,  4 — 306. 

Liberty  Loan  IV,  4 — 926,  961,  1055. 

Liberty  Loan  V,  Victory  Liberty  Loan,  5 — 225 
(See  Fiduciary  powers;  Liberty  bonds.) 

BOND  HOLDINGS. 

Federal  Reserve  Banks.  (See  Same.) 

Member  banks.  (See  same;  see  also  Member  bank 
condition  statements.) 

National  banks.  (See  Same.) 

BOND  ISSUES. 

(See  European  countries;  United  States.) 

BOND  PURCHASING  FUND. 

Purchases,  February  12,  1919,  5 — 225. 

Purchases  discontinued,  6 — 445. 

BOND,  SUGAR  IN. 

(See  Acceptances.) 

BOND,  WHISKY  IN. 

(See  Opinions  Attorney  General  of  United  States; 
Acceptances;  Warehouse  certificates.) 

BONDING. 

Of  employees,  1 — 47. 

BONDS. 

Federal  Reserve  agents  and  deputy,  3 — 615. 

Foreign,  prices,  6 — 450. 

Liberty — 

Prices,  6 — 446,  555. 

Purchases  by  Treasury  discontinued,  6 — 445. 

(See  Liberty  Loans.) 

Municipal,  purchase  of,  1 — 221,  268;  2 — 524. 

Officers.  (See  Comptroller  of  Currency ;  Amendments. ) 
Sale  of.  (See  Comptroller  of  Currency.) 

Secured  by  real  estate — 

Eligibility  as  investments  for  national  banks,  3 — 
456. 

(See  National  banks.) 

United  States.  (See  United  States.) 

War  Finance  Corporation,  5 — 308,  472. 

Yield  from  foreign  bonds,  6 — 450. 

Yield  from  Liberty  bonds,  6 — 555. 

(See  Coupons;  Farm  loan  bonds;  Federal  Reserve 
Banks;  Liberty  bonds;  National  banks;  Public 
debt;  United  States  bonds.) 

BONDS  OR  NOTES. 

Difference  between,  in  Liberty  loan  operations,  5 — 304. 

BONDS  OR  TAXES,  WAR  FINANCE,  5—1. 


BONUS,  GOLD. 

(See  American  Bankers’  Association;  reports;  Gold.) 

BONUS,  SOLDIERS,  6—340. 

BOOKS. 

Date  of  closing,  dividend  purposes,  1 — 212;  2 — 511; 
4—521. 

Federal  Reserve  library.  Books  in,  6 — 701,  834,  946. 

Production  of,  under  trading  with  enemy  act,  3 — 
853,  861. 

Terms  of  sale,  6 — 1037. 

(See  Federal  Reserve  library;  Production  of  books; 
Secretary  of  Treasury.) 

BOOTS  AND  SHOES. 

Terms  of  sale,  6 — 930. 

BORROWED  MONEY. 

Acceptances  do  not  constitute,  and  are  not  subject  to 
section  5200,  United  States  Revised  Statutes,  2 — 
64,  678,  680,  3—696. 

If  bank  purchases  own  acceptance,  section  5200  would 
applv,  2—397,  680;  3—28,  193,  691,  696;  4—197, 
808,  974. 

BORROWER. 

Acceptances — 

Drawer  of  draft  against  a  bank  does  not  become  a 
borrower  of  the  accepting  bank,  2 — 680; 

3—696. 

If  accepting  bank  purchases  its  own  acceptance, 
the  drawer  would  be  liable  for  borrowed 
money,  2—397,  680;  3—28,  193,  691,  696. 

If  accepting  bank  subsequently  rediscounts  its 
own  acceptance  with  the  Federal  Reserve 
Bank,  the  drawer  would  cease  to  be  a  bor¬ 
rower,  2 — 680;  3 — 696. 

(See  Acceptances;  Own  acceptances.) 

Act  of  September  24,  1918.  (See  same.) 

Act  of  March  3,  1919.  (See  same.) 

Act  of  October  22,  1919.  (See  same.) 

Definition  of  word — 

Kentucky  law3,  4 — 526. 

Refers  to  customers  of  banks  and  not  to  bank 
indorsements,  4 — 520. 

Liability  of  a  borrower  on  his  personal  note  is  to  be 
included  in  the  limitation  on  farm  land  loans, 
2—66. 

Maker  of  a  note  to  a  bank  ceases  to  be  a  borrower  of 
the  bank  when  the  bank  rediscounts  the  note 
with  another  bank,  4 — 638,  867. 

Member  banks.  Federal  Reserve.  Banks  may  decline 
to  discount  for,  the  paper  of  any  one  borrower, 
where  it  has  already  discounted  a  sufficient 
amount  of  the  paper  of  this  borrower  for  other 
member  banks,  0 — 278. 

State  banks — 

May  become  member  banks  although  loaning  up 
to  40  per  cent  to  one  borrower,  3 — 696i 
May  lend  to  one  borrower  in  excess  of  10  per  cent, 
but  its  rediscounts  are  limited  to,  as  defined 
in  sections  9  and  13,  4 — 638. 

State  bank  loaning  up  to  30  per  cent  to  one  bor¬ 
rower,  but  rediscounting  20  per  cent  with 
another  bank  may  rediscount  remaining  10 
per  cent  with  its  Federal  Reserve  Bank,  4 — 
638. 

The  10  per  cent  limitation  of  section  9  refers  to 
the  total  capital  and  surplus  and  i3  not 
limited  to  that  part  assigned  to  the  commer¬ 
cial  department  under  the  State  law,  6 — 495. 


37599°— 21 - 3 


34 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


B  0  R  R  0  W  ER — Continued . 

State  banks — Continued. 

Federal  Reserve  Banks,  under  section  9,  can  not 
discount  for  a  member  State  bank  any  of  the 
paper  of  any  one  borrower  who  has  already 
borrowed  in  excess  of  10  per  cent  from  the 
State  member  bank,  not  including,  however, 
bills  drawn  against  actually  existing  values 
nor  commercial  or  business  paper  actually 
owned,  5 — 361,  1055. 

The  provisions  of  section  9  are  not  affected  by  the 
amendment  of  United  States  Revised  Stat¬ 
utes,  section  5200,  5 — 1055. 

Federal  Reserve  Banks,  under  section  U(m),  as 
amended  by  act  of  March  3,  1919,  may  until 
December  31,  1920,  discount  for  a  State  bank 
the  paper  of  any  one  borrower  who  has  not 
already  borrowed  more  than  10  per  cent  in 
his  regular  line  of  credit,  up  to  20  per  cent, 
provided  the  excess  over  10  per  cent  is 
secured  by  bonds  or  notes  of  the  United 
States  issued  since  April  24,  1917,  or  by 
certificates  of  indebtedness  of  the  United 
States,  provided  also  that  the  aggregate 
discounts  of  paper  for  the  borrower  do  not 
exceed  20  per  cent,  5 — 361,  1055. 

If  the  borrower  has  borrowed  from  the  State 
member  bank  on  his  regular  line  of  credit 
more  than  10  per  cent,  the  Federal  Reserve 
Bank  can  not  discount  any  of  his  paper  on 
his  regular  line  of  credit,  but  may  discount 
his  paper  secured  by  Government  obligations 
provided  the  total  discounts  of  all  his  paper 
held  by  the  Federal  Reserve  Bank  do  not 
exceed  20  per  cent,  5 — 361,  1055. 

Trust  receipts.  Borrower  must  have  no  control 
over,  taken  in  substitution  of  shipping  documents 
as  security,  3 — 286,  881;  5 — 143,  254. 

Warehouse  receipts.  Exchange  of  shipping  docu¬ 
ments  for,  may  be  made  after  acceptance  pro¬ 
vided  warehouse  is  independent  of  borrower, 
3—30,  286,  881;  4—31,  634,  862,  971;  5—254. 

BORROWER’S  STATEMENTS,  1—213;  3—527,  949. 

(See  Commercial  paper.) 

BORROWING,  GOVERNMENT. 

(See  Allied  powers;  Liberty  bonds;  Public  debt; 
United  States;  United  States  Treasury  certifi¬ 
cates.) 

BOSTON. 

(See  Federal  Reserve  Bank  of  Boston;  First  National 
Bank,  Boston;  First  National  Corporation;  Shaw- 
mut  Corporation.) 

BOSTON  BANKS. 

Increase  in  local  rates,  July  and  August,  1918,  4 — 
812,  814. 

BOSTON  CHAMBER  OF  COMMERCE. 

Support  given  to  Capital  Issues  Committee,  4 — 170. 

BOSTON  CLEARING  HOUSE. 

Acceptances  may  be  cleared  through,  4 — 820. 

Clearings — 

Country,  taken  over  by  Federal  Reserve  Bank  of 
Boston,  2—317;  3—162. 

Will  effect  its  own  daily  clearings  of  Boston 
checks,  2 — 317. 

Federal  Reserve  Bank  of  Boston  admitted  to, 
3—164. 

Par  points,  discretionary  list,  3 — 163. 

Reserve  position,  statement  of;  new  forms,  3 — 83. 


BOUNDARIES. 

Change  of,  of  sixth  and  eighth  Federal  Reserve  dis¬ 
tricts,  6 — 59. 

(See  Redistricting.) 

BOXES. 

Terms  of  sale,  6 — 937. 

BOYDEN,  ROLAND  W. 

Address,  as  unofficial  American  representative,  before 
the  International  Financial  Conference,  Brussels, 
6—1292. 

BRADSTREET. 

(See  Prices.) 

BRANCH  AGENCIES,  FOREIGN. 

(See  Foreign  agents.) 

BRANCH  AGENCY,  MEMPHIS,  3—168. 

BRANCH  BANKS. 

Federal  Reserve  Bank  branches — 

Applications  for,  1 — 51. 

By-laws — 

Branches  with  assigned  territory.  3 — 586. 
Branches  without  assigned  territory,  3 — 934. 

(See  infra,  Territory.) 

New  standard  form  of,  3 — 923. 

Cost  of,  4 — 695. 

Election  of  directors,  6 — 60,  61. 

(See  Directors.) 

Establishment  of — 

Baltimore,  3 — 440.  586. 

Birmingham,  4 — 597,  695. 

Buffalo,  5 — 530. 

Cincinnati,  3 — 923;  4 — 1014;  5 — 126,  778. 
Denver,  4 — 14. 

Detroit,  4 — 10,  256. 

El  Paso,  4—256,  365,  597. 

Helena.  (See  Sixth  Annual  Report,  p.  38.) 
Houston,  5 — 619. 

Jacksonville,  4 — 596,  695. 

Little  Rock,  4 — 1056. 

Los  Angeles,  5 — 821. 

Louisville,  4 — 10,  14. 

Memphis,  4 — 597,  817. 

Nashville,  5 — 821,  919,  1017. 

New  Orleans,  1—123,  251,  29S;  4—10,  15,  817; 
5—705. 

Oklahoma,  5—777,  1017,  1018;  6—63,  159, 
782. 

Omaha,  3 — 586;  4 — 15. 

Pittsburgh,  3 — 923;  4 — 10,  15;  5 — 705. 
Portland.  Oreg.,  3 — 339;  4 — 10,  15. 

Salt  Lake  City,  4 — 256,  365. 

Savannah  Agency.  (See  Sixth  Annual  Re¬ 
port,  p.  38.) 

Seattle,  3—155,  339;  4—10,  15. 

Spokane,  3—339,  585,  586;  4—10,  15. 

List  of  directors,  4 — 14;  6 — 60,  61,  159,  782. 

(See  Directors.) 

Operation  of,  5 — 769,  777. 

Terms  of  directors,  one  year,  4 — 31. 

Territory.  No,  to  be  hereafter  assigned,  3 — 923. 

Foreign  branch  banks.  Uniformity  of  treatment. 
International  conference,  Brussels,  6 — 1129. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


35 


BRANCH  BANKS— Continued. 

Foreign  branches — 

Member  and  national  banks,  6 — 63.  159,  272,  382, 
492,  606,  944,  1174,  1298,  1299. 

( See  same;  principal  heading.) 

National  banks.  Establishment  of,  through  joint 
ownership,  not  valid,  1 — 308. 

(Nee  Cuba;  Foreign  branches.) 

National  banks.  (See  same.) 

State  banks,  etc. — 

Admission  of  State  banks  with  their  branches  is 
permitted  by  law,  1 — 125,  126;  4 — 522. 

(See  Chain  of  banks.) 

Conditions  of  admission,  1 — 262. 

(See  State  banks,  etc.) 

Establishment  of  new  branches  after  admission) 
1—268. 

Parent  bank — 

Branches  situated  in  other  districts  than  that 
of,  need  not  become  a  member  of  the 
Federal  Reserve  Bank  of  district  in 
which  situated,  4 — 522. 

Transactions  of  the  branch  with  the,  are  to  be 
treated  as  transactions  of  the  corporation, 
1—125. 

(See  Parent  bank;  principal  heading.) 

BRANCH  CITIES. 

(See  Discount  rates;  Federal  Reserve  Bank  and  branch 
cities;  Member  bank  condition  statements.) 

BRANCHES,  FOREIGN. 

(See  Branch  banks;  Foreign  banks;  Foreign  branches.) 

BRANCHES,  FOREIGN  BRANCH  BANKS  AND 
AGENCIES. 

Acceptances  of,  bought  and  held  by  Federal  Reserve 
banks.  (See  Discount  and  open-market  opera¬ 
tions.) 

BRANCHES,  MEMBER  BANK. 

(See  Branch  banks;  Member  banks.) 

BRANCHES,  NATIONAL  BANKS. 

(See  National  banks.) 

BRANCHES  OF  AMERICAN  CONCERNS. 

In  foreign  countries,  5 — 637. 

BRANCHES  OF  FOREIGN  BANKS  IN  UNITED 
STATES. 

No  national  law;  State  laws  govern,  2 — 224. 

(See  State  banks;  laws  of  States.) 

BRAZIL. 

Banco  de  Brazil.  Condition,  1913-1919,  6 — 821. 
Banks.  Foreign,  in.  Condition,  6 — 824. 

Banks  of.  Condition,  6—817,  821,  823. 

Banks,  Rio  de  Janeiro.  Condition,  6 — 821. 

Debt,  public,  6 — 819. 

Economic  and  financial  conditions,  6 — 813. 

Foreign  exchange  rates  on  foreign  countries,  1914- 
1919,  6—688,  819. 

Foreign  trade,  1910-1919,  6—815. 

Mercantile  Bank  of  Americas,  branch  in,  4 — 737. 
Monetary  system,  6 — 814. 

National  City  Bank,  New  York,  branch  in,  4 — 942. 
Public  finance,  6 — 819. 

San  Paulo  bonds.  Offering  in  United  States  of, 
5—1015. 

United  States  Government  and  other  loans  placed  in, 
5—33;  6—688. 


BREAD  SUBSIDY. 

Italy,  6—959,  1321. 

BREAD  TAX. 

Italy  proposes  a,  6 — 960. 

BRICKS. 

Terms  of  sale,  6 — 938. 

BRITISH  BANK  AMALGAMATIONS. 

Report,  4 — 954. 

(See  Great  Britain.) 

BRITISH  CURRENCY  COMMISSION. 

Reports,  4—1166,  1178. 

(See  Gold;  Great  Britain.) 

BRITISH  EAST  INDIES. 

Branch  of  National  City  Bank,  New  York,  in,  4 — 946. 

BRITISH  EXCHEQUER  NOTES. 

Warning  of  Federal  Reserve  Board  against  overinvest¬ 
ment  in,  2 — 661,  3 — 2,  82,  236,  239. 

British  Government  to  issue  100  millions  to  refund 
outstanding  obligations,  3 — 652. 

Federal  Reserve  Board  approves.  Previous  warning 
not  inconsistent  with  present  approval, 

3— 652. 

(See  infra,  British  Treasury  bills.) 

BRITISH  INDIA. 

Branch  of  International  Banking  Corporation  in, 

4— 946. 

Gold  production.  1909-1919,  5 — 19. 

(See  India.) 

BRITISH  TRADE  CORPORATION,  5—120. 

BRITISH  TREASURY  BILLS. 

Placed  in  United  States  since  August  23, 1917,  4 — 940. 
(See  supra,  Exchequer  notes.) 

BROADWAY  TRUST  CO. 

Reasons  for  joining  Federal  Reserve  System,  3 — 360. 

BRODERICK,  J.  A. 

Appointed  secretary,  Federal  Reserve  Board,  4 — 810, 
817. 

Resigns,  5 — 821. 

BRODHEAD,  J.  B. 

Appointed  class  C  director,  Federal  Reserve  Bank  of 
Philadelphia,  2 — 509. 

BROKERS,  COMMODITY. 

(See  Brokers,  stock.) 

BROKERS,  NOTE. 

(See  Brokers,  stock.) 

BROKERS’  PAPER. 

Suggestions  as  to  purchase  of,  2 — 375. 

BROKERS,  STOCK. 

Ordinary  stock,  note,  and  commodity  brokers  are 
not  private  bankers  under  Clayton  Act,  2 — 589. 

BROOKMIRE  ECONOMIC  SERVICE,  5—332. 
BROWN,  J.  B. 

Appointed  on  Capital  Issues  Committee,  4 — 364. 
BROWN,  J.  G. 

Elected  to  Federal  Advisory  Council,  5 — 201. 
BRUCE,  H. 

Appointed  class  C  director,  Federal  Reserve  Bank  of 
Richmond,  4 — 491. 

BRUSSELS. 

Foreign  exchange  rates.  Berlin  on,  6 — 1076,  1319. 
National  City  Bank,  New  York,  branch  in,  6 — 63. 

(See  Belgium;  Foreign  exchange  rates.) 


36 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


BRUSSELS  INTERNATIONAL  FINANCIAL  CON¬ 
FERENCE. 

(See  International  Financial  Conference,  Brussels.) 

BRUTON,  J.  F. 

Elected  class  A  director,  Federal  Reserve  Bank  of 
of  Richmond,  3 — 7. 

BUCHAREST. 

(See  Foreign  exchange  rates.) 

BUDGET,  FEDERAL. 

Secretary  Glass  to  committee  of  House  of  Represen¬ 
tatives,  5 — 937. 

BUDGET. 

Italy,  6 — 960 

BUENOS  AIRES. 

Branch  of  First  National  Bank  of  Boston  in,  3 — 78; 
6—1298. 

Condition  of  banks  of,  6 — 639. 

Exchange  rates  on,  4 — 1199. 

Chile  on,  6 — 1055. 

London  on,  6 — 1070. 

New  York  on,  6 — 1160. 

Paris  on,  6 — 1074. 

(See  Argentina. ) 

BUFFALO. 

Designated  as  a  reserve  city,  3 — 921. 

Branch  of  Federal  Reserve  Bank  of  New  York — 
Directors,  5 — 530  ;  6 — 61. 

Employees,  5 — 778. 

Territory,  5 — 530. 

BUILDERS’  SUPPLIES. 

Terms  of  sale,  6 — 939. 

BUILDING  AND  LOAN  ASSOCIATION. 

Not  eligible  for  membership  in  Federal  Reserve  sys¬ 
tem,  1 — 212. 

Mortgages  held  by,  not  eligible  for  discount,  1 — 212. 

BUILDING  CONSTRUCTION. 

Increase  in,  5 — 193. 

Permits  issued,  January-April,  1919,  5 — 534. 

Reports  on.  Federal  Reserve  agents,  6 — 682. 

Trade  acceptances  covering,  5 — 565. 

(See  Business  conditions;  Capital  Issues  Committee.) 

BUILDING  MATERIALS. 

Eligibility  of  notes  for,  6 — 699. 

BUILDING  OPERATIONS. 

Loans  for,  6 — 927. 

BULK,  EXPORTS  IN. 

France,  1913-1920,  6-1316. 

(See  Exports.) 

BULLETIN,  UNITED  STATES  OFFICIAL,  4—266. 

BULLION  AND  COIN. 

Acceptances  against  export  of,  valid,  3 — 29. 

BULLION,  EXPORT  OF. 

(See  Gold;  Silver;  Silver  and  gold.) 

BULLION,  GOLD. 

American  gold  6  per  cent  below  bullion  value  in 
Spain,  5 — 1039. 

(See  Foreign  exchange  transactions;  Gold;  Li¬ 
censes.) 

Stock  of,  in  United  States.  (See  Money.) 


BULLION,  SILVER. 

Pittman  Act.  Melting  of  silver  dollars  into.  Act  of 
April  23,  1918,  4—363,  395  (text),  487,  492,  807; 
6—563,  779. 

Price  fixed  for  sale  at  $1,015  per  ounce,  4 — 807,  818. 
(See  Silver;  Act  of  Apr.  23,  1918.) 

BULLION,  SILVER  AND  GOLD. 

Licenses  for  export.  (See  Secretary  of  Treasury;  Li¬ 
censes;  Rubles;  Transfer  of  funds.) 

BUREAU. 

Of  Crop  Estimates.  (See  Department  of  Agriculture.) 
Of  Efficiency,  recommends  abolition  of  subtreasuries, 
4—172. 

Of  Enemy  Trade.  (See  Acceptances.) 

Of  Imports.  Blanket  license  for  imports  from  Canada 
with  certain  exceptions,  4 — 172. 

BURLAPS. 

(See  Acceptances.) 

BUSINESS. 

(See  Foreign  banking  business,  section  25a.) 

BUSINESS  AS  USUAL. 

Comment  by  Secretary  of  Treasury  on  propaganda 
for,  4 — 18. 

BUSINESS  BAROMETER. 

Babson’s,  5 — 331. 

Brookmire,  5 — 332. 

Canadian,  5 — 334. 

Mitchell,  5 — 336. 

Person’s,  5 — 333. 

BUSINESS,  CHANGE  OF  PLACE  OF. 

(See  Change  of  place  of  business.) 

BUSINESS  CONDITIONS,  1—55,  106,  157,  225,  278, 
322,  373,  410;  2—29,  75,  124,  174,  228,  275,  333,  399, 

466,  545,  613,  688;  3—33,  119,  202,  293,  381,  460,  551, 

620,  698,  796,  883,  958;  4—35,  111,  203,  318,  440,  527, 

639,  746,  873,  979,  1125,  1219;  5—  10,  102,  109,  202, 

205, 310,  314,  331,  409,  416, 420, 522, 531, 537,  620,  624, 
706,  711,  822,  827,  921,  927, 1019, 1025, 1115,  1120;  6— 
13,  19,  122,  127,  225,  231,  343,  349,  358,  456,  567, 
673,  679,  770,  783,  912,  920,  1020,  1027,  1125,  1126, 
1135, 1143,  1259,  1264,  1274,  1275. 

Review,  1920,  6 — 1254  to  1266. 

Standardization  of  reports  on,  5 — 1137. 

(See  Canada.) 

BUSINESS  CONDITIONS,  INDEXES  OF. 

Federal  Reserve  Board  to  establish,  4 — 491. 
Description  of  plan,  4 — 597,  697,  809;  6 — 474. 
Production  index,  4 — 1194. 

BUSINESS  DAY. 

Next  preceding.  (See  Mississippi.) 

Next  succeeding.  (See  Collateral  notes;  Commercial 
paper;  Georgia.) 

BUSINESS  FAILURES,  2—216,  267,  327,  377,  447,  515, 
601,  672;  3—19,  113,  167,  267,  374,  440,  520,  604,  677, 
747,  864,  940;  4—16,  89,  183,  295,  403,  510,  609,  741, 
856,  967,  1099,  1197;  5—30,  128,  252,  359,  464,  563, 
650,  736,  856,  960,  1051,  1152;  6—63,  160,  274,  384, 
493,  609,  698,  833,  945,  946,  1064,  1175,  1300. 

Chart,  1915,  1916,  3—56. 

For  year  1916,  3—113. 

For  year  1917,  4 — 89. 

For  year  1918,  5—128. 

For  year  1919,  6 — 160. 

Classified,  6 — 160. 

In  Seattle,  3 — 155. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


37 


BUSINESS  FAILURES— Continued. 

1881-1915,  Comptroller  of  Currency,  3 — 939. 

German  failures,  6 — 1318. 

( See  Commercial  failures.) 

BUSINESS,  INDEXES  OF. 

( See  Business  conditions;  Business  conditions,  indexes 
of;  Indexes  of  business  conditions.) 

BUSINESS  PAPER  ACTUALLY  OWNED,  ETC. 

(See  Acceptances,  actually  owned;  Commercial  and 
business  paper,  actually  owned;  Ten  per  cent 
limitation;  United  States  Revised  Statutes,  sec¬ 
tion  5200.) 

BUSINESS  READJUSTMENT. 

President  of  United  States  calls  conference  of  gover¬ 
nors  of  States  to  consider,  5 — 192. 

BUTTER. 

Warehouse  requirements  for,  4 — 406. 

C. 

CABBAGES. 

Proper  warehouse  requirements  for,  4 — 405. 

CABLE  CODES,  1—15. 

CABLE  TRANSFERS. 

.  Purchase  in  open  market,  1 — 360,  365. 

Regulation  T,  1915,  2 — 15. 

Comparative  exchange  rates,  European  countries,  3 — 
582,  683. 

(See  Dollar  exchange;  Sterling  exchange.) 

CABLEGRAMS. 

Confirmations  of.  Ruling,  Foreign  Exchange  Divi¬ 
sion,  4 — 865. 

Confirmation  of  incoming,  revoked,  5 — 470. 

CALCUTTA. 

Eligibility  of  bankers’  acceptances  in  trade  between 
Honolulu  and,  1 — 404. 

Foreign  exchange  rates,  London  on,  6 — 1070. 

Prices,  6—954,  963. 

1913- 1920,  6—1079,  1198,  1209. 

(See  India.) 

CALIFORNIA. 

National  banks  in,  authorized  to  exercise  fiduciary 
powers,  2 — 523. 

Acceptance  laws,  3 — 529. 

.  Laws  as  to  reserves,  3 — 768. 

List  of  State  member  banks,  4 — 92,  93. 

Has  not  adopted  negotiable  instruments  law,  4 — 971. 
Has  adopted  negotiable  instruments  law,  4 — 1218. 
Amendments  to  banking  laws,  6 — 741. 

Laws,  foreign  banking  corporations,  5 — 54. 

Fruit  shipments.  (See  Physical  volume  of  trade.) 
CALKINS,  J.  U. 

Elected  governor  Federal  Reserve  Bank  of  San  Fran¬ 
cisco,  5 — 530. 

CALL  LOAN  RATES. 

Chart,  New  York,  1914-1918,  5 — 429. 

Decline,  5 — 14,  112,  191. 

Federal  Reserve  Agent,  New  York.  Memorandum  on, 
6—369. 

Federal  Reserve  Bank  and  branch  cities.  (See  same.) 
Federal  Reserve  Board  to  United  States  Senate.  Reply 
to  resolution,  6 — 345,  368. 

Increase,  5 — 524,  536,  617,  1009. 

New  York  market  rates — 

1914- 1918,  5 — 429;  6—942. 

1919,  5—617,  1024,  1107. 

1920,  6—345,  942. 


CALL  LOANS. 

Against  acceptances,  4 — 805. 

CALL  REPORTS. 

National  banks,  5 — 250,  446,  838,  1154;  6 — 442. 

(See  National  banks.) 

CANADA. 

Balance  of  trade,  5 — 1143. 

Banking  and  currency  in,  5 — 1140. 

Business  conditions  in,  5 — 334. 

Business  conditions.  Index  of,  5—334. 

Canadian  bank  regulations.  Received  by  Foreign 
Exchange  Division,  4 — 864. 

Chartered  banks  of — 

Chart.  Deposits,  etc.,  5 — 1147. 

Chart.  Earning  assets,  5 — 1146. 

Condition,  1913-1919,  5—1144,  1148,  1149. 
Currency,  5 — 1142. 

Deposits,  etc.,  5 — 1140,  1150. 

Earning  Assets,  5 — 1140,  1150,  1151. 

Note  liabilities,  5 — 1141. 

Reserves,  5—1144,  1147,  1151. 

Credit,  short-term.  One  hundred  millions  placed  in 
United  States,  3 — 603,  652. 

Credits  to  other  countries,  5 — 1047. 

Debt,  public,  1913-1918,  4—268,  271,  1061. 

Dollar  loans  to,  4 — 940. 

Federal  Reserve  Board  agrees  to  release  25  millions  of 
gold  for  export  to,  prior  to  July  1,  1918,  3 — 924. 
Gold  exports  to  United  States,  6 — 1018. 

(See  supra,  Federal  Reserve  Board.) 

Gold  imports  from,  5 — 6. 

Gold  production,  1909-1919,  5 — 19. 

Gold  reserves— 

1900-1919,  6—145. 

1910-1920,  6—1297. 

1913-1920,  6—1296. 

Government  aid  to  foreign  countries,  5 — 1047. 
Imports  and  exports,  1911-1919,  5 — 1143. 

Imports,  United  States  Bureau  of.  Publishes  blanket 
license  for  imports  from,  with  certain  exceptions, 
4 — 172. 

Index  of  business  conditions,  5 — 334. 

Jamaica.  Canadian  banks  operating  in,  6 — 1039. 
Prices  in — 

1913-1919,  5—176. 

1913-1920,  6—32,  167,  279,  282,  392,  506,  510, 
616, 621,  708, 712, 849, 850, 905, 954. 962, 1069, 
1079,  1198,  1209,  1310,  1323. 

Secretary  of  Treasury  approves  short-term  credit  for 
100  millions  for,  3 — 603,  652. 

Silver  production,  5 — 141. 

United  States,  Government  and  other  loans  placed 
•  in,  3—603,  652;  4—940  ;  5—33;  6—688. 

War  loans,  1913-1918,  4—269,  271,  1057;  5—1145. 

(See  Foreign  exchange  rates.) 

CANAL,  SAULT  STE.  MARIE. 

Commerce  of.  (See  Physical  volume  of  trade.) 

CANAL  ZONE. 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipment  of  goods  between  the  conti¬ 
nental  United  States  and  the,  1 — 91. 

Is  not  territory  owned  by  United  States,  but  is  terri¬ 
tory  under  its  jurisdiction.  United  States  has  an 
easement,  1 — 91. 


38 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CANAL  ZONE — Continued. 

Shipments  from  territorial  United  States  to  the  Canal 
Zone  are  not  shipments  to  foreign  countries  and 
therefore  are  subject  to  stamp  tax,  such  tax  not 
being  a  tax  on  exports  as  to  such  shipments, 

5— 467. 

CANCELLATION  OF  BONDS,  1—404. 

(See  Capital  stock;  National  banks.) 

CANCELLATION  OF  ORDERS. 

Federal  Reserve  agents,  reports  on,  6 — 679. 

CANCELLATION  OF  STOCK  CERTIFICATES. 

In  Federal  Reserve  Banks.  Regulation  I,  1920,  6— 
1187. 

CANNED  GOODS,  4—634. 

( See  Acceptances.) 

CANNERS. 

Credits  for,  4 — 607. 

Direct  advances  to,  4 — 830. 

CANNING  INDUSTRY. 

Terms  of  sale  in,  5 — 1130. 

CAPE  TOWN. 

(See  Africa.) 

CAPITAL. 

(See  Clayton  Act.) 

Argentine  banks.  4 — 739;  6 — 599. 

State  member  banks.  (See  State  banks,  etc.) 

Amount  available  for  industrial  development,  5 — 102. 
Europe,  leading  banks  of,  6 — 374,  375,  376. 

Federal  Reserve  Banks — 

(See  same.) 

(See  Resources  and  liabilities.) 

Foreign  countries  need,  rather  than  credit,  5 — 1011. 
Foreign  trade — 

Not  enough,  to  supply  domestic  and  foreign  trade, 
5—524. 

Advances  of  long-time  credit  to,  takes  capital  and 
goods  from  domestic  trade,  5 — 524,  1014. 

France.  Banks  in,  6 — 376. 

Germany.  Banks  in,  6 — 376. 

Great  Britain.  Banks  in,  8 — 375. 

Insufficient.  Trust  powers,  5 — 53. 

International  field.  Division  of  capital  in,  5 — 523. 
Issues,  Capital.  Germany.  Bank  policy,  5 — 121, 122. 
Issues  of  new,  Great  Britain,  5 — 121. 

(See  Capital  Issues  Committee.) 

National  banks.  Increase  and  decrease  of,  5 — 30, 128, 
252,  358,  465,  562,  650,  737,  855,  961,  1052,  1153; 

6— 62,  160,  274,  383.  492,  609,  697,  833,  946,  1064, 
1165,  1300. 

(See  National  banks.) 

Ratio — 

Net  earnings  to,  paid  in,  5 — 133. 

Net  profits  to  capital  and  surplus,  State  member 
banks,  5—4,  49,  188,  610,  1104. 

Return  on,  6 — 446. 

State  member  banks  and  trust  companies.  (See 
State  banks.) 

Taxation  of  dividends  declared  for  purpose  of  in¬ 
creasing,  5 — 256. 

(See  also  Capital  stock;  Chain  of  banks;  Conservation 
of  capital;  Export  trade;  Fiduciary  powers;  In¬ 
vestment  problem;  Long-term  credit;  State 
banks,  admission.) 


CAPITAL  ACCOUNT. 

Notes  issued  for,  are  not  eligible,  3 — 949. 

(See  Discount;  Finance  paper.) 

CAPITAL  ISSUES. 

Germany,  5 — 121,  122. 

Great  Britain,  5 — 121. 

Japan,  6 — 961. 

Philadelphia  Stock  Exchange  will  list  no,  except 
when  approved  by  Capital  Issues  Committee, 
4—265. 

CAPITAL  ISSUES  COMMITTEE. 

I.  Voluntary  committee  of  Federal  Reserve  Board. 
Advisory  committee,  4 — 73,  77. 

American  Federation  of  Labor.  Conference,  4 — 
400. 

Associated  Advertising  Clubs.  Cooperation,  4 — 
266. 

Boston  Chamber  of  Commerce.  Resolution,  4 — 
170. 

Chandler,  J.  A.  C.  Advises  on  schools,  4 — 266. 
Chicago  Stock  Exchange.  Resolution,  4 — 400. 
City  of  Philadelphia.  Cooperation,  4 — 265. 
Conference  with  public  bodies,  4 — 156,  170. 
Decisions — 

January  12-March  28,  1918,  4 — 266. 

To  May,  1918,  4—401. 

Complete  list,  4 — 494. 

Department  of  Labor  to  committee,  4 — 265. 
District  committee  appointed,  4 — 156,  166. 
Federal  Reserve  Board — 

Resolution  of  thanks,  4 — 697. 

Statement,  4 — 77. 

Instructions  to  applicants,  4 — 169. 

Investment  Bankers’  Association  of  America. 

Cooperation,  4 — 263. 

Jurisdiction.  Limit  of,  4 — 401. 

Liberty  loans.  Suspension  of  issues  during,  4 — 
399. 

Limit  of  jurisdiction,  4 — 74,  157,  169,  399,  401. 
List  of  applications,  4 — 264. 

Minimum,  $100,000,  4 — 399,  401. 

Municipal  expenditures.  Classification,  4 — 400. 
New  York  State  Board  of  Education.  Cooperation, 
4 — 400. 

Organization  of,  4 — 73,  77,  156,  167. 

Personnel,  4 — 73. 

Philadelphia  Stock  Exchange  will  list  no  issues 
except  those  approved  by,  4 — 265. 

Press  statements,  4—167,  171,  263,  399,  494. 
Priorities,  4 — 77. 

Public  Health  Service.  Cooperation,  4 — 401. 
Report  to  Federal  Reserve  Board,  4 — 494,  696, 
704,  708. 

Final  report,  4 — 704. 

Secretary  of  Treasury — 

Statement,  4 — 74,  157. 

To  Gompers,  4 — 264. 

Secretary  of  State,  Illinois.  Cooperation,  4 — 401. 
Selden,  S.  L.  Executive  secretary,  4 — 77. 
Statement  of,  4 — 166. 

United  States  Employment  Service.  Conference, 
4—399. 

Warburg,  P.  M.  Statement,  4 — 169. 

Winding  up  of,  4 — 194. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


39 


CAPITAL  ISSUES  COMMITTEE— Continued. 

II.  Under  act  of  April  5,  1918 — 

Act  April  5,  1918,  4^-304,  364. 

Text,  4 — 304. 

Appointment  of  members,  4 — 364,  627. 
Dissolution  of,  by  President,  5 — 1053. 

Federal  stock  publicity  act,  5 — 193. 

Hamlin,  C.  S.,  chairman,  announces  suspension 
of,  5—18. 

Liberty  Loan  IV.  Suspension  of  approvals  during, 
4—937. 

President  of  United  States  dissolves,  5—1053. 
Rules  and  regulations,  4 — 627. 

Secretary  of  Treasury — 

On  suspension  of,  5 — 18. 

Approves  Federal  stock  publicity  act,  5 — 193. 
Suspension  of  work  of,  5 — 18,  1053. 

CAPITAL  STOCK. 

Clayton  Act.  ( See  same.) 

Federal  Reserve  Banks — 

Assets  in  liquidation.  ( See  Liquidation.) 

Cancellation  and  refund.  Member  bank  liqui¬ 
dations,  2 — 119. 

Capital  required  for  admission  of  State  banks, 

1—212. 

Capital  and  reserve  deposits,  2 — 98, 123. 
Certificate  of  Comptroller  of  Currency  not  re¬ 
quired  on  application  for  additional,  in  Fed¬ 
eral  Reserve  Banks,  2 — 12. 

Changes  in,  Circular  15,  Regulation  N,  2 — 541. 

Dividends,  Federal  Reserve  Banks — 

Insolvent  banks,  1 — 267. 

Rule  for  payment  on  surrendered,  2 — 17,  168. 
Not  subject  to  internal-revenue  tax,  1 — 153. 
(See  Dividends.) 

Increase  or  decrease — 

Application  for,  1 — 74,  125,  406. 

Circulars  and  regulations,  1 — 42,  148;  2 — 541; 

3—548;  6—1187. 

(See  Regulations.) 

Certificate  for,  to  be  in  duplicate,  1 — 211. 
Installment  due  May  2,  1915,  1 — 14. 

Insufficient,  Federal  Reserve  Board  against 
amendment  permitting  certain  State  banks 
to  join  Federal  Reserve  system  with  less  than 
required  capital,  3 — 764. 

v  Liquidation — 

National  bank  buying  assets  in  liquidation 
of  another  national  bank  not  entitled  to 
transfer  of  Federal  Reserve  Bank  stock 
owned  by  latter,  3 — 199. 

Rule  as  to  payment  of  subscriptions  to  a 
member  bank  in,  3 — 457. 

Minimum  capital  required  for  Federal  Reserve 
Banks  as  condition  of  beginning  business, 

2—207. 

Reduction  later  permissible,  2 — 207. 

Paid  in.  Chart,  2 — 123. 

Payment  not  to  be  accepted  until  application 
formally  approved,  3 — 287. 

Reduction  of,  quarterly  applications,  1 — 406. 

Regulations.  ( See  supra,  Circulars  and  regula¬ 
tions.) 


CAPITAL  STOCK— Continued. 

Federal  Reserve  Banks — Continued. 

State  banks — 

Capital  necessary  for  admission,  2 — 64. 
Capital  of,  admitted,  3 — 934. 

(See  State  banks,  etc.) 

Insufficient,  3 — 764. 

(See  supra,  Insufficient.) 

State  laws  authorizing  subscription  to,  1 — 150, 
182,  218,  263. 

(See  State  banks,  etc.;  laws  of  States.) 
Subscription  to.  Payment  of,  1 — 14,  73. 
Surrender  of — 

Banks  transferred  from  one  district  to  an¬ 
other,  1 — 142. 

Banks  reducing  surplus,  1 — 218. 

Liquidating  banks,  3 — 457. 

(See  State  banks.) 

Tax.  Capital  and  dividends  exempt  from  inter¬ 
nal  revenue  tax,  1 — 13. 

Transfers  of.  (See  supra,  Liquidation.) 

Value  of — 

Can  not  be  deducted  in  State  tax  return  of 
value  for  taxable  purposes,  1 — 315;3 — 955. 
Value  of,  in  Federal  Reserve  Bank  is  part  of 
taxable  assets.  Decision  of  United  States 
district  court,  3 — 955. 

(See  Federal  Reserve  Banks,  capital;  State 
banks  and  trust  companies,  member.) 
National  banks — 

Capitalization,  increase  and  decrease,  3 — 603. 
(See  National  banks,  charters.) 

State  banks — 

(See  supra,  State  banks.) 

(See  also  Commissioner  of  Internal  Revenue; 
Dividends;  New  York  laws. 

Working  capital.  (See  Acceptances,  domestic.) 

CAR,  ARRIVAL  OF. 

Drafts  payable  on,  not  eligible,  1 — 219;  4 — 436,  437. 
In  effect  a  time  draft  and  requires  a  revenue  stamp, 
4—31. 

(See  Bills  of  exchange;  Stamp  tax;  Tax,  stamp.) 

CARACAS. 

(See  Venezuela.) 

CARIBBEAN  BRANCH. 

National  City  Bank,  New  York,  4 — 944. 

CARPETS. 

Terms  of  sale,  6 — 471. 

CARRYING  OR  TRADING  IN  UNITED  STATES 
BONDS,  3—158,  457,  459. 

Paper  for,  is  valid  collateral  for  Federal  Reserve  notes, 

3 — 459. 

(See  Federal  Reserve  notes.) 

CARS,  MOVEMENT  OF  RAILROAD. 

(See  Physical  volume  of  trade.) 

CASH. 

Advances,  United  States  to  foreign  nations.  (See  Al¬ 
lied  powers.) 

Items.  (See  Acceptances;  Clearing  system;  Trade  ac¬ 
ceptances.) 

On  hand,  3—614,  692. 

(See  Reserves;  computation.) 

Payments  on  Liberty  bonds,  3 — 578,  919;  4 — 588;  5 — 
100. 


40 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CASH — Continued. 

Reserves — 

Federal  Reserve  Banks,  January-July,  1918,  4 — 
769;  1919,  6—146,  147. 

Per  cent  to  liabilities,  4 — 1048;  5 — 65,  137,  774. 

Chart,  5—67;  B— 146. 

Vault,  3— 103  ,'285,  604. 

(See  Charts;  Reserves;  Reserves  and  liabilities.) 

CASH  PAID  SUBSCRIPTIONS. 

(See  National  banks.) 

CASSEL,  GUSTAV. 

Inflation.  International  Financial  Conference,  Brus¬ 
sels,  6—1277. 

CASUALTY  CO. 

(See  Acceptances,  trade.) 

CATTLE  INDUSTRY. 

(See  Agricultural  and  live-stock  paper;  Business  con¬ 
ditions.) 

CATTLE  LOAN  AGENCIES. 

Establishment  of,  4 — 831,  832. 

CATTLE  LOANS. 

Commercial  rates;  Federal  Reserve  Bank  and  branch 
cities.  (See  Federal  Reserve  Bank  and  branch 
cities.) 

Discounts.  (See  Discounts  and  open-market  opera¬ 
tions.) 

CATTLE  PAPER. 

(See  Agricultural  and  live-stock  paper.) 

CATTLE  PRICES. 

1914-1920,  6—1213. 

CATTLE  RAISERS. 

Loans  of  War  Finance  Corporation  to,  4 — 828;  5 — 29. 

CEMENT. 

Terms  of  sale,  6 — 938. 

CENSORSHIP. 

Ruling,  Foreign  Exchange  Division,  4 — 1217. 

CENTRAL  BANKING. 

In  Belgium  during  German  occupation,  5 — 435. 

CENTRAL  BANKS  OF  EUROPE. 

Comparison  with  Federal  Reserve  system,  2 — 658; 

3—681;  5 — 463,  648,  848,  849,  1200. 

Comparative  statement,  2 — 659;  3 — 234,329,500,681, 
942;  4—243,  267,  269,  375,  996,  1057,  1167; 

5—140,  197,  463,  648,  849,  1008,  1200;  6—485,  487, 
488,  909,  1044,  1047,  1049,  1295. 

Gold  reserves,  6 — 144,  909,  1295. 

(See  European  central  banks.) 

CENTRAL  EXECUTIVE  COUNCIL. 

(See  International  High  Commission.) 

CENTRAL  GOLD  RESERVES. 

Leading  countries,  1913-1920,  6 — 1296. 

CENTRAL  POWERS. 

Central  gold  reserves,  1913-1920,  6 — 1296. 

Public  debt,  1913-1918,  4—269,  1057. 

(See  European  central  banks.) 

(See  principal  nations  by  name.) 

CENTRAL  RESERVE  BANK. 

South  Africa,  6 — 1040. 

CENTRAL  RESERVE  CITIES. 

(See  Real  estate  loans;  Farm  land  loans;  Reserves.) 
CENTRAL  STATE  BANK,  DALLAS. 

Reasons  for  ioining  Federal  Reserve  System,  3 — 363. 


CENTRAL  TRUST  CO.,  N.  Y. 

Reasons  for  joining  Federal  Reserve  System,  3 — 836. 

CEREALS. 

Prices  in  Germany,  1913-1920,  6 — 1206. 

CERTIFICATES. 

Ad  interim.  (See  Ad  interim  certificates.) 

Directors.  (See  Directors.) 

Gold.  (See  Gold  certificates.) 

Of  deposits.  (See  Deposits;  Savings  account;  Time 
certificates  of  deposit.) 

Of  eligibility — 

Of  commercial  paper,  1 — 36. 

Should  be  furnished  by  officer  based  on  knowl¬ 
edge,  2 — 12. 

Of  indebtedness.  (See  United  States  Treasury  certifi¬ 
cates.) 

Of  indebtedness,  Railroad,  to  be  issued  by  Director 
General,  5 — 307,  308. 

(See  Stamp  tax;  United  States  Treasury  certifi¬ 
cates.) 

Of  mortgage.  (See  Real  estate  loans.) 

Of  participation  in  a  note,  not  eligible  for  rediscount, 
3—949. 

Of  stock  in  Federal  Reserve  Banks  exempt  from 
internal  revenue  tax,  2 — 172. 

Registration.  Exporters  and  importers.  Ruling,  For¬ 
eign  Exchange  Division.  4r — 864. 

Silver.  (See  Silver  certificates.) 

Stock.  (See  Federal  Reserve  Banks;  Stock.) 

Tax  payers.  Issue  of  United  States  tax  certificates, 
3—918. 

(See  United  States  Treasury  certificates.) 

United  States  Treasury.  Payment  of  Liberty  bonds 
by,  4 — 588. 

(See  United  States  Treasury  certificates.) 

War  savings.  (See  War  savings  certificates.) 
Warehouse.  (See  Attorney  General;  Acceptances; 
Security;  Warehouse  certificates.) 

(See  also  Directors;  Federal  Reserve  Act,  sec.  24; 
Gold  certificates;  Silver  certificates;  Stock 
certificates.) 

CERTIORARI.  (See  Clayton  Act.) 

CHAIN  OF  BANKS. 

If  constituted  by  one  corporation  with  branches,  will 
be  eligible  for  admission  to  Federal  Reserve 
System  if  capital  of  parent  bank  is  sufficient  to 
become  a  national  bank  in  place  where  head 
office  is  located,  4 — 971. 

If  each  bank  is  a  separate  corporation,  each  must  file 
separate  petitions  and  have  requisite  capital 
required  of  a  national  bank,  4 — 971. 

CHAIRMAN  OF  BOARD,  FEDERAL  RESERVE 
BANKS. 

Duties  of,  4 — 373. 

CHAIRMAN  OF  DISTRICT  COMMITTEES. 

(See  Capital  Issues  Committee.) 

CHAMBERLAIN,  AUSTEN. 

Economic  conditions  in  Europe,  5 — 815. 

On  report  of  Cunliffe  Committee,  6 — 143. 

CHAMBER  OF  COMMERCE  OF  UNITED  STATES. 
Secretary  of  Treasury  to.  Foreign  financing,  6 — 137. 

CHANCELLOR  OF  EXCHEQUER. 

(See  Great  Britain.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


41 


CHANGE  OF  DESTINATION. 

From  export  to  domestic  acceptances  valid  if  in  good 
faith,  2—12,  13. 

CHANGE  OF  NAME. 

( See  State  banks  and  trust  companies.) 

CHANGE  OF  PLACE  OF  BUSINESS. 

State  banks  and  trust  companies,  6 — 1300. 

CHANGES  IN  DISTRICT  LINES. 

Does  not  make  director  ineligible  to  serve  out  term, 
1—103. 

Humphreys  County,  Mississippi,  6 — 59. 

(See  Redistricting. ) 

CHANGES  IN  ENEMY  TRADING  LIST,  4—172. 

CHANGES  IN  FEDERAL  RESERVE  DISTRICT 
LINES. 

(See  Redistricting.) 

CHANGES  IN  PRICES. 

Compared  with  movement  of  gold  reserves,  Federal 
Reserve  notes,  etc.,  1914-1919,  5 — 838. 

(See  Prices.) 

CHAPMAN,  W.  T. 

Appointed  acting  secretary  Federal  Reserve  Board, 
5 — 821. 

Appointed  secretary  Federal  Reserve  Board,  5 — 918. 
Resigns  as  secretary  Federal  Reserve  Board,  6 — 1134. 

CHARACTER  OF  RESERVES. 

(See  Foreign  branches;  Reserves.) 

CHARGED  OFF. 

(See  Federal  Reserve  notes.) 

CHARGES. 

Collection,  2—226;  3—880;  4—745. 

(See  Bills  of  exchange;  Negotiable.) 

Exchange,  2—264,  600  ;  3-428,  656,  660,  740;  4—367, 
370,  962;  6—162,  699. 

(See  Clearing  system;  Exchange  charges.) 

Federal  Reserve  Bank  earnings.  Charges  against,  5 — 
26. 

Service.  (See  Clearing  system;  Service  charges.) 
Transportation.  (See  Clearing  system;  Collection 
charges;  Federal  Reserve  notes;  New  York  Clear¬ 
ing  House.) 

CHARTER. 

Bank  of  France.  Renewal  of,  5 — 339. 

Cotton  Export  Corporation,  5 — 553. 

(See  Federal  charter.) 

CHARTERS. 

Issued  to  national  banks  since  inauguration  of  Fed¬ 
eral  Reserve  System.  (See  National  banks.) 

CHARTERS,  NEW,  NATIONAL  BANKS. 

(See  National  banks.) 

CHARTS. 

Volume  1,  1915 — 

Assets  and  liabilities,  Federal  Reserve  Banks,  1 — 
233. 

Bankers’  acceptances,  1 — 234. 

Commercial  paper,  1 — 234. 

Individual  deposits,  1 — 234. 

Investments,  1 — 234. 

Resources  and  liabilities,  1 — 234. 

Volume  2,  1916- 

Capital  and  reserve  deposits,  2 — 123. 

Deposits,  2 — 266. 

Individual  and  bank  deposits,  2 — 223,  328. 
Reserve  deposits,  Federal  Reserve  banks,  2 — 123. 


CHARTS — Continued. 

Volume  3,  1917 — 

Acceptances,  3 — 56. 

Assets,  Federal  Reserve  Banks,  3 — 759. 

Cable  transfer  rates,  3 — 689. 

Check  collections,  3 — 635. 

Circulation,  money  in,  3 — 562. 

Clearing  operations,  3 — 634. 

Commercial  paper,  3 — 56. 

Deposit  liabilities,  national  banks,  3 — 232. 
Deposits,  member  bank,  3 — 849. 

Deposits,  reserve,  Federal  Reserve  Banks,  3 — 849. 
Dollar  exchange  rates,  neutral  countries,  3 — 688, 
689. 

Earning  assets,  3 — 759. 

Error  in  numbering  charts,  3 — 923. 

European  banks — 

Gold,  notes,  etc.,  8 — 332,  944. 

War  charges,  3 — 944,  945. 

Exchange  rates  on  belligerent  countries,  neutral 
countries,  and  silver-standard  countries,  3 — 
406,  688,  689. 

Federal  Reserve  notes,  gold  cover  and  issues, 
3—610,  849. 

Foreign  exchange  rates.  (See  supra,  Exchange 
rates.) 

Gold  holdings,  Federal  Reserve  agents,  Federal 
Reserve  Banks,  national  banks,  United  States 
Treasury,  3 — 233. 

Gold  reserves — 

European  central  banks,  3 — 332. 

Federal  Reserve  Banks,  3 — 848. 

Gold  settlement  fund,  3 — 848. 

Government  deposits,  3 — 849. 

Investments,  Federal  Reserve  Banks,  3 — 56. 
Member  bank  deposits,  3 — 849. 

Money  in  circulation,  3 — 562. 

Note  circulation,  European  banks  of  issue,  3 — 333. 
Reserves— 

Movement  of,  Federal  Reserve  Banks,  3 — 848. 
Net  deposits  and  Federal  Reserve  Banks, 
3—56. 

Required  and  actual,  national  banks,  3 — 484. 
Required  per  cent,  national  banks,  3 — 232. 
Reserve  deposits,  Federal  Reserve  Banks, 
3—849. 

Reserve  percentages,  national  banks,  3 — 232, 
484. 

Vault,  3 — 232. 

Silver- 

Price,  1915-1917,  3 — 483,  484,  845. 

Value  in  dollar,  1882-1916,  3 — 844,  845. 
Erratum,  3 — 925. 

Sterling  exchange,  cable  transferrates,  1914-1917, 
3—689. 

United  States  Treasury  certificates,  takings  by 
Federal  Reserve  Banks,  October  24,  1917, 
3 — 846. 

Volume  4,  1918 — 

Bank  of  England,  resources  and  liabilities,  4 — 
999,  1000,  1001. 

Bank  of  France,  resources  and  liabilities,  4 — 1000. 
Cash  reserves,  4 — 227. 

Chile,  exchange  rates  on  New  York,  4 — 1201. 


42 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


CHARTS — Continued. 

Volume  4,  1918 — Continued. 

Deposits — 

Federal  Reserve  Banks.  4 — 770,  771. 

Member  banks,  4 — 665. 

National  banks,  4 — 337,  503. 

New  York  Clearing-House  banks,  4 — 28,  29. 
Earning  assets,  Federal  Reserve  Banks,  4 — 770. 
European  countries.  Internal  war  loans,  4 — 1070. 
Exchange  rates — 

On  belligerent  countries,  4 — 841,  1200. 

On  Berlin,  4 — 842. 

On  Chile,  4 — 843. 

On  neutral  countries,  4 — 843,  1200. 

On  silver  standard  countries,  4 — 843,  1202. 
On  Switzerland,  4 — 842. 

On  Vienna,  4 — 842. 

Federal  Reserve  notes.  Circulation,  year  1917, 

4—133. 

Free  gold,  4 — 227. 

Member  banks.  Deposits,  loans,  etc.,  4 — 665. 
National  banks.  Deposits,  loans,  etc.;  ratio,  1913- 
1918,  4 — 437,  503. 

New  York  banks.  Deposits,  loans,  etc.,  4 — 665. 
Organization  chart,  Federal  Reserve  Banks, 

4— 374. 

Price  movement,  1914-1918,  4 — 505. 

Ratio,  reserve  to  liabilities,  Federal  Reserve 
Banks,  1907,  4—131. 

Reichsbank.  Condition  during  war,  4 — 1001. 
Silver,  London  prices,  4 — 1202. 

Sweden.  Foreign  exchange  rates,  4 — 381. 
Switzerland.  Foreign  exchange  rates,  4 — 391. 
United  States  securities.  Holdings  of,  4 — 1112. 
Volume  5,  1919 — 

Bank  of  Italy.  Note  circulation,  1914-1919,  5 — 
844. 

Bank  of  Netherlands.  Condition,  1914-1919,  5 — 
644. 

Bills  discounted.  (See  infra,  Discounts.) 

Call  loan  rates,  5 — 429. 

Canadian  chartered  banks.  Condition,  4 — 1146, 
1147. 

Cash  reserves  and  free  gold,  1918,  5 — 67,138. 
Commercial  paper  rates,  New  York,  1914-1918, 

5 —  429. 

Deposit  and  note  liabilities,  1918,  5 — 67. 
Discounts — 

Member  banks,  5 — 66,  387. 

War  paper — 

Federal  Reserve  Bank,  New  York,  5 — 
277. 

Federal  Reserve  Banks,  5 — 277. 

Earning  assets — 

1918,  5—66. 

1914-1919,  5—772. 

Canadian  chartered  banks,  5 — 1146. 

Excess  reserves,  1918,  5 — 138. 

Exchange  rates,  Madrid,  1914-1919,  5 — 1042. 
Federal  Reserve  Banks — 

Average  holdings,  paper,  1917-1919,  5 — 387. 
Discounts,  1918,  5 — 277. 

Required  reserves,  1918,  5 — 138. 

Reserves,  1914-1919,  5 — 773. 


CHARTS — Continued. 

Volume  5,  1919 — Continued. 

Federal  Reserve  notes — 

1914-1919,  5-773. 

1917-1919,  5—1045. 

By  geographical  divisions,  1918-1919,  5 — 
1042. 

Free  gold,  1918,  5 — 138. 

German  Reichsbank,  condition,  1914-1919,  5— 
434. 

Gold  reserves.  (See  supra,  Federal  Reserve 
Banks.) 

Gold  settlement  fund  operations,  1918,  5 — 146. 
Index  numbers.  Prices.  United  States  and 
Great  Britain,  1914-1918,  5 — 546. 

India — 

Note  circulation,  reserves,  etc.,  5 — 950,  951. 
Price  of  silver,  1914-1919,  5 — 951. 

Interest  rates,  commercial  paper  and  call  loans, 
New  York,  1914-1919,  5—429. 

Italy — 

Note  circulation,  1914-1919,  5 — 844. 

Member  banks — 

Discounts,  5 — 387. 

Number  discounting,  5 — 387. 

Money  in  United  States,  6 — 827. 

National  banks — 

Deposits,  1914-1919,  5 — 781,  782. 
Investments,  1914-1919,  5 — 780. 

Net  deposit  and  note  liabilities,  5 — 773. 

Net  deposits — 

1918,  5—67. 

1914-1919,  5—773. 

New  York  market — 

Call  loan  rates,  1914-1918,  5 — 429. 
Commercial  paper  rates,  1914-1918,  5 — 429. 
Number  of  banks  rediscounting,  5 — 387. 

Par  points,  5 — 888,  992,  1085,  1086,  1185. 

Prices,  United  States  and  Great  Britain.  5 — 546. 
Purchases  and  discounts,  5 — 66. 

Reserves.  (See  supra,  Federal  Reserve  Banks.) 
United  States  Government  securities,  holdings, 

5— 66. 

War  paper,  discounts — 

Federal  Reserve  Bank  of  New  York,  5 — 277. 
Federal  Reserve  Banks,  5 — 277. 

1918,  5—66. 

Volume  6,  1920 — 

Bank  of  England.  Gold  in  vaults,  etc.,  6 — 487. 
Bank  of  France.  Gold  in  vaults,  etc.,  6 — 487. 
Cash  reserves,  Federal  Reserve  Banks,  1919, 

6— 147. 

Debits  to  individual  account,  6 — 605. 

Deposit  liabilities.  National  banks,  6 — 727. 
Discount  rates.  New  York  market,  Oct.,  1918- 
Aug.,  1920,  6—941,  942. 

Earning  assets,  6 — 725. 

European  central  banks.  Reserves,  6 — 487. 
Federal  Reserve  Banks — 

Deposits,  6 — 725. 

Earning  assets,  6 — 725. 

Free  gold,  6 — 147. 

Rediscounts  between,  6 — 1042,  1043. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


43 


CHARTS — Continued. 

Volume  6,  1920 — Continued. 

Foreign  exchange  rates — 

Copenhagen  on  foreign  countries,  1914-1919, 
6—41. 

New  York  on  foreign  countries,  6 — 51,  52, 
1159,  1161. 

Stockholm  on  foreign  countries,  6 — 40. 

Free  gold,  6 — 147. 

Growth  of  clearing  system,  6 — 312. 

Inter-Reserve  Bank  discounts,  6—1042. 

National  banks — 

Deposit  liabilities.  6 — 727. 

Investments,  1914-1920,  6 — 727. 

Money  in  United  States,  stock  of,  6—827. 

Par  point  map,  6 — 94,  194,  308,  312,  419,  535, 
644. 

Prices — 

United  States,  6—964,  1082,  1212,  1213,  1326. 
Debits  to  individual  account,  comparison 
with  prices,  6 — 605. 

Reichsbank,  German,  gold  in  vault,  etc.,  6 — 487. 

CHATTANOOGA. 

Designated  as  a  reserve  city,  1 — 49. 

CHATTEL  MORTGAGES. 

Bankers’  acceptance  secured  by  chattel  mortgages 
on  cattle  held  eligible  as  cattle  are  readily  market¬ 
able  commodities,  2 — 65. 

Bankers’  acceptance  secured  by  general  bill  of  sale 
of  stock  on  hand,  even  if  the  bill  of  sale  could  be 
construed  as  a  pledge  or  chattel  mortgage,  is  not 
eligible  under  Regulation  B,  1916,  2 — 684. 
Agricultural  paper  to  fatten  cattle  is  eligible  whether 
or  not  secured  by  a  chattel  mortgage,  3 — 378. 
Draft  on  a  bank  secured  by  a  note  which  is  agri¬ 
cultural  paper,  in  turn  secured  by  a  chattel 
mortgage  on  cattle,  is  not  eligible  for  acceptance, 

3— 691. 

Member  bank  could  discount  such  a  note  but  it 
would  not  be  eligible  for  rediscount  as  it  is  not 
agricultural  paper  nor  commercial  paper,  3 — 691. 
Bank  can  not  accept  drafts  or  bills  secured  by  chattel 
mortgage  on  cattle,  4 — 309,  437,  871. 

Drafts  of  a  cattle  loan  company  secured  by  notes  of 
owner  of  cattle,  in  turn  secured  by  chattel  mort¬ 
gage  on  the  cattle,  are  not  eligible  for  acceptance, 

4— 871. 

CHECK  CLEARING. 

Regulation  J,  1920,  6 — 1189. 

(See  Clearing  system.) 

CHECK  ITEMS. 

(See  Clearing  system.) 

CHECKS. 

(See  Clearing  system;  Gold  settlement  fund;  Federal 
Reserve  agents;  Tax;  War  Trade  Board.) 

CHECKS,  FOREIGN  DIVIDEND. 

Ruling,  Foreign  Exchange  Division,  4 — 973,  1121. 

CHECKS  ON  NONMEMBElt  BANKS. 

(See  Clearing  system.) 

CHECKS,  THEORY  AND  USE  OF. 

International  High  Commission,  4 — 518. 

CHECKS,  TRAVELERS’. 

Ruling,  Foreign  Exchange  Division,  4 — 973. 

CHECKS,  USE  OF,  IN  FRANCE,  2—374. 


CHEMICALS. 

Terms  of  sale,  6 — 1157. 

CHICAGO. 

(See  Federal  Reserve  Bank  of  Chicago.) 

CHICAGO  CLEARING  HOUSE  COMMITTEE. 

Acceptances  may  be  cleared  through,  4 — 819. 

CHIEF  FEDERAL  RESERVE  BANK  EXAMINER. 

Herson,  J.  F.,  appointed,  6—1134. 

CHIEF  NATIONAL  BANK  EXAMINER,  RICHMOND. 

Doughton,  K.,  appointed,  3 — 748. 

CHIEF  NATIONAL  BANK  EXAMINER,  CHICAGO. 

Higgins,  E.  F.,  appointed,  3 — 748. 

CHIEF  NATIONAL  BANK  EXAMINER,  NEW  YORK. 

Malburn,  W.  P.,  appointed,  3 — 80. 

CHIEF  NATIONAL  BANK  EXAMINERS. 

Conference  of,  1 — 217. 

CHILE. 

Banco  de  Chile,  condition,  1914-1919,  6 — 1055,  1057. 
Banks  of,  condition,  6 — 1055,  1057. 

Branch  of  National  City  Bank,  New  York,  in,  4 — 944. 
Debt,  public,  6 — 1056. 

Economic  and  financial  conditions,  6 — 1052. 

Exports,  6 — 1054. 

Foreign  exchange  rates,  4 — 839,  843,  1201;  6 — 1052, 
1055. 

Foreign  trade,  6 — 1044,  1052,  1054. 

Gold  conversion  fund,  6 — 1052. 

Gold  exports  to,  5 — 6. 

Monetary  system,  6 — 1052. 

Note  circulation,  6 — 1052. 

Public  finance,  6 — 1056. 

United  States,  Government  and  other  loans  placed  in, 

5 —  33;  6— —688. 

(See  Valparaiso.) 

CHINA. 

Asia  Banking  Corporation,  organized  to  operate  in,  4 — 
818. 

Foreign  exchange  rates,  London  on  Hongkong  and 
Shanghai,  6 — 50. 

Gold  exports  to,  since  removal  of  embargo,  5 — 1016; 

6— 1018. 

Handling  of  bills  of  exchange  in,  5 — 450. 

International  Banking  Corporation,  branch  in,  4 — 945. 
Silver  exports  to,  6 — 1018. 

United  States,  Government  and  other  loans  placed  in, 
5—33;  6—688. 

(See  Hongkong;  Shanghai.) 

CHINAWARE. 

Terms  of  sale,  6 — 1031. 

CHRISTIANIA. 

Foreign  exchange  rates,  Berlin  on,  6 — 1076,  1319. 

(See  Foreign  exchange  rates;  Norway.) 

CHRISTMAS  GIFTS. 

Use  of  war-savings  certificates  in  place  of  gold,  3 — 931, 
951. 

Use  of  gold  coin  for,  deprecated,  3 — 931,  951;  4 — 1216. 

CIGARETTES. 

(See  Physical  volume  of  trade.) 

CIGARS. 

(See  Physical  volume  of  trade.) 

CINCINNATI. 

Branch  of  Federal  Reserve  Bank  of  Cleveland, 
3—923;  4—10, 14;  5—126,  778;  6—61. 


44 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CIPHER  CODES,  1—15. 

CIRCULAR,  ANONYMOUS. 

On  section  9,  Federal  Reserve  Act,  2 — 53. 

CIRCULARS  AND  REGULATIONS. 

1914.  superseded — 

Regulation  2  superseded  by  B,  1915,  1 — 37. 

Regulation  3  superseded  by  A,  1915,  1 — 36. 

Regulation  4  superseded  by  B,  1915,  1 — 37. 

Regulation  5  superseded  by  C,  1915,  1 — 38. 

Regulation  7  superseded  by  Circular  6,  1915  > 

1—38. 

Regulation  7  superseded  by  E,  1915,  1 — 39. 

Regulation  9  superseded  by  I,  1915,  1 — 43. 

Regulation  13  superseded  by  Circular  3,  1915, 

1—36. 

1915,  superseded — 

Circular  5,  1915,  superseded  by  Circular  11, 1915, 
1—14. 

Regulation  D,  1915,  superseded  by  Regulation 
J,  1915,  1—45. 

Volume  1,  1915.  Series  of  1915 — 

Circular  1,  1915.  Issuance  of  circulars  and 
regulations,  1 — 36. 

Circular  2,  Regulation  A,  1915.  Acceptance  of 
credit  statements  in  lieu  of  certificates,  1 — 36. 

Circular  3,  Regulation  B,  1915.  Commercial 
paper,  1—36,  37,  213. 

Circular  4,  Regulation  C,  1915.  Six  months’  agri¬ 
cultural  paper,  1 — 38. 

Circular  5,  Regulation  D,  1915.  Superseded  by 
Circular  XI,  Regulation  J. 

Circular  6,  Regulation  E,  1915.  Time  deposits 
and  savings  accounts,  1 — 38,  39. 

Circular  7,  Regulation  F,  1915.  Purchase  of  war¬ 
rants,  1 — 39,  40,  220. 

Circular  8.  Waiver  of  demand,  notice,  and  pro¬ 
test,  1 — 41. 

Circular  9,  Regulation  G,  1915.  Increase  and 
decrease  of  capital  stock  Federal  Reserve 
Banks,  1 — 42. 

Circular  10,  Regulation  H,  1915.  National  banks 
as  executor,  etc.,  1 — 42,  43. 

Regulation  I,  1915.  Loans  on  farm  lands,  1 — 43. 

Circular  11,  Regulation  J,  1915.  Bankers’  accept¬ 
ances,  1 — 44,  45. 

Circular  12,  Regulation  K,  1915.  Acceptances 
by  member  banks  1 — 46. 

Circular  13,  Regulation  L,  1915.  Clearings  be¬ 
tween  Federal  Reserve  Banks,  1 — 148. 

Circular  14,  Regulation  M,  1915.  Membership  of 
State  banks,  1 — 145. 

Circular  15,  Regulation  N,  1915.  Changes  in 
capital  stock,  Federal  Reserve  Banks,  1 — 148. 

Regulation  0,  1915.  Issue  and  redemption  of 
Federal  Reserve  notes,  1 — 215. 

Circular  16,  Regulation  P,  1915.  Trade  accept¬ 
ances,  1 — 216. 

Circular  17,  Regulation  Q,  1915.  Commodity 
paper,  1 — 310. 

Circular  18,  Regulation  R,  1915.  Bankers’  ac¬ 
ceptances,  1 — 310. 

Circular  19,  Regulation  S,  1915.  Open-market 
purchases  of  bankers’  acceptances,  1 — 434. 

Designation  of  reserve  cities,  requirements,  1 — 49. 


CIRCULARS  AND  REGULATIONS— Continued. 

Volume  2,  1916 — 

Circular  11,  Regulation  — ,  1915.  Holding  of  pub¬ 
lic  and  political  offices  by  directors,  2 — 16. 

Circular  20,  Regulation  T,  1915.  Open-market 
operations,  2 — 15. 

Regulation  I,  1915.  Certificate  of  officer  making 
farm  land  loan  complies  with,  2 — 120. 

Regulation  O,  1915.  Amended;  changes  of  Fed¬ 
eral  Reserve  note  redemption  to  be  met  by 
issuing  bank,  2 — 111. 

Circular  18,  Regulation  Q,  1915.  Staples  defined, 

2—523. 

Circular  20,  Regulation  T,  1915.  Open-market 
operations,  2 — 15. 

Revised  draft  being  prepared,  2 — 99. 

Circular  2,  1916.  Review  of  1915  regulations, 

2—530. 

Special  instructions  No.  2, 1916.  Bankers’  accept¬ 
ances;  Cable  transfers;  Foreign  bills  of  ex¬ 
change;  Domestic  bills  of  exchange;  Redis¬ 
counts,  agricultural  paper,  2 — 529. 

Circular  2,  Regulation  A,  1916.  Rediscounts, 
2—530. 

Circular  2,  Regulation  B,  1916.  Open-market 
operations,  2 — 532. 

Circular  2,  Regulation  C,  1916.  Dollar  exchange 
drafts,  2—534. 

Circular  2,  Regulation  D,  1916.  Time  deposits 
and  savings  accounts,  2 — 534. 

Circular  2,  Regulation  E,  1916.  Purchase  of  war¬ 
rants,  2 — 535. 

Circular  2,  Regulation  F,  1916.  Fiduciary 
powers,  2 — 536. 

Circular  2,  Regulation  G,  1916.  Loans  on  farm 
lands,  2 — 537. 

Explanation,  2 — 606. 

Circular  2,  Regulation  H,  1916.  Membership  of 
State  banks,  2 — 538. 

Circular  2,  Regulation  I,  1916.  Increase  and  de¬ 
crease  of  capital  stock,  Federal  Reserve 
Banks,  2 — 541. 

Circular  2,  Regulation  J,  1916.  Check  clearings, 

2— 542. 

Clayton  Act,  Kern  amendment.  Special  instruc¬ 
tions  No.  1,  1916,  2—389,  392. 

Federal  Reserve  Bank  of  Chicago,  clearing  sys¬ 
tem,  2 — 312. 

Federal  Reserve  Bank  of  New  York,  vault 
reserves,  2 — 669. 

Tennessee  bankers,  rediscount  operations,  2 — 4. 

Volume  3,  1917- 

Regulation  A,  1917.  Rediscounts,  3 — 539. 

Regulation  B,  1917.  Open-market  operations, 

3— 541. 

Regulation  C,  1917.  Acceptances,  3 — 542. 

Regulatioh  D,  1917.  Time  deposits  and  savings 
accounts,  3 — 543. 

Regulation  E,  1917.  Warrants,  3 — 543. 

Regulation  F,  1917.  Fiduciary  powers,  3 — 545. 

Regulation  G,  1917.  Loans  on  farm  lands  and 
real  estate,  3 — 546. 

Regulation  H,  1917.  State  bank  membership, 

3—546. 

Regulation  I,  1917.  Increase  and  decrease  of 
capital  stock,  Federal  Reserve  Banks,  3 — 548. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


45 


CIRCULARS  AND  REGULATIONS— Continued. 


CIRCULARS  AND  REGULATIONS— Continued. 


Volume  3,  1917 — Continued. 

Regulation  J,  1917.  Check  clearing  and  collec¬ 
tion,  3 — 549. 

Memphis  Agency,  3 — 168. 

National  banks  acting  as  insurance  agents,  Comp¬ 
troller  of  Currency,  3 — 164. 

Purchase  of  Government  bonds  by  a  Federal 
Reserve  Bank,  3 — 80. 

Idaho  banking  department,  admission  of  State 
banks,  3—599. 

Notes  and  bills,  collection  of,  Federal  Reserve 
Bank  of  New  York,  3 — 743. 

( See  also  Liberty  loans.) 

Volume  4,  1918 — 

War-savings  certificates  and  thrift  stamps,  United 
States  Treasury,  4 — 87. 

(See  Secretary  of  Treasury.) 

Volume  5, 1919 — 

Federal  Reserve  Agents  to  prepare  circular  on 
acceptances,  4—415;  5 — 4)30. 

Regulation  F,  1919.  Trust  powers,  5 — 438. 

Schedule  of  availability.  Collection  of  banker’s 
acceptances,  Federal  Reserve  Bank  of  New 
York,  4 — 245. 

Volume  6,  1920 — 

Regulation  F,  1919.  Readily  marketable  securi¬ 
ties,  6 — 385. 

(See  Bills  receivable;  Fiduciary  powers;  Trust 
funds.) 

Regulation  A,  1920.  Rediscounts  under  section 
13,  6—1179 

A.  Notes,  drafts,  and  bills,  6 — 1179. 

B.  Bankers  acceptances,  6 — 1180. 

(See  Discounts.) 

Regulation  B,  1920.  Open-market  purchases  of 
bills  of  exchange,  trade  acceptances,  and 
bankers’  acceptances,  under  section  14,  6 — 
1181. 

(See  Acceptances;  Discount  and  open-market 
operations;  Open-market  operations.) 

Regulation  C,  1920.  Acceptances  by  banks  of 
drafts  and  bills  of  exchange,  6 — 1182 

(See  Acceptances.) 

Regulation  D,  1920.  Time  deposits  and  savings 
accounts,  6 — 1182. 

(See  Savings  accounts;  Time  deposits.) 

Regulation  E,  1920.  Purchase  of  warrants,  6 — 
1183. 


Volume  6,  1920 — Continued. 

Regulation  J,  1920.  Check  clearing  and  collec¬ 
tion,  6 — 1189. 

(See  Clearing  system.) 

Regulation  K,  1920.  Banking  corporations  au¬ 
thorized  to  do  foreign  banking  business  under 
section  25(a),  Edge  Act,  6 — 379,  1190. 

(See  Edge  Act;  Foreign  banking  corporations.) 

Regulation  L,  1920.  Interlocking  bank  direc¬ 
torates  under  Clayton  Act,  6 — 1193. 

(See  Clayton  Act.) 

CIRCULATING  NOTES. 

Of  rechartered  banks,  4 — 422. 

(See  Comptroller  of  Currency.) 

Right  of  national  banks  to  increase  issue  of,  2 — 65,  72. 


CIRCULATION,  NOTE. 

Abroad.  Discussion,  6—6,  667,  902,  909,  928. 

Central  banks  of  Europe.  (See  Central  banks  of  issue.) 
Federal  Reserve  notes.  (See  same.) 

France,  Great  Britain,  Italy,  6-909. 

League  of  nations  on,  6 — 898,  901,  909. 


Circulation,  money  in,  3—500,  562  ;  4—506,  684  795 
1042,  1160,  1253;  5—47,  181,  292,  404,  510,  606! 
698,  788,  810,  838,  902,  1006,  1101,  1198;  6—109 
210,  327,  435,  551,  659,  762,  890,  1014,  1121 
1250,  1368;  1917-1920,  6—730. 

Per  capita.  (See  supra,  Circulation,  money  in.) 
Senate  resolution,  6 — 558,  582. 

United  States,  6-667. 

(See  also  Comptroller  of  Currency;  Federal  Reserve 
Banks;  Federal  Reserve  Bank  notes;  Federal 
Reserve  notes;  German  Reichsbank;  India;  Na¬ 
tional  banks;  Note  circulation;  Paper  currencv 
War  finance.)  ’ 

(See  Principal  banks  by  name.) 


CITIES,  FEDERAL  RESERVE  BANK  AND  BRANCH. 

Commercial  rates,  4—812,  1016,  1106,  1209;  5—74,  265 
376,482,  577,  667,  750,  864,  972,  1065,  1162;  6—72 
172,  286,  396,  514,  622,  713,  852,  967,  1085,  1215 


(See  Clayton  Act;  Discount  rates;  Member  bank  con¬ 
dition  statements;  Member  banks.) 

CITIZENS  STATE  BANK,  MEMPHIS. 

Reasons  for  joining  Federal  Reserve  System,  3 — 371. 

CITRUS  FRUITS. 

(See  Physical  volume  of  trade.) 


(See  Warrants.) 

Regulation  F,  1920.  Trust  powers  of  national 
banks,  6—1184. 

(See  Fiduciary  powers.) 

Regulation  G,  1920.  Loans  on  farm  land  and 
other  real  estate,  6 — 1185. 

(See  Farm  land  loans;  Real  estate  loans.) 
Regulation  H,  1920.  Membership  of  State  banks 
and  trust  companies  6 — 1186. 

(See  State  banks.) 

Appendix,  section  9  as  amende  !  by  act  of 
June  21,  1917,  6—1187. 

Regulation  1, 1920.  Increase  or  decrease  of  capital 
stock  of  Federal  Reserve  Banks,  cancellation 
of  old  certificates;  issue  of  new  certificates, 
6—1187. 

(See  Capital  stock;  Federal  Reserve  Banks.) 


CITY  BANKS. 

Method  of  granting  accommodations  to  correspondent 
banks,  6—584. 

CITY,  CENTRAL  RESERVE. 

(See  Reserves.) 

CITY,  RESERVE. 

Requirements  for  designation  as,  1 — 49 

CLASS  A  DIRECTORS. 

(See  Directors.) 

CLASS  A  REPORTS. 

Ruling,  Foreign  Exchange  Division,  4 — 1121. 

CLASS  B  DIRECTORS. 

(See  Directors.) 

CLASS  C  DIRECTORS. 

(See  Directors.) 


46 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CLASSES. 

Condition  of  State  member  banks  and  trust  companies 
by,  4—796,  798,  799,  916,  917,  919,  920;  5—184, 
187,  296,  298,  406,  514,  516,  520,  905,  906,  1007; 
6—329,  330,  438,  439,  764,  765,  1005. 

Discounts  of  bills  by.  ( See  Discount  and  open- 
market  operations.) 

Of  accepting  institutions.  ( See  Discount  and  open- 
market  operations.) 

CLASSIFICATION. 

Agricultural  paper,  3 — 114. 

Bank  clerks;  draft  law.  4 — 597. 

Bank  loans.  Essential  and  nonessential,  4 — 261. 
Earning  assets,  5 — 771. 

( See  same.) 

European  demand  for  credits,  5 — 1013. 

Member  banks.  Election  of  directors,  2 — 670. 
Municipal  expenditures.  ( See  Capital  Issues  Com¬ 
mittee.) 

Priority,  War  Trade  Board,  4 — 1089. 

State  member  banks  and  trust  companies,  loans  and 
discounts,  4—796,  798,  916,  917,  919,  920;  5—187, 
296,  298,  406,  516,  520, 1007:  6—333,  444,  766, 1007. 

CLAYTON  ANTITRUST  ACT.  ACT  OF  OCTOBER 
15,  1914.  ACT  OF  MAY  15,  1916  (KERN 

AMENDMENT). 

Act  of  May  26,  1920.  ( See  infra,  Private  banker.) 

Advisory  committee,  members  of,  not  necessarily 
officers  subject  to  act,  3 — 118. 

Application,  form  of,  2 — 446. 

Attorney  General  of  United  States.  Opinion  by. 
Interlocking  directors  of  State  banks  and  trust 
companies  under  section  9  of  Federal  Reserve 
Act  as  amended  by  act  of  June  21,  1917,  are  not 
subject  to  the  act,  except  in  District  of  Columbia, 
whether  or  not  member  banks,  3 — 734,  744. 

Bank,  banks — 

Savings  and  loan  associations  are  banks  subject 
to  act,  2 — 118. 

Morris  plan  banks  are  subject  to  act,  3 — 527. 
Suburban  district  banks  are  subject  to  act  if 
within  limits  of  city  over  200,000  inhabi¬ 
tants,  5 — 362. 

Banker.  ( See  Private  banker.) 

Banking  firm.  ( See  Private  banker.) 

Capital  stock.  ( See  Opinions  of  counsel;  Mutual 
savings  bank.) 

Certiorari.  ( See  United  States  Supreme  Court.) 

City.  ( See  Suburban  district.) 

Commercial  credits.  ( See  Substantial  competition.) 
Commodity  broker.  ( See  Private  banker.) 
Construction — 

Banks,  2—118;  3—527;  6—362. 

(See  Banks.) 

Fiscal  year,  2 — 523. 

Private  banker,  2 — 589. 

(See  infra,  Private  banker.) 

Substantial  competition,  3 — 878. 

Contempt  of  court.  (See  Directors.) 

Counsel  of  Federal  Reserve  Board.  (See  Opinions 
of  counsel.) 

Cumulative.  Provisos  of  Kern  amendment  are,  2 — 396. 
Deposit  accounts.  (See  Substantial  competition.) 


CLAYTON  ANTITRUST  ACT— Continued. 

Directors — 

Of  banks  with  resources  over  five  millions  elected 
January  1,  1916,  can  not  serve  after  October 
15,  1916,  1—222. 

Of  State  banks  or  trust  companies  with  resources 
of  more  than  five  millions  can  not  serve  as 
directors  of  other  State  banks  or  trust  com¬ 
panies  which  are  member  banks,  1 — 222. 
Amendment  to  section  9,  Federal  Reserve 
Act,  by  act  of  June  21,  1917,  reverses 
this.  See  opinion  of  Attorney  General 
of  United  States,  3 — 734,  744. 

Of  national  banks  with  resources  over  five  mil¬ 
lions  may  serve  on  board  of  State  banks  or 
trust  companies,  whether  savings  or  commer¬ 
cial  banks,  having  resources  less  than  five 
millions,  if  (a)  the  State  bank  is  not  a  member 
bank,  (b)  not  located  in  same  city  as  the 
national  bank,  or  (c)  if  in  same  city,  the  city 
contains  less  than  200,000  people,  1 — 362. 
May  serve  on  boards  of  two  banks  or  trust  com- 
anies  if  entire  capital  stock  of  one  is  owned 
y  other,  regardless  of  the  resources  or  loca¬ 
tion  of  either  bank,  1 — 27,  405. 

May  serve  on  national  bank  whose  resources  are 
over  five  millions  and  in  five  State  banks  in 
towns  having  each  less  than  200,000  people, 
none  having  resources  over  five  millions, 

1 —  405. 

Two-year  limitation.  Section  8.  Interpretation 
of,  1—405. 

Director  of  State  bank  with  resources  over  five 
millions  may  serve  not  as  a  director,  but  as 
an  officer  or  employee  of  a  national  bank, 
if  not  a  member  bank  and  not  in  same  city 
of  over  200,000,  2 — 224. 

May  serve  on  two  national  banks  in  city  under 
200,000  people  if  neither  has  resources  over 
five  millions,  2 — 394. 

Person  may  serve  as  director  of  a  mutual  savings 
bank  having  no  capital  stock  represented  by 
shares  and  as  director  of  a  member  bank 
whether  or  not  in  substantial  competition, 

2— 394. 

May  serve  on  one  other  bank  all  of  whose  stock 
is  owned  by  stockholders  of  a  member  bank, 
and  also,  under  Kern  amendment,  on  two 
other  banks  not  in  substantial  competition 
with  the  member  bank,  2 — 396. 

Fiscal  year.  Construction,  2 — 523. 

If  average  resources  in  1915  were  less  than  five 
millions,  a  director  elected  in  January  1916, 
could  serve  until  January  1917,  2 — 523 
Director  of  national  bank  with  resources  over 
five  millions  may  serve  on  a  State  bank  with 
resources  less  than  five  millions,  if  (a)  State 
bank  is  not  a  member  bank,  (b)  not  located 
in  same  city,  and  (c)  if  city  has  less  than 
200,000  people,  2 — 523. 

Director  of  national  bank  with  resources  over  five 
millions  could  not,  under  original  act,  serve 
on  board  of  another  member  bank;  under 
Kern  amendment  he  can  serve  on  boards  of 
two  other  banks  if  not  in  substantial  com¬ 
petition  with  the  national  bank,  2 — 523. 
Enforcement  of  decisions  by  United  States  Circuit 
Court  of  Appeals,  2 — 606. 

Acts  of  directors  are  valid  although  directors 
later  disqualified  by  court;  after  court  deci¬ 
sions  such  acts  would  be  in  contempt,  2 — 606. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


47 


CLAYTON  ANTITRUST  ACT— Continued. 

Directors — Continued. 

Certain  directors  allowed  to  serve  on  boards  sub¬ 
ject  to  further  revision  by  Federal  Reserve 
Board,  3—77. 

Interlocking  directors  of  State  banks  and  trust 
companies,  whether  member  banks  or  not, 
since  amendment  of  section  9,  Federal  Re¬ 
serve  Act  by  act  of  June  21,  1917,  are  not  sub¬ 
ject  to  act,  except  in  District  of  Columbia. 
Opinion  Attorney  General  of  United  States, 
3—734,  744. 

Permission  of  Federal  Reserve  Board  to  serve  as 
interlocking  director  is  valid  until  revoked, 
3—763. 

Qualification  of  directors.  ( See  Opinions  of  coun¬ 
sel.) 

V  acancies — 

( See  Opinions  of  counsel.) 

(, See  also  Advisory  committee;  Executive 
committee;  Mutual  savings  bank;  Non¬ 
member  bank;  Private  banker;  Private 
banking  firm;  State  bank  and  trust  com¬ 
pany.) 

District  of  Columbia.  Interlocking  directors  of  State 
banks  and  trust  companies  are  subject  to  act  in. 
Opinion  Attorney  General,  3 — 734,  744. 

Employees,  qualifications  of.  ( See  Opinions  of  coun¬ 
sel.) 

Executive  committee.  Those  ineligible  as  directors 
can  not  serve  on,  2 — 679. 

Federal  Advisorv  Council,  suggested  amendment, 

1— 394. 

Federal  Reserve  Board- 

Application,  form  of,  2 — 446. 

Circular,  Kern  amendment,  2 — 389. 

Explanation  of  act,  2 — 329,  389,  392,  446. 

Number  of  cases  decided,  2 — 507,  588,  602. 

Press  statement,  Kern  amendment,  2 — 514;  3 — 
446. 

United  States  Circuit  Court  of  Appeals  to  enforce 
orders  of  Federal  Reserve  Board  subject  to 
certiorari  by  United  States  Supreme  Court, 
2—606. 

Valid.  Permission  of  Federal  Reserve  Board  to 
serve  is  valid  until  revoked,  3 — 763. 

Fiscal  year  means  fiscal  year  of  the  bank  in  question, 

2— 523. 

Forms,  2 — 391. 

Instructions.  ( Set  Federal  Reserve  Board.) 

Kern  amendment — 

As  passed  by  Senate,  2 — 205. 

Provisos  of,  are  cumulative,  2 — 396. 

Amended  by  act  of  May  26, 1920,  to  permit  private 
bankers  to  serve  as  directors  of  national  banks 
and  to  have  privileges  of  Kern  amendment, 
6—813,  948. 

(See  Directors;  Federal  Reserve  Board  Opinion 
of  counsel.) 

Loan  associations.  Savings  and,  are  banks  subject  to 
act,  2 — 118. 

Morris  plan  banks  are  banks  subject  to  act,  3 — 527. 

Mutual  savings  banks.  May  serve  as  director  of,  hav¬ 
ing  no  capital  stock,  and  of  member  banks 
whether  or  not  in  substantial  competition,  2 — 394. 

National  banks.  ( See  Private  banker;  Private  bank¬ 
ing  firm.) 


CLAYTON  ANTITRUST  ACT— Continued. 

Nonmember  bank.  Director  of  can  not  serve  as  di¬ 
rector  of  a  national  bank  having  less  than  five 
million  resources,  in  a  city  of  less  than  200,000 
eople  and  also  on  a  nonmember  trust  company 
avmg  resources  over  five  millions;  could  serve  as 
director  in  one  and  as  officer  in  other;  under  Kern 
amendment  could  serve  as  director  in  both  if  not 
in  substantial  competition,  2—329. 

Note  broker.  ( See  Private  banker.) 

Officers,  qualification.  ( See  Opinions  of  counsel.) 
Open-market  purchases.  ( See  Substantial  competi¬ 
tion.) 

Operating  under  laws  of  United  States — 

State  member  banks  and  trust  companies  operate 
under  laws  of  United  States  and  are  subject  to 
act,  1 — 222. 

See,  however,  amendment  of  section  9,  Federal 
Reserve  Act.  Opinion  Attorney  General,  3 — 
734,  744. 

Opinions.  ( See  Attorney  General  of  United  States.) 

Opinions  of  counsel  of  Federal  Reserve  Board — 

Act  does  not  relate  to  qualifications  of  directors  of 
State  banks  and  trust  companies;  merely  de¬ 
fines  eligibility  of  private  bankers,  officers, 
and  employees  of  banks  organized  under  laws 
of  United  States,  1 — 27. 

Section  8  takas  effect  two  years  from  October  15, 
1916,  the  date  of  passage  of  act,  1 — 27. 

State  member  banks  and  trust  companies, 
although  organized  under  State  law  operate 
under  Federal  law  and  are  subject  to  act, 
1—222. 

See,  howe  /er,  amendment  of  section  9,  Federal 
Reserve  Act.  Attorney  General  of  United 
States,  3—734,  744. 

Directors  of  State  banks  and  trust  companies  hav¬ 
ing  resources  more  than  five  millions,  can  not 
serve  as  directors  of  other  State  banks  or  trust 
companies  which  are  member  banks,  1 — 222. 

Changed  by  amendment  of  section  9,  Federal 
Reserve  Act.  Attorney  General  of  United 
States,  3—734,  744. 

Director  of  a  bank  with  resources  over  five  mil¬ 
lions,  elected  January  1,  1916,  can  not  serve 
after  October  15,  1916,  1 — 222,  365. 

Director  may  serve  on  two  banks  or  trust  com- 
anies  if  entire  capital  stock  of  one  is  owned 
y  other,  regardless  of  resources  or  location  of 
either,  1 — 405. 

Two-year  limitation  of  section  8  applies  to  all 
three  paragraphs  of  section  8,  1 — 405. 
Director  may  serve  on  national  bank  with  re¬ 
sources  over  five  millions  and  on  five  State 
banks,  in  towns  less  than  200,000,  all  having 
resources  less  than  five  millions,  1 — 405. 
Director  may  serve  on  national  bank  with  re¬ 
sources  of  less  than  five  millions  and  on  a 
State  bank  with  resources  of  less  than  five 
millions  if  not  in  same  city  of  200,000  or 
more,  1 — 405. 

“Fiscal  year”  means  fiscal  year  of  bank  in  ques¬ 
tion,  2 — 523. 

If  bank’s  average  resources  were  less  than  five 
millions  during  1915,  but  increased  beyond 
five-million  limit  during  1916,  a  director 
elected  in  January,  1916,  could  serve  until 
January,  1917,  2—523. 


48 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CLAYTON  ANTITRUST  ACT— Continued. 

Opinions  of  counsel  of  Federal  Reserve  Board — Con. 
Director  of  national  banks  with  resources  over 
five  millions  may  serve  on  State  banks  with 
resources  less  than  five  millions  if  the  State 
bank  (a)  is  not  a  member  bank,  (b)  is  not 
located  in  same  city,  (c)  and  city  has  less 
than  200,000,  2—523. 

Director  of  national  bank  with  resources  over 
five  millions  may  serve  (under  Kern  amend¬ 
ment,  but  not  under  original  act)  on  two 
other  banks  not  in  substantial  competition 
with  the  national  bank,  2 — 523. 

Order  to  desist.  Enforcible  by  United  States 
Circuit  Court  of  Appeals,  2 — 606. 

Penalty.  No,  provided  under  section  8,  2 — 606. 
Private  banker — 

Can  not  serve,  after  October  15,  1916,  as 
director  of  a  national  bank,  2 — 394. 

Act  of  May  26,  1920.  amends  Kern  amendment 
so  that  private  bankers  may  serve  on 
boards  of  two  other  banks,  whether  or¬ 
ganized  under  laws  of  the  United  States 
or  of  any  State,  if  not  in  substantial  com- 
etition  with  such  banker  or  member 
ank,  6— 813,  948. 

Ordinary  stock  brokers,  note  brokers,  and 
commodity  brokers  are  not,  2 — 5S9. 

(See  Opinions  of  counsel.) 

Private  banking  firm.  Same  limitations  as  private 
banker,  2 — 589. 

Procedure,  2—309,  391,  446,  514. 

Purchases  of  paper  in  open  market.  (See  Substantial 
competition.) 

Qualifications,  State  bank  directors.  (See  Opinions 
of  counsel,  principal  heading.) 

Regulation.  Special  instructions  No.  1,  1916,  2 — 389. 
Regulation  L,  1920,  6 — 1193. 

Review  of  decisions  by  United  States  Circuit  Court 
of  Appeals.  Subject  to  certiorari  by  United 
States  Supreme  Court,  2 — 606. 

Savings  banks.  (See  Mutual  savings  banks.) 

Savings  banks  and  loan  associations  are  subject  to 
act,  2 — 118. 

Section  8,  no  penalty  provided  in,  2 — 606. 

Special  instructions  No.  1,  1916,  2 — 389. 

State  banks  and  trust  companies.  (See  Directors; 

Opinions  of  counsel.) 

Stock.  (See  Directors.) 

Stock  broker.  (See  Private  banker.) 

Substantial  competition — 

The  test  of,  is  the  granting  of  commercial  credits 
and  solicitation  of  commercial  deposit  ac¬ 
counts,  rather  than  the  purchase  of  paper 
in  the  open  market,  3 — 878. 

(See  Directors;  Mutual  savings  bank.) 

Suburban  district.  Banks  in  suburban  districts  of  a 
city  over  200,000,  if  within  its  corporate  limits, 
are  banks  subject  to  the  act,  5 — 362. 

Taking  effect  of  act.  (See  Opinions  of  counsel, 
principal  heading.) 

Term  of  directors.  (See  Opinions  of  counsel,  prin¬ 
cipal  heading.) 

Test  of  substantial  competition.  (See  Substantial 
competition.) 

United  States  Circuit  Court  of  Appeals.  Review 
of  decisions  of  Federal  Reserve  Board,  2 — 606. 


CLAYTON  ANTITRUST  ACT— Continued. 

United  States  Supreme  Court.  Review,  by  certiorari, 
of  decision  of  United  States  Circuit  Court  of 
Appeals,  2 — 606. 

Vacancies.  (See  Opinions  of  counsel,  principal 
heading.) 

CLEAN  DRAFTS,  3—378. 

(See  Acceptances.) 

CLEARANCE  FUND,  INTERNATIONAL  GOLD, 

5—198. 

CLEARANCES  OF  VESSELS. 

In  foreign  trade.  (See  Physical  volume  of  trade.) 

CLEARING  DEPOSITS. 

Of  nonmember  banks,  3 — 850. 

(See  Clearing  system.) 

CLEARING  HOUSE  BALANCES. 

Manner  of  settlement  of,  approved  by  Federal  Reserve 
Board,  2 — 53. 

CLEARING  HOUSE  BANKS. 

Portland,  Oreg.,  3 — 930. 

(See  Commercial  paper;  New  York  Clearing  House 
banks.) 

CLEARING  HOUSE,  BOSTON,  3—162,  164. 

(See  Boston  Clearing  House.) 

CLEARING  HOUSE  CERTIFICATES. 

Issues  of,  4: — 279. 

CLEARING  HOUSE  CONFERENCE. 

Interest  on  bank  balances,  6 — 157. 

(See  Interest.) 

CLEARING  HOUSE  DEBIT  STATEMENTS,  4—809, 

821,  823,  1002,  1103,  1206;  5—68,  147,  258,  369,  473,  571, 
661,  763,  878,  9S3,  1077,  1174;  6—84,  185,  297,  407,  524, 
603,  604,  635,  733,  863,  978,  1095,  1225,  1259,  1342. 
Comparison  with  price  index,  6 — 604. 

(See  Member  banks’  condition  statements.) 

CLEARING  HOUSE  EXCHANGES. 

(See  Reserve  requirements.) 

CLEARING  HOUSES. 

Acceptances  cleared  through,  4 — 819. 

CLEARING  MEMBERS. 

Amendment  to  Federal  Reserve  Act  authorizing, 
3—100. 

Balances,  required,  3 — 617. 

Growth  of  membership,  3 — 579. 

Nonmember  bank,  deposits,  3 — 850. 

Right  to  advertise,  3 — 879. 

Use  of  words  forbidden,  4 — 1119,  1216 

CLEARING  PRIVILEGES. 

(See  Private  bankers.) 

CLEARING  SYSTEM,  FEDERAL  RESERVE.  (See 
also  Opinions  of  counsel;  Par  collections.) 

Volume  1,  1914-1915— 

Voluntary  intradistrict  plan  announced  March  4, 
1915,  1—6,  48. 

(Does  not  cover  interdistrict  clearings  nor 
settlement  of  balances  between  Federal 
Reserve  Banks.) 

Circular  13,  Regulations  L,  1915,  May  8,  1 — 78. 
Federal  Reserve  Board  to  Federal  Reserve  Banks 
on  progress,  1 — 192. 

Federal  Reserve  Agents — 

Meeting  of  clearing  committee  called  for  Sep¬ 
tember  17,  1 — 307. 

Report  on,  October  13,  1 — 369. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


49 


CLEARING  SYSTEM,  FEDERAL  RESERVE— Con. 
Volume  1,  1914-1915 — Continued. 

Federal  Reserve  Agents — Continued. 

Favors  interdistrict  plan.  Daily  settle¬ 
ments  through  gold  settlement  fund, 
1—369. 

Federal  Reserve  Bank  of  New  York  gives  imme¬ 
diate  credit  at  par  to  drafts  on  Federal 
Reserve  Bank  of  Richmond,  1 — 367. 

Federal  Reserve  Board,  letter  to  Gov.  Strong, 
October,  1915.  Federal  Reserve  banks  may 
collect  checks  on  nonmember  banks  but  not 
for  immediate  credit  at  par,  1 — 346. 

Gold  settlement  fund  created,  1 — 9,  49,  78,  82. 
Immediate  credit  at  par.  Federal  Reserve  Bank 
of  New  York  gives,  to  drafts  on  Federal 
Reserve  Bank  of  Richmond,  1 — 367. 

List  of  banks  joining,  1 — 195,  270,  321,  367,  408. 

( See  Gold  settlement  fund.) 

Report.  Federal  Reserve  Agents,  1 — 307,  369. 
Volume  2,  1916 — 

American  Bankers  Association,  hearing,  May  12, 
1916,  2—262. 

Approved  reserve  agents — 

Member  banks  may  continue  to  carry  ac¬ 
counts  with,  2 — 262. 

(See  infra,  Uncollected  funds.) 

Bank  transfers,  Federal  Reserve  Board  on,  2 — 314. 
Bills,  notes,  and  drafts,  collection  charges  for, 
not  yet  fixed,  2 — 264. 

Boston  Clearing  House.  Country  bank  clearings 
taken  over  by  Federal  Reserve  Bank  of 
Boston,  2 — 317. 

Charges,  service,  Per  item;  practical  uniformity, 
2—314. 

Circulars  and  letters  on — 

Federal  Reserve  Bank  of  Chicago,  2 — 312. 
Federal  Reserve  Bank  of  Dallas,  2 — 314. 
Federal  Reserve  Bank  of  Richmond,  2 — 598. 
Federal  Reserve  Board,  2 — 259,  260,  542. 
National  Association  Credit  Men,  2 — 600. 
Conferences — 

Governors  of  Federal  Reserve  Banks,  April 
17,  1916,  2—206. 

Representatives  of  clearing  houses,  Chicago, 
June  22,  1916,  2—310. 

Cost  of  transportation.  Currency  shipments  to  be 
paid  by  Federal  Reserve  Banks,  2 — 259,  456. 
Cotton  drafts,  collection  charges  on,  not  affected 
by  abolition  of  exchange  charges,  2 — 264. 
Exchange  charges— 

Abolishment  of,  does  not  prevent  collection 
charges  on  cotton  drafts,  2 — 264. 

National  Association  of  Credit  Men  approve 
prohibition  of,  2 — 600. 

Exchange  on  Federal  Reserve  cities.  Federal 
Reserve  Banks  of  St.  Louis  and  San  Francisco 
announce  rates  for  dealings  in,  2 — 315. 
Federal  Reserve  Bank  of  Boston  takes  over  coun¬ 
try  clearings,  2 — 315. 

.  Federal  Reserve  Bank  of  Chicago,  circular  on, 
2—312. 

Federal  Reserve  Bank  of  Richmond,  circular  on, 
2—598. 

Federal  Reserve  Bank  of  St.  Louis,  rates  for  deal¬ 
ings  in  exchange  on  Federal  Reserve  cities, 
2—315. 


CLEARING  SYSTEM,  FEDERAL  RESERVE— Con. 
Volume  2,  1916 — Continued. 

Federal  Reserve  Bank  of  Dallas,  clearing  plan, 
2—315. 

Federal  Reserve  Bank  of  San  Francisco— 

Rates  for  dealings  in  exchange  on  Federal 
Reserve  cities,  2 — 315. 

Will  receive  items  from  member  banks  on  all 
nonmember  banks  in  its  district,  2 — 314. 

Federal  Reserve  Board- 

Opinion  of  Attorney  General  of  United  States 
asked  as  to  clearing  system,  2 — 99. 

( See  Opinions,  Attorney  General.) 
Regulation  J,  1916,  2 — 542. 

Statements  as  to,  2 — 205,  261,  314,  371,  374, 
509,  589. 

Statement  that  proposed  suit  to  test  legality 
of,  is  not  a  friendly  suit,  2 — 374. 

Grain  drafts.  Collection  charges  on,  not  prohib¬ 
ited  by  abolition  of  exchange  charges,  2 — 264. 
Growth  of,  2 — 309. 

Hearing,  American  Bankers  Association,  2 — 262. 

Inauguration  of  new  clearing  plan  deferred  to 
July  15,  1916,  2—262. 

Indorsement  of  items,  2 — 314. 

Indorsement  of  clearing  plan  by  a  banker,  2 — 599. 
Interdistrict  clearings — 

Conference,  2 — -206. 

Establishment,  Circular  1,  1916,  2 — 259. 
Postponed  to  July  15,  1916,  2 — 262. 
Intradistrict  system.  Additions  to  and  with¬ 
drawals,  2—14,  70,  121,  169,  225,  267. 

Items.  Collection  of,  from  nonmember  banks  is 
voluntary,  2 — 456. 

List  of  banks  joining,  2 — 14,  70,  121,  169,  267. 
Mandatory — 

New  system  not,  2 — 263. 

Collection  of  items  on  nonmember  banks  not, 
2 — 456. 

Member  banks  may  continue  to  carry  accounts 
with  their  approved  reserve  agents,  2 — 262. 
Nonmember  banks.  Federal  Reserve  Bank  of 
San  Francisco  will  receive  from  member 
banks  items  on  all  nonmember  banks  in  its 
district,  2 — 314. 

Operation  of.  Statements  of  governors  of  Federal 
Reserve  Banks  of  New  York,  Philadelphia, 
and  Chicago,  2—378,  444,  511,  590,  598,  670. 
Par  collection.  Meaning  of,  2 — 310. 

Par  list.  Supplement  to,  2—513. 

Reserve  agents,  approved.  ( See  supra,  Approved 
reserve  agents.) 

Reserves.  Penalties  for  impairment  of,  imposed 
by  Federal  Reserve  Banks,  2 — 314. 

Shipments  of  money  at  expense  of  Federal  Re¬ 
serve  Banks,  2 — 259,  314,  456. 

Uncollected  funds  not  available  as  reserve  re¬ 
quired  to  be  kept  in  Federal  Reserve  Bank, 
but  may  count  as  part  of  optional  reserve 
permitted  to  be  carried  in  vaults,  in  Federal 
Reserve  Bank,  or  with  approved  reserve 
agents,  2 — 314. 

Voluntary — 

Entrance  into  clearing  system,  2 — 263. 

Collection  of  items  on  nonmember  banks, 
2 — 456. 


37599°— 21 - 4 


50 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CLEARING  SYSTEM,  FEDERAL  RESERVE— Con. 
Volume  3, 1917 — 

Advertisement.  Clearing  members,  3 — 879. 
Amendment  to  Federal  Reserve  Act — 

Clearing  members,  3 — 100. 

Interpretation  of,  3 — 657,  660. 

Attitude  of  country  banker  on,  3 — 740. 

Balances,  clearing.  ( See  infra,  Nonmember 
banks.) 

Boston,  Federal  Reserve  Bank  of — 

Takes  over  country  clearings,  3 — 162. 
Operation  of,  3 — 162. 

Charges,  service — 

Net  service  charges,  3 — 608. 

Justified  when  banks  send  direct  instead  of 
through  Federal  Reserve  Bank,  3 — 660. 

Exemption  from,  3 — 660. 

For  collection  of  maturing  notes  and  bills, 
3—661. 

Circular  letter,  Federal  Reserve  Bank  of  New 
York.  Collection  of  maturing  notes  and 
bills;  charges,  3 — 656,  661,  743. 

Clearing  deposits,  nonmember  banks,  3—850. 
Collection  charges,  maturing  notes  and  bills,  3 — 
656,  661,  743. 

Collection  of  maturing  notes  and  bills,  3 — 656, 
661,  743. 

Currency.  ( See  infra,  Shipment.) 

Exchange  charges — 

Country  banker  favors  abolition  of,  3 — 740. 
(See  infra,  Hardwick  amendment.) 

Federal  Reserve  Bank  of  Boston — 

Takes  over  country  clearings,  3 — 162. 
Admitted  to  Boston  Clearing  House,  Novem¬ 
ber  19,  1914,  3—164. 

Gold  certificates.  ( See  infra,  Reserve  balances.) 
Growth  of,  3 — 579,  660. 

Hardwick  amendment — 

Exchange  charges;  difference  between  ex¬ 
change  and  collection  charges  on  notes 
and  bills,  3 — 657,  660,  743. 

Immediate  availability.  Report  of  Gov¬ 
ernors,  3 — 78. 

Nonmember  banks — 

Amendment.  Clearing  members,  3 — 100. 
Interpretation  of,  3 — 657,  660. 
Permissive,  not  mandatory,  3 — 617. 
Federal  Reserve  Banks  may  require  balances 
sufficient  to  cover  checks  drawn  against, 
as  well  as  for  collection  of  items  received 
from,  3 — 617. 

Clearing  deposits  of,  3 — 850. 

Reserve  balances.  (See  infra,  same.) 

Growth  of  membership,  3 — 579,  660. 
Operation  of,  in  Boston  district,  3 — 162. 
Operations  of,  3 — 6,  80,  115,  162,  171,  268,  354, 
455,  524,  613,  634,  680,  762,  841,  948. 
Payment  of  reserve  balances.  (See  infra,  Reserve 
balances.) 

Regulation  J,  1917,  3 — 549. 

Report,  committee  of  governors.  Immediate 
availability  at  par  of  drafts  on  Federal 
Reserve  Banks,  3 — 78. 


CLEARING  SYSTEM,  FEDERAL  RESERVE— Con. 

Volume  3,  1917 — Continued. 

Reserve  balances.  Federal  Reserve  Banka 
should  receive  in  payment  of,  any  form  of 
United  States  currency  on  same  terms  as 
gold  certificates  or  legal  tenders,  3 — 660,  661. 

Service  charges.  (See  supra,  Charges.) 

Shipment  of  funds — 

If  member  bank  ships  funds  by  express  or 
other  than  by  United  States  mail, 
insured,  it  must  bear  expense,  3 — 615. 
Member  banks  can  ship  funds  at  expense  of 
Federal  Reserve  Bank  only  to  extent 
of  inability  to  provide  items  to  offset 
checks  from  or  on  account  of  its  Federal 
Reserve  Bank,  3 — 615. 

Transit  department  disbursements,  3 — 608. 

United  States  notes.  (See  supra,  Reserve  bal¬ 
ances.) 

Volume  4,  1918 — 

Acceptances — 

Allowance  for  loss  of  interest,  4 — 521. 
Clearance  of,  4 — 805,  819,  821. 

Bankers’,  to  be  handled  as  cash  items, 
4—371. 

Trade,  to  be  handled  as  collection  and  not 
as  check  or  cash  items,  4 — 372. 

Advertising.  Clearing  member,  4 — 1119,  1216. 

Amendment.  (See  American  Bankers  Associa¬ 
tion.) 

American  Bankers  Association — 

Report  on  exchange  charges  by  committee 
of  5,  4—962. 

Suggested  amendment,  4 — 964. 

Attorney  General  of  United  States.  Nonmember 
banks,  not  clearing  members,  not  affected  by 
prohibition  of  exchange  charges  under  sec¬ 
tion  13,  4 — 367,  370. 

Bankers’  acceptances  to  be  handled  as  cash  items, 
4—372. 

Bill  of  lading  drafts,  collection  of,  4 — 436. 

Charges — 

Elimination  of  certain  service  and  other, 
4 — 363,  371. 

Elimination  of  10-cent  charge  on  collection 
items  between  Federal  Reserve  Banks. 
When  returned  unpaid  charge  of  15 
cents  to  be  imposed,  4 — 371. 

New  York  Clearing  House.  Charges  for  col¬ 
lection  of  items  on  Federal  Reserve  par 
list  to  be  limited  to  charges  which  would 
be  incurred  if  collected  through  Federal 
Reserve  Bank  of  New  York,  4—1056. 
Collection  charges  on  checks  abolished  by 
Federal  Reserve  Banks,  4 — 931. 

Excess  service,  4 — 103. 

Service  charges,  1917,  4 — 103. 

Suspension  of  service  charges,  4 — 363,  371. 

Clearing  members,  advertising  of,  4 — 1119,  1216. 

Collection  charges.  (See  supra,  Charges.) 

Collection  of  bill  of  lading  drafts,  4 — 436. 

Conference  of  transit  managers,  Chicago,  Novem¬ 
ber  11,  1918,  4 — -1175. 

Credit.  Immediate.  (See  infra,  Immediate 
credit.) 

Currency  transfers.  Expense  of,  4 — 1093. 


J ^REX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


51 


CLEARING  SYSTEM,  FEDERAL  RESERVE— Con. 
Volume  4,  1918 — Continued. 

Exchange  charges — 

Report,  committee  of  5,  American  Bankers 
Association,  4—962. 

Suggested  amendment,  American  Bankers 
Association,  4 — 964. 

Federal  Reserve  exchange  drafts,  4 — 806,  819. 
Federal  Reserve  Board  approves  recommenda¬ 
tions  of  transit  managers,  4 — 363,  371. 

Float.  Conference  of  transit  managers  on,  4 — 
1175. 

Growth  of,  1917,  4—75,  107. 

Immediate  credit.  Clearing  house  items,  4 — 
806,  819. 

Mail  transfers— 

To  banks  in  other  Federal  Reserve  cities  to 
be  by  draft  on  Federal  Reserve  Bank 
but  to  be  sent  direct  to  bank  to  which 
transfer  ordered,  4 — 371. 

Discount  rate  to  be  based  on  the  10-day  rate; 
rate  fixed,  4—371. 

New  York  Clearing  House  amends  rules  so  that 
charges  for  collection  of  items  on  Federal 
Reserve  par  list  are  to  be  limited  to  charges 
which  would  be  incurred  if  collected  through 
Federal  Reserve  Bank  of  New  York,  4 — 1056. 
Operations  of  clearing  system,  4 — 27,  107,  225, 
340,  461,  550,  663,  774,  894,  1021,  1161,  1240. 
Par,  telegraphic  transfers  at,  4—371. 

Par  list,  banks  on,  4 — -75,  107. 

Progress  of,  1917,  4—75,  107. 

Resolutions,  clearance  of  acceptances.  Clearing 
house  committees  of  New  York,  Boston, 
Philadelphia,  Chicago,  etc.,  4 — 819,  820. 
Service  charges,  excess.  ( See  supra,  Charges.) 
Service  charges,  1917,  4 — 103. 

Suspension  of  service  charges,  4 — 363,  371. 
Telegraphic  transfers  at  par,  4 — 371. 

Time  schedules.  Revision  of,. 4 — 371. 

Trade  acceptances  to  be  handled  as  collection 
and  not  as  cash  or  check  items,  4 — 372. 
Transit  disbursements,  1917,  4 — 103. 

Volume  5,  1919 — 

Acceptances — 

Bankers’,  to  be  collected  by  Federal  Reserve 
Bank  of  New  York,  5 — 245. 

Availability  of  proceeds,  5 — 245. 

By  all  Federal  Reserve  Banks,  5 — 246. 
Branch  banks.  Items  handled  by,  number, 
5—777. 

Collectibility  at  par,  by  symbol  to  identify  dis¬ 
trict,  5 — 28,  246. 

Collection  charges,  New  York  Clearing  House, 
5—243. 

( See  New  York  Clearing  House.) 

Collection  facilities  of  Federal  Reserve  Banks, 
5-467. 

Collection  outside  of  New  York  City.  New 
York  Clearing  House;  rules  and  regulations, 
5—243. 

Exchange  charges.  Drawee  bank  can  not  deduct, 
on  check  of  its  customer  drawn  on  his  savings 
account  and  deposited  by  a  member  bank  in 
Federal  Reserve  Bank  for  collection,  5 — 964. 


CLEARING  SYSTEM,  FEDERAL  RESERVE— Con. 
Volume  5,  1919 — Continued. 

Federal  Reserve  Banks,  clearing  services — 

(1)  For  its  own  member  banks — • 

Sec.  13.  Maturing  notes  and  bills  and 
drafts  payable  on  presentation  in 
any  Federal  Reserve  district,  5 — 467. 
Sec.  16.  Checks  and  drafts  drawn  on  a 
member  bank  or  on  a  bank  on  par 
list  in  any  Federal  Reserve  dis¬ 
trict,  5 — 467. 

(2)  For  member  banks  in  other  Federal 

Reserve  districts.  Sec.  16.  Checks 
and  drafts  on  any  of  its  member 
banks,  5 — 467. 

(3)  For  other  Federal  Reserve  Banks.  Sec¬ 

tion  13 — 

Collection  of  checks  and  drafts  payable 
on  presentation  within  its  Federal 
Reserve  district,  5 — 467. 

Collection  of  maturing  notes  and  bills 
payable  within  its  Federal  Reserve 
district,  5 — 467. 

Federal  Reserve  Board.  Policy  of.  Gov.  Hard¬ 
ing,  5 — 1113. 

Gold  settlement  fund.  ( See  same,  principal 
heading.) 

Growth  of,  1916-1919,  5—775. 

Harding,  Gov. — 

Policy,  Federal  Reserve  Board,  5 — 1113. 

Use  of  symbol,  5 — 28,  243. 

Identification  of  items,  by  symbols,  5 — 28,  243. 

Map.  Banks  on  par  list,  5 — 888,  892,  992,  1087, 
1185. 

(See  infra,  Par  list.) 

New  York  Clearing  House — 

Availability  of  acceptances  cleared,  5 — 243. 
Collection  charges  and  regulations,  5 — 243. 
Operations  of  system,  5 — 97,  181,  293,  405,  511, 
608,  697,  775,  803,  886,  992,  1087,  1185. 

Par  clearing.  Gov.  Harding,  5 — 1113. 

Par  collectibility.  (See  infra,  Symbol.) 

Par  list.  Banks  on,  5—97,  181,  293,  405,  511,  608, 
697,  803,  886,  992,  1087,  1185. 

Par  list.  Growth  of,  5 — 886,  888,  892,  1087, 1185. 
Par  point  map.  (See  supra,  Map.) 

Schedule  of  availability.  Bankers’  acceptances 
collected  by  Federal  Reserve  Bank  of  New 
York,  5 — 243. 

Symbol.  Use  of,  suggested  by  Gov.  Harding  to 
identify  district  and  secure  collection  at  par 
by  member  banks,  5 — 28,  246. 

Uniform  acceptance  collection  schedule,  Federal 
Reserve  Banks,  5 — 246. 

Volume  6,  1920 — 

Clearing  operations,  6 — 94,  194,  308,  417,  533,  642, 
724,  744,  874,  986,  1105,  1234,  1350. 
1917-1920,  6—310, 1016. 

Fiscal  year  1920,  6 — 724. 

Collection — 

Federal  Reserve  Banks  may  receive  for,  ma¬ 
turing  notes  and  bills  drawn  on  firms, 
individuals,  or  corporations,  not  banks,  of 
their  districts,  when  forwarded  by  a  mem¬ 
ber  bank  of  another  district  for  account  of 
its  Federal  Reserve  Bank,  6—276. 


52 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CLEARING  SYSTEM,  FEDERAL  RESERVE— Con. 

Volume  6,  1920 — Continued. 

Collection — Continued . 

Of  check  on  a  member  bank  forwarded  by  an¬ 
other  member  bank,  to  be  remitted  to  the 
Federal  Reserve  Bank,  6—494. 

Exchange  charges — 

Member  bank  can  not  deduct,  on  its  own  ac¬ 
ceptance  forwarded  by  Federal  Reserve 
Bank  for  collection,  6^—162. 

A  member  bank  may  deduct,  from  checks 
drawn  on  it  received  from  another  bank 
with  instructions  to  remit  in  payment 
direct  to  Federal  Reserve  Bank  for  ac¬ 
count  of  sending  bank,  6 — 494. 

Member  bank  may  deduct,  for  service  of  col¬ 
lecting  maturing  notes  and  bills  drawn  on 
individuals,  firms,  or  corporations,  other 
than  banks,  6 — 699. 

Opinions  sustaining  right  of  Federal  Reserve 
Banks  to  present  checks  for  payment  at 
counter  of  banks  refusing  to  remit  at  par — 
United  States  District  Court,  6 — 496. 
United  States  Circuit  Court  of 
Appeals,  6 — 1303.  (Pending  in 
United  States  Supreme  Court.) 

(See  Exchange  charges.) 

Federal  Reserve  Board.  Letter  to  Congress  on, 
6—489. 

Fiscal  year  1920,  operations,  6 — 724. 

Gold  settlement  fund.  ( See  same.) 

Growth  of  system,  6 — 310,  724,  1016. 

Interdistrict  time  schedule,  6 — 746,  987. 

Items.  Number  handled,  1917-1919,  6 — 312. 
Map,  par  list,  6—94,  194,  308,  419,  535,  644. 
Member  banks  in  system,  6 — 94,  194,  308,  418, 
534,  643,  745,  874,  1105,  1234,  1350. 
Mississippi  statute.  Par  collections,  6 — 387. 
Nonmember  bank.  Collection  of  bill  of  lading 
draft  received  from  a,  for  account  of  a  mem¬ 
ber  bank,  6 — 948. 

Nonmember  banks  in  system,  6 — 94, 194,  308,  418, 
534,  643,  745,  874, 1105, 1234, 1350. 

Fiscal  year  1920,  6 — 724. 

Operations  of.  ( See  supra,  Clearing  operations.) 
Par  clearances,  Mississippi  statute  forbidding, 
6—387. 

(See  supra,  Exchange  charges;  Opinions.) 

Par  list.  Banks  on,  6—94,  194,  308,  311,  418,  534, 
643,  745,  874,  986,  1105,  1234,  1350. 

Regulation  J,  1920,  6 — 483,  1189. 

State  banks.  No  coercion  on,  to  join  clearing 
system.  Gov.  Harding  to  Senate,  6 — 489. 
Working  of  system,  6 — S74,  986,  1015. 

CLERKS. 

Reclassification  of,  under  draft  law,  4 — 597. 

(See  Bank  clerks.) 

CLOCKS. 

Terms  of  sale,  6 — 1033. 

CLOTH  UNDERWEAR. 

Terms  of  sale,  6—812. 

COAL. 

France — 

Amount  available  in,  6 — 619,  1205. 

Production,  6—619,  710,  846,  1074,  1205. 


COAL — Continued. 

Germany — 

Prices,  1914-1920,  6—1207. 

Production,  6 — 907,  1207,  1318. 

Great  Britain — 

Production,  6—617,  709,  844,  1071,  1313. 

Strike,  6—1198,  1311. 

Notes  of  water  company  for  purchase  of,  are  eligible, 
3 — 527. 

Paper  based  on,  in  ground  is  not  eligible,  1 — 126. 

Prices,  anthracite  and  bituminous,  1914-1920,  6 — 
1213,  1214. 

Shortage  of,  6 — 789. 

Strike,  Great  Britain,  6 — 1198, 1311. 

United  States.  (See  Physical  volume  of  trade.) 

COAL  AND  COKE. 

Production  and  shipment  of.  (See  Physical  volume  of 
trade.) 

Terms  of  sale,  6 — 265. 

(See  Business  conditions;  Prices.) 

CODES,  CIPHER  AND  CABLE,  1—15. 

COERCION  OF  STATE  BANKS. 

Gov.  Harding  to  Congress  denying  to  enter  clearing 
system,  6-^89. 

COFFEE. 

Prices,  1914-1920,  6—1214. 

Terms  of  sale,  5 — 1132. 

COIN. 

Abrasion  of.  Use  of  coin-counting  machines  depre¬ 
cated  as  causing,  3 — 440. 

Export  of  gold,  2 — 736;  4 — 499,  501. 

(See  Gold.) 

Foreign  coin.  (See  same.) 

Gold- 

Use  of,  for  Christmas  gifts  deprecated,  3—931, 
951;  4—1216. 

Use  of,  for  payment  of  Liberty  bond  coupons 
deprecated,  6 — 454. 

(See  Abrasion.) 

Licenses  for  export  of,  4 — 76,  365  (Spain),  499,  501, 
807;  5—640. 

Delegated  to  Federal  Reserve  Board,  4 — 23,  81,  449. 
Repeal  of  requirements,  5 — 615,  653,  853. 

(See  Federal  Reserve  Board;  President;  Secretary 
of  Treasury.) 

Silver,  melting  of.  Pittman  Act.  (See  Act  of  Apr. 
23,  1918.) 

Trading  in  gold  coin.  Ruling,  Foreign  Exchange 
Division,  4 — 866. 

Use  of,  in  paying  Liberty  bond  coupons,  6 — 454. 

(See  Gold;  Foreign  exchange  transactions;  Federal 
Reserve  Board;  Licenses;  President;  Secretary  of 
Treasury.) 

COIN-COUNTING  MACHINES. 

Use  of,  discouraged  as  causing  abrasion  of  gold,  3 — 440. 

COINAGE  ACT. 

Mexican  silver,  5 — 32. 

COINAGE  OF  SILYER  DOLLARS,  1878-1891,  4—397. 

COINAGE,  WEIGHTS  AND  MEASURES,  5—126. 

(See  Decimal  system;  Great  Britain.) 

COKE. 

Prices,  1914-1920,  6—1214. 

(See  Coal  and  coke;  Physical  volume  of  trade;  Terms 
of  sale.) 


index-digest  of  federal  reserve  bulletin. 


53 


COLLATERAL. 

Farm  loan  bonds  not  eligible  as,  for  member  bank 
15-day  notes,  4—33. 

Federal  Reserve  Agents.  Collateral  for  Federal  Re¬ 
serve  notes.  ( See  Federal  Reserve  Agents,  princi¬ 
pal  heading.) 

Joint  custody  of,  for  Federal  Reserve  notes,  3 — 691. 

( See  Federal  Reserve  Agents.) 

Loans.  Commercial  rates.  ( See  Federal  Reserve 
Bank  and  branch  cities.) 

Notes  secured  by.  Eligible  if  note  is  commercial 
paper,  1 — 268. 

Substitution  of,  3 — 30,  881. 

(See  Acceptances;  Security;  Ten  per  cent  limita¬ 
tion;  Federal  Reserve  notes.) 

COLLATERAL  AGREEMENT  FOR  REPURCHASE, 

2—461. 

COLLATERAL  LOANS. 

Stock  exchange.  (See  Federal  Reserve  Bank  and 
branch  cities.) 

COLLATERAL  NOTES. 

Drafts  secured  by,  in  turn  secured  by  chattel  mort¬ 
gage  on  cattle  not  eligible  unless  drafts  are  eli¬ 
gible,  3 — 690. 

COLLATERAL  NOTES,  MEMBER  BANK  15-DAY. 

(See,  Member  banks’  collateral  notes.) 

COLLATERAL  SECURITY  FOR  FEDERAL  RE¬ 
SERVE  NOTES. 

Must  be  indorsed  as  to  enable  Federal  Reserve  Agent 
to  realize  on  the  security  if  necessary,  1 — 127,  363. 

(See  Federal  Reserve  notes.) 

COLLATERAL  TRUST  NOTE. 

Manufacturer’s  note  secured  by  bills  receivable  is  eli¬ 
gible  and  not  debarred  as  a,  1 — 127. 

A  note  issued  for  carrying  collateral  for  speculation, 
or  collateral  in  nature  of  stocks  or  bonds,  other 
than  United  States  bonds,  would  be  a,  and  ineli¬ 
gible  for  discount,  1 — 72,  127. 

COLLECTING  AGENTS. 

Federal  Reserve  Banks  may  act  as,  for  collection  of 
notes,  bills,  etc.,  under  section  4,  subsection  7, 
and  section  13  of  Federal  Reserve  Act,  1 — 104. 

(See  Clearing  system,  Federal  Reserve.) 

COLLECTION.  (See  also  Clearing  system,  Federal  Re¬ 
serve.) 

Army  meal  tickets.  Federal  Reserve  Banks  may  re¬ 
quest  member  banks  to  receive  for  collection, 
4—938. 

Acceptances.  (See  Clearing  system,  Federal  Re¬ 
serve.) 

Charges,  2—226;  3—880;  4—745. 

Checks.  (See  Clearing  system,  Federal  Reserve.) 

Conditions — 

Index  of,  5—547;  6—922,  1031. 

In  Federal  Reserve  districts,  6 — 922. 

Cost  of.  (See  Negotiability.) 

Drafts  for.  (See  Bill  of  lading  drafts ;  Clearing  system, 
Federal  Reserve.) 

Federal  Reserve  Agents  may  turn  over  maturing 
notes  and  bills  to  Federal  Reserve  Banks  for, 
3—351. 

Federal  Farm  Loan  Banks  may  deposit  in  Federal 
Reserve  Banks  for,  to  offset  coupons  received  for, 
3 — 881. 


COLLECTION — Continued. 

Items  on  nonmember  banks.  (See  Clearing  system, 
Federal  Reserve.) 

Notes  and  drafts.  (See  Clearing  system,  Federal 
Reserve.) 

Par.  (See  Clearing  system,  Federal  Reserve.) 

COLOMBIA. 

Branch  of  Mercantile  Bank  of  Americas  in,  4 — 737. 
Branch  of  International  Banking  Corporation  in, 
4 — 947. 

COLORADO. 

Trustee  powers,  national  and  State  banks,  1 — 150. 
Trustee  powers,  national  banks,  2 — 523. 

Acceptance  laws,  3 — 529. 

Reserve  laws,  3 — 770. 

List  of  State  member  banks  in,  4 — 93. 

Amendments  to  banking  laws,  5 — 566. 

Laws  as  to  foreign  banking  corporations,  5 — --55. 
COMMERCE. 

(Sec  Government  aid  to  foreign  commerce.) 

Sault  Ste.  Marie  Canal.  (See  Physical  volume  of 
trade.) 

With  South  America,  6 — 1261. 

COMMERCIAL  BANKS. 

Seventy-five  per  cent  of  resources  of  all  eligible,  in 
United  States  have  joined  Federal  Reserve 
System,  5 — 4. 

COMMERCIAL  BANKS,  EUROPE. 

Condition,  1914-1919,  6 — 1044. 

France,  condition,  1914-1919,  6 — 1044,  1314. 

(See  European  central  banks.) 

COMMERCIAL  BILLS. 

Purchase  of.  (See  Discount  and  open-market  opera¬ 
tions.) 

COMMERCIAL  CREDITS. 

Granting  of,  is  one  of  tests  of  substantial  competition 
under  Clayton  Act,  3 — 878. 

(See  Credits.) 

COMMERCIAL  FAILURES. 

(See  Business  failures.) 

COMMERCIAL  FERTILIZER  NOTES. 

(See  Agricultural  and  live-stock  paper.) 

COMMERCIAL  LOANS. 

(See  Commercial  paper.) 

COMMERCIAL  NATIONAL  BANK,  WASHINGTON, 
D.  C. 

Foreign  branches  of,  I — 51;  4 — 735. 

COMMERCIAL  NOTES. 

(See  Commercial  paper.) 

COMMERCIAL  PAPER.  (See  also  Notes.) 

Acceptance  house.  Paper  of,  secured  by  commercial 
paper  is  not  eligible  unless  proceeds  used  for 
commercial  purposes,  4 — 108. 

(See  Finance  paper.) 

Agricultural  and  live-stock  paper.  (See  same.) 
Alteration  of,  will  release  parties,  4 — 1118. 

Article  on,  by  J.  N.  Eaton,  2 — 449. 

Assets.  Quick.  (See  infra,  Public  service  corpora¬ 
tion.) 

Assignment  of  open  account  is  not  negotiable  paper 
and  is  not  eligible,  2 — 227. 


54 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


COMMERCIAL  PAPER— Continued. 

Bills  of  exchange.  ( See  Acceptances;  Bills  of  ex¬ 
change,  practice  of  handling;  Discount  and  open- 
market  operations.) 

Brokers’  paper — 

Note  of  broker  secured  by  eligible  paper,  is  not 
eligible  unless  proceeds  used  for  commercial 
purposes,  4 — 10S. 

( See  Finance  paper.) 

Suggestions  for  purchases  of,  2 — 375. 

Cattle  paper.  ( See  Agricultural  and  live-stock  paper; 

Cattle  loans;  Live-stock  loans.) 

Charts,  Federal  Reserve  Bank  holdings  of,  1 — 234; 
3—56;  5—249. 

Circulars  on,  1 — 36,  41,  44,  46,  310,  434. 

(See  Circulars  and  regulations.) 

Coal  in  ground,  paper  based  on,  not  eligible,  1 — 126. 
Commercial  paper.  Distinction  between  agricultural 
paper  and,  6 — 1301. 

Commodity  paper.  ( See  same.) 

Conditions  as  to  eligibility,  1 — 21. 

Cotton  factors  paper.  ( See  same.) 

Cotton-loan  paper.  Limitations  of  section  5200,  2 — 113. 
Current  liabilities.  ( See  infra,  Public  service  cor¬ 
poration  paper.) 

Discount  rates.  ( See  same.) 

Discounts.  Paper  for  carrying  or  trading  in  Govern¬ 
ment  securities,  3 — 158. 

Distinction  between  agricultural  implement  paper 
and,  6 — 1301. 

Drafts.  (See  Arrival;  Drafts.) 

Eligibility,  test  of.  Public  Service  Corporations,  3 — 
527,  949. 

Eligible — 

Equity  exchange  paper,  3 — 379. 

Note  of  water  company  for  payment  of  coal,  pay 
rolls,  etc.,  3 — 527. 

Participation  certificates  not  eligible,  3 — 949. 
Payable  on  or  before  date  certain,  2 — 394. 

(See  Payable.) 

Public  service  corporation  paper.  Test  of  eligibil¬ 
ity  of,  3 — 527,  949. 

Renewal  paper.  (See  same.) 

Equity,  exchange  paper.  Eligible  in  form,  3 — 379. 
Federal  Reserve  Bank,  holdings  of — ■ 

Charts,  1—234;  3—56;  4—770;  6—725. 

(See  Discount  and  open-market  operations.) 
Fifteen-day  rate  on,  2 — 513. 

Finance  company  paper  not  eligible,  4 — 197. 

Four  months’  paper  favored,  3 — 739. 

Holdings  of.  (See  Discount  and  open-market  opera¬ 
tions.) 

Indorsement  of  paper  securing  Federal  Reserve  notes, 
1—127,  363. 

Interest  on — 

Notes  falling  due  on  Sunday  or  on  legal  holidays, 
4—108. 

Computation  of  rebate  of,  1 — 308. 

Legal  holiday.  Notes  falling  due  on,  4 — 108. 
Minerals  unmined.  Paper  based  on,  not  eligible,  1 — 
126. 

Nonmember  bank — 

Paper  of,  not  eligible  if  intended  as  a  loan  to, 
1—213. 

(See  Nonmember  bank.) 


COMMERCIAL  PAPER— Continued. 

Notes  secured  by  collateral.  Eligible  if  proceeds  used 
for  commercial  purposes,  1 — 268. 

One-day  rate,  3 — 498. 

Ore  in  ground.  Paper  based  on,  not  eligible,  1 — 126. 
Participation  certificate  not  eligible,  3 — 949. 

Payable.  (See  same.) 

Pig  iron.  Note  of  a  furnace  company  secured  by, 
held  eligible,  1 — 127. 

Preferential  rates.  (See  same.) 

Proceeds.  Use  of,  in  first  instance  determines  eligi¬ 
bility,  1—268;  6—1176. 

(See  Finance  paper.) 

Producer.  Note  of  owner  or,  for  materials  or  services 
is  technically  eligible,  but  undesirable  when 
ultimate  payment  depends  on  success  of  trans¬ 
action,  6—699. 

Public  service  corporation  paper.  Test  of  eligibility, 
3—527,  949. 

Purchase  of.  Federal  Reserve  Banks  can  not  purchase 
in  open  market  even  with  additional  indorse¬ 
ment,  1 — 347,  360,  365,  406. 

Quick  assets.  (See  infra,  Statements.) 

Rates — 

One-day,  3 — 498. 

Ten-day,  1 — 124. 

Fifteen-day,  2 — 507. 

(See  Discount  notes.) 

Real  estate  mortgage.  An  eligible  note  is  not  ren¬ 
dered  ineligible  by  being  secured  by  a,  3 — 458. 
Rebate  of  interest  on.  Rule  for  computing,  1 — 308. 
Rediscounts — 

Federal  Reserve  Banks  can  not  rediscount  for 
individuals  except  through  member  banks, 
2—112. 

No  limitation  on,  except  section  13,  2 — 224,  274, 
457. 

Regulation  A,  1916,  2 — 530. 

Regulations.  (See  Circulars  and  regulations.) 
Renewals.  (See  Renewal  paper.) 

Security.  (See  supra,  Real  estate  mortgages.) 
Short-term  paper  favored,  but  not  renewals,  3 — 733, 
739,  879. 

Single-name  paper,  Federal  Reserve  Banks  can  not 
purchase  in  open  market,  1 — 347,  360,  367,  406. 
Statements.  Notes  of  public  service  corporations  for 
coal,  etc.,  are  eligible  if,  show  reasonable  excess 
of  quick  assets  over  current  liabilities,  3 — 527, 
949. 

Sunday,  notes  falling  due  on,  4 — 108. 

Suspended  bank.  Federal  Reserve  Banks  may  re¬ 
quire  indorsement  of  directors  of,  on  paper  offered, 
2—66. 

Test  of  eligibility.  Paper  of  public  service  corpora¬ 
tions,  3 — 527,  949. 

Timber  uncut.  Paper  based  on,  not  eligible,  1 — 126. 
Warehouse  receipts.  Paper  secured  by,  is  eligible, 
1—406. 

(See  Warehouse  receipts.) 

COMMERCIAL  RATES. 

(See  Federal  Reserve  Bank  and  branch  cities.) 

COMMERCIAL  TRUST  AND  SAVINGS  BANK, 
JOLIET,  ILL. 

Reasons  for  joining  Federal  Reserve  System,  3 — 361. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


55 


COMMERZ  UND  DISCONTO  BANK. 

Condition,  1914-1919,  6—1050. 

COMMISSION  ON  INTERNATIONAL  CREDITS. 

Resolution.  International  Financial  Conference, 
Brussels,  6 — 1286. 

COMMISSIONER  OF  EDUCATION. 

Cooperation  with  Capital  Issues  Committee,  4: — 266. 

COMMISSIONER  OF  INTERNAL  REVENUE. 

Bonds  of  United  States.  War  Finance  Corporation 
bonds  are  not,  5 — 472. 

Emergency  revenue  act,  October  2,  1914.  Repeal  of 
taxes  under  Schedules  A  and  B  took  effect  Sep¬ 
tember  6,  1916,  2—512. 

Income  tax — 

Tax  exemptions  on  income  from  Liberty  bonds, 

3— 459,  930. 

Tax  on  stock  dividends,  4 — 614. 

A  cash  dividend  under  plan  by  which  stock¬ 
holders  are  to  pay  back  the  amount  in  ex¬ 
change  for  new  stock  is  subject  to,  5 — 256. 
Stock  dividends.  Rule  as  to  taxation,  5 — 256. 
Dividends  defined,  5 — 256. 

Dividends  paid  in  property  or  securities  of  another 
corporation  are  income  to  recipients  subject 
to,  5 — 256. 

War  Finance  Corporation  bonds,  up  to  $5,000  are 
inadmissible  assets,  the  income  from  which 
should  not  be  included  in  computing  net 
income,  5 — 472. 

Stamp  tax — 

On  instruments  issued  by  Federal  Reserve  Banks, 
1—211. 

Not  applicable  to  capital  stock  of  Federal  Re¬ 
serve  Banks,  1 — 211. 

Acceptances  not  subject  to,  under  act  of  October 
22,  1914,  2—211. 

Acceptances — 

Originating;  outside  of  but  payable  within 
United  States  are  subject  to  stamp  tax, 
under  act  of  October  3,  1917,  3 — 950. 
Originating  inside  but  payable  outside  are 
subject  to  stamp  tax,  3 — 950. 

Dividends  of  Federal  Reserve  Banks  not  subject 
to,  2 — 153. 

Federal  Reserve  Banks  not  subject  to  tax  upon 
charges  for  telephone,  telegraph,  and  express 
service,  3 — 931. 

Promissory  notes — 

Payable  on  demand  are  not  held  to  be  re¬ 
newed  and  not  subject  to  tax  when  ac¬ 
crued  interest  is  paid,  under  act  of 
October  22,  1914,  3—950. 

May  have  interest  payments  indorsed  thereon 
without  becoming  subject  to  tax  if  life  of 
note  is  not  contingent  upon  payment  of 
interest  and  is  not  extended  to  a  certain 
future  date,  3 — 950. 

An  overdue  note  allowed  to  run  on  is  not  held 
to  be  renewed  on  payment  of  interest  and 
no  stamp  is  required,  3—950. 

Stamp  tax,  under  act  of  October  3,  1917,  does  not 
attach  to  drafts  on  domestic  banks  in  con¬ 
nection  with  shipment  of  articles  to  seaboard 
when  sold  to  United  States  agent  of  a  foreign 
purchaser  for  export  under  circumstances,  en¬ 
titling  the  transportation  within  the  United 
States  to  exemption  from  transportation  tax, 

4— 614,  1218. 


COMMISSIONER  OF  INTERNAL  REVENUE— Con. 
Stamp  tax — Continued. 

On  negotiable  instruments.  Law  as  to  stamp  tax 
on,  under  act  of  October  3,  1917,  4—316. 
Parcel-post  packages,  4 — 17. 

Renewal  of  notes,  3 — 950  ;  4 — 977. 

Computation  of  discount  and  interest  for  stamp 
tax,  5 — 249. 

Promissory  notes  given  by  one  bank  to  another 
bank  secured  by  War  Finance  Corporation 
bonds  are  subject  to,  5 — 566. 

Promissory  notes  secured  by  certificates  of  indebt¬ 
edness  of  Director  General  of  Railroads  are  not 
subject  to,  provided  par  value  of  certificates 
is  not  less  than  amount  of  note,  5 — 566. 

( See  Tax,  principal  heading.) 

Taxation.  Banking  committee  on,  appointed,  4 — 
1194. 

Trade  acceptances .  Drawer  of,  should  affix  and  cancel 
stamp;  acceptor  may  do  so  by  agreement,  4—977. 

COMMISSION. 

British  currency,  report,  4 — 1178. 

Paish  Commission,  Gov.  Hamlin  explains  appoint¬ 
ment  of,  1 — 50. 

United  States  Monetary,  1898.  Report,  purchases  of 
silver,  4 — 397. 

( See  Reports.) 

COMMISSIONS. 

Of  national  bank  officer  acting  as  trustee,  5 — 253. 

On  sale  of  warrants;  method  of  reporting,  1 — 309. 
Received  by  Federal  Reserve  Banks,  5 — 132. 

( See  Fees.) 

COMMITTEE. 

Advisory,  3 — 118. 

(See  Advisory  Committee.) 

Acceptance,  5 — 530. 

Banking  and  Currency,  Gov.  Harding  to;  Federal  Re¬ 
serve  notes  and  expansion,  5 — 699. 

(See  Harding,  Gov.) 

Capital  Issues.  (See  same.) 

Currency,  Great  Britain,  4 — 1178;  5 — 7. 

Decimal  system,  British,  5 — 126. 

Executive.  Clayton  Act,  2 — 679. 

(See  Executive  Committee.) 

Export.  Report.  Branches  of  American  concerns  in 
foreign  countries,  5 — 637. 

Financial  facilities,  British,  5 — 115. 

Gold— 

British  committee.  Report,  5 — 123. 

Interior  Department.  Report,  5 — 124. 

Treasury  Department.  Report,  5 — 248. 

Money,  New  York,  4 — 935. 

Suspension  of,  5 — 205. 

Pittman  Act,  4 — 396. 

State  Department.  Report.  Cotton  export  credits, 

5 — 554. 

Ways  and  Means,  Secretary  of  Treasury  to,  5 — 189. 
Victory  loan.  (See  Secretary  of  Treasury.) 

COMMITTEES. 

District.  (See  Capital  Issues  Committee.) 

Of  Federal  Reserve  Board,  1 — 77,  400;  2 — 448. 

COMMODITIES. 

Speculation  in.  (See  Prices;  Speculative  activity.) 


56 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


COMMODITY  BROKER. 

Not  a  private  banker  under  Clayton  Act,  2 — 589. 

COMMODITY  PAPER. 

Circular  17,  Regulation  2,  1915,  1 — 310. 

Classification  of,  1 — 307,  406.  , 

Conditions  for  obtaining  commodity  rate,  1 — 406. 
Construction.  “Staples,  ”  Regulation 2, 1915,  2 — 523. 
Cotton  yarns  are  “staples”  under  Regulation  2,  1915, 

2— 523;  5—652. 

Department  of  Agriculture.  ( See  Warehouse.) 
Discount — 

First  discount,  September  8,  1915,  2 — 43. 
Suspended,  December,  1917,  4 — 30. 

Discount,  Federal  Reserve  banks,  1 — 425;  2 — 43,  90, 
140,  193,  248,  297,  360,  422,  495,  575,  643,  715; 

3— 61,  139,  221,  317,  408,  486,  565,  637,  716,  814, 
902,  977;  4—53,  135. 

Eligibility.  ( See  Farm  products;  Regulation  2, 1915.) 
Farm  products.  List  of  eligible  farm  products  in 
case  suspension  of  commodity  rates  should  be 
revoked,  4 — 404. 

F ederal  Reserve  Board .  Statements  as  to,  1 — 301 ,312. 
Food  products.  Perishable,  not  eligible  as,  4: — 30. 
Lumber.  Drafts  drawn  against  sales  of,  to  United 
States  Government  are  not,  4: — 32. 

Manufactured  goods  are  “staples”  under  Regulation 
2,  1915,  2—523. 

Open-market  purchases  of  single  name,  not  permitted, 
1—406. 

Perishable  food  products.  Eligibility  of,  4 — 30. 
Potatoes — 

Not  good  security  for,  1 — 406. 

Above  decision  overruled.  If  properly  graded 
and  stored  in  proper  warehouse,  they  are 
good  security,  3 — 614. 

Rates — 

Special  rates  on,  1 — 312. 

Suspended,  4 — 30. 

Regulation  Q,  1915,  1—310;  2—523. 

Regulation  A,  1916.  Rule  as  to  eligibility,  3 — 540. 
Security — 

Potatoes  not  valid,  for,  1 — 406. 

Reversed,  if  potatoes  properly  graded  and  stored 
in  proper  warehouse,  3 — 614. 

Warehouse  receipts  are  good,  for,  1 — 406. 

Staples.  ( See  Cotton  yarns;  Manufactured  goods; 

Regulation  Q,  1915;  Regulation  A,  1916. 
Suspension  of  commodity  rates,  4 — 30. 

United  States  Government.  ( See  supra,  Lumber.) 
Warehouse  receipts.  Valid  security  for,  1 — 406. 
Warehouse  requirements  for  farm  products  eligible 
for.  Department  of  Agriculture,  4 — 404. 

COMMODITY  RATES. 

( See  Commodity  paper.) 

COMMODITY.  WATER. 

Water  is  “goods”  under  section  13,  6 — 949. 

COMMONWEALTH  BANK  OF  AUSTRALIA. 

Note  issue  department,  6 — 1321. 

COMMONWEALTH  TRUST  CO. 

Reasons  for  joining  Federal  Reserve  System,  3 — 362. 

COMPARATIVE  STATEMENTS. 

Leading  banks  of  issue.  ( See  Central  banks  of 
Europe.) 


COMPARISON. 

Earning  assets,  Federal  Reserve  Banks,  1914-1919, 

5—771. 

Estimates  and  appropriations,  1920,  5 — 1105. 

Leading  banks  of  issue  with  Federal  Reserve  Banks, 

2—659;  3—234,  329,  500,  681,  942  ;  4—243,  267, 

269,  375,  996,  1057,  1167;  5—140,  197,  463,  648, 

849,  1008,  1200;  6— 485,  487,  488,  909,  1044,  1047, 

1049,  1295. 

COMPENSATION. 

Deputy  Federal  Reserve  Agents,  1 — 362. 

COMPETITION. 

Substantial.  ( See  Clayton  Act.) 

With  United  States  Government,  4 — 3. 

COMPOSITION  OF  EXECUTIVE  COMMITTEE, 

1—211. 

COMPTOIR  NATIONAL  D’ESCOMPTE  DE  PARIS. 

Condition,  1914^1919,  6—1048. 

COMPTROLLER  OF  CURRENCY.  ( See  also  National 
banks.) 

Volume  1,  1914-1915 — 

Deposits  of  national  with  nonmember  banks  in 
excess  of  limitation  of  section  19  must  be 
reported  to,  as  excess  loans,  1 — 126. 

(See  National  banks.) 

Federal  Advisory  Council  recommends  absorp¬ 
tion  of  office  of,  in  Federal  Reserve  Board, 
1—394. 

Guaranty  of  bank  deposits.  No  plan  being  pre¬ 
pared  by,  1 — 51. 

National  bank.  Attorney  General  of  United 
States  has  advised,  of  right  to  contract  with 
surety  company  for  insurance  of  its  deposits, 

1— 51. 

Real  estate  loans  acquired  under  United  States 
Revised  Statutes,  section  5137,  not  to  be 
counted  in  limitation  of  section  24,  Federal 
Reserve  Act,  1 — 309. 

State  banks  and  trust  companies  must  report  con¬ 
dition  to,  1 — 309,  319. 

[Changed  by  act  of  June  21,  1917.  Report  only 
to  Federal  Reserve  Bank.] 

Volume  2,  1916 — 

Certificate  of,  not  necessary  for  applications  for 
additional  stock  in  Federal  Reserve  Banks, 

2— 12. 

Charters,  new.  (See  Charters;  National  banks, 
charters.) 

Examinations.  Cost  under  old  and  new  sys¬ 
tems,  2 — 122,  213. 

State  banks  and  trust  companies — 

Must  report  to,  as  to  condition,  dividends, 
and  net  earnings;  also  must  make  special 
reports  to,  when  called  for  under  United 
States  Revised  Statutes,  sections  5211, 
5212,  made  applicable  by  section  9,  Fed¬ 
eral  Reserve  Act,  2 — 114. 

Comptroller  may  accept  reports  of  condition 
on  forms  prescribed  by  State  authorities 
or  may  adopt  so  much  of  form  used  by 
national  banks  as  he  may  deem  advis¬ 
able,  2—114. 

[Changed  by  act  of  June  21,  1917,  amend¬ 
ing  section  9.  Reports  to  be  made  to 
Federal  Reserve  Banks.] 

(See  also  Federal  Reserve  agents;  Federal  Reserve 
notes;  national  banks.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


57 


COMPTROLLER  OF  CURRENCY— Continued. 
Volume  3,  1917 — 

Annual  report,  1916.  Synopsis,  3 — 172. 
Commercial  failures,  1881-1914,  3 — 939. 

Federal  Reserve  notes.  Issues  and  redemptions, 
1917,  3 — 667,  941. 

(See  Federal  Reserve  notes.) 

Insurance.  ( See  infra,  National  banks.) 

Liberty  loans.  (See  infra,  National  banks.) 
National  bank  notes.  Issues  and  redemptions, 
1917,  3—667,  941. 

National  banks — 

Insurance  agents.  Regulations  for  national 
banks  acting  as,  3 — 164. 

Liberty  loans.  Work  of,  3 — 748. 

Resources,  3 — 161,  372,  665. 

Reports  of  condition.  Need  not  give  detailed 
statement  of  money  in  vaults  except 
occasionally  for  statistical  purposes, 

3— 604. 

Reports.  Changes  in  call  for,  3 — 604. 

Reserves.  Computation  of,  3 — 602. 

United  States  bonds.  National  banks  may  sell, 
owned  by  them,  taking  part  cash  and  note  of 
purchaser  secured  by  the  bonds,  without  re¬ 
gard  to  10  per  cent  limitation  of  United 
States  Revised  Statutes,  section  5200,  3 — 519. 

United  States  Revised  Statutes,  section  5200. 

(See  supra,  United  States  bonds.) 

(See  National  banks.) 

Volume  4,  1918- 

Bills  recommended  by — 

Bonds  of  officials  and  employees,  4 — 422. 
Branches.  National  banks — 

Recommended,  4 — 163. 

Bill,  4 — 424. 

Senate  report,  4 — 424. 

Buildings.  Investment  in  bank,  4 — 422. 
Report,  committee  House  of  Representa¬ 
tives,  4 — 433. 

Circulating  notes  of  rechartered  banks,  4 — 
422. 

Senate  report,  4 — 422. 

Consolidation  of  national  banks,  4 — 430. 
Passed  House  of  Representatives  April  3, 
1918,  4—431. 

Senate  committee  report,  4 — 430. 

Became  law,  Act  of  November  7,  1918, 

4— 1178. 

Directors — 

Oaths  of,  4 — 421. 

Senate  report,  4-421. 

Qualifications  of,  4 — 433. 

House  of  Representatives  committee 
report,  4—433. 

Removal  of,  for  violation  of  national 
bank  law,  4 — 419. 

Senate  committee  report,  4 — 420. 
Embezzlement  and  false  entries,  4 — 426. 
Senate  committee  report,  4 — 426. 

Guaranty  of  bank  deposits  up  to  $5,000,  4 — 
163,  490,  595,  596. 

Gov.  Harding  explains  change  of  view  as 
to,  4 — 596. 


COMPTROLLER  OF  CURRENCY— Continued. 
Volume  4,  1918 — Continued. 

Bills  recommended  by — Continued. 

Interest.  Usurious  rates  of,  4—428. 

Senate  committee  report,  4 — 428. 
Liquidation .  Bill  to  provide  for  sale  of  bonds 
to  redeem  circulation  of  banks  in  vol¬ 
untary,  4 — 425. 

Senate  committee  report,  4 — 425. 

Loans,  false  statement  as  to,  4 — 424. 

Senate  committee  report,  4 — 424. 

National  bank  notes.  Engraved  signatures, 
4—423. 

Senate  committee  report,  4 — 423. 
Overdrafts,  4 — 421. 

Senate  committee  report,  4—421. 

Real  estate.  Purchase  of,  for  transaction  of 
business,  4 — 425. 

Senate  committee  report,  4 — 425. 

Power  of.  Senator  Owen  introduces  18  bills 
to  increase,  4 — 163. 

Red  Cross.  Authorizing  subscriptions  to,  4 — 
428. 

Passed  Senate  April  6,  1918,  4 — 428. 
Became  law,  May  23, 1918,  4 — 426-428, 498. 
Stock.  Transfers  of,  4 — 433. 

House  of  Representatives  committee  re¬ 
port,  4 — 433. 

United  States  Revised  Statutes,  section  5200 — 
Bill  amending,  4 — 431. 

Passed  House  of  Representatives  April  3, 
1918,  4—431. 

Senate  committee  report,  4 — 431. 
(Became  law  in  bond  act  of  September 
24,  1918),  4—961  at  962,  1055. 
Contingent  liability.  (See  Acceptances;  Guar¬ 
anty.) 

Farm  loan  bonds.  National  banks  may  discount 
notes  secured  by,  4 — 635. 

Foreign  Government  securities.  Holdings  of  na¬ 
tional  banks,  4 — 263. 

See  Liberty  Loan  III  and  national  banks, 
4—372. 

Guaranty  of  acceptances,  4 — 311. 

(See,  however,  Volume  7,  Federal  Reserve  Bul¬ 
letin,  May,  1921,  page  547.) 

Liberty  bond  subscriptions,  4 — 372. 

Reports.  National  banks,  4 — 182,  1093. 
Resources.  Growth,  4 — 90. 

Volume  5,  1919 — 

Regulation,  loans  on  security  of  Government 
bonds,  5 — 441. 

Reports  of  condition,  5 — 250,  446,  1153. 

Reports,  as  to  interest  earned  but  not  collected 
and  collected  but  not  earned,  postponed,  5 — 
249. 

(See  National  banks.) 

Volume  6,  1920 — 

Call  reports,  6 — 442. 

National  banks  in  California  can  not  appoint  an 
agent  to  accept  drafts  for  them  and  pay 
same.  United  States  Revised  Statutes,  sec¬ 
tion  5190,  6—835. 

(See,  however,  Volume  7,  Federal  Reserve  Bul¬ 
letin,  May  1921,  page  547.) 


58 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


COMPUTATION  OF  DISCOUNT  AND  INTEREST. 

360-day  table,  2—457. 

When  note  falls  due  on  Sunday  or  holiday,  4 — 108. 
Basis  of  inter- Federal  Reserve  Bank  rediscounts  fixed 
at  365  but  later  changed  to  360  days,  4 — 109,  744. 
For  income  tax,  5 — 249. 

Rebate  of  interest,  1 — 308,  388;  2 — 461. 

(See  Interest.) 

COMPUTATION  OF  REBATE  OF  DISCOUNT,  1- 

308. 

COMPUTATION,  RESERVE,  3—458,  602,  614,  692; 
5—963. 

Federal  Reserve  Banks,  new  method,  6 — 3. 

National  banks,  3 — 602. 

(See  Reserves.) 

CONCENTRATION  OF  GOLD,  4—694. 

(See  Conservation.) 

CONDITION. 

Accepting  banks,  5 — 555. 

Banco  de  Chile,  1914-1919,  6—1057. 

Banco  de  la  Nacion,  Argentina,  6 — 597. 

Bank  of  England.  (See  same.) 

Bank  of  France.  (See  same.) 

Bank  of  Italy.  (See  same.) 

Bank  of  Japan.  (See  same.) 

Bank  of  Java.  (See  same.) 

Bank  of  Netherlands.  (See  same.) 

Bank  of  Norway.  (See  same.) 

Bank  of  Spain.  (See  same.) 

Bank  of  Sweden.  (See  Riksbank.) 

Banks  of  Chile,  1914-1919,  6—1058. 

Banks  of  issue,  leading.  ( See  Banks  of  issue;  Central 
banks  of  Europe.) 

Brazilian  banks,  6 — 821.  (See  Brazil.) 

British  commercial  banks,  1914-1919,  6 — 1044. 

Buenos  Aires  banks,  5 — 639. 

Business  condition  report.  (See  Business  conditions.) 
Central  banks  of  Europe,  2 — 659;  3 — 234,  329,  500, 
681,  942;  4—243,  267,  269,  375,  996,  1057,  1167; 
5—140,  197,  463,  648,  849,  1008,  1200;  6—485, 
487,  488,  909,  1044,  1047,  1049,  1295. 

Chilean  banks,  1914-1919,  6—1057. 

Cuban  banks,  6 — 1166. 

Canadian  chartered  banks.  (See  Canada.) 

Federal  Reserve  Banks.  Beginning  and  end  of 
Liberty  loan  IV),  5 — 324. 

Financial  conditions.  ( See  same.) 

France,  Bank  of.  (See  France.) 

German  Reischbank.  (See  same.) 

Germany,  Banks  of.  (See  Germany.) 

Japan,  Banks  of.  ( See  Japan.) 

Leading  banks  of  issue.  ( See  same.) 

London  joint-stock  banks.  (See  Great  Britain.) 
Member  banks — 

Abstract  of,  3—921;  4—798,  916,  920;  5—183,  296, 
513,  783,  903;  6—329,  438,  764,  1005,  1006, 
1105. 

December,  1914-March,  1919,  5 — 783. 

Weekly  statement  inaugurated,  3 — 921;  4 — 61,  62. 
Member  banks’  condition  statement.  ( See  same.) 
National  Bank  of  Copenhagen,  6 — 46. 

National  banks,  2—376;  3—161,  372,  664,  665;  4—17, 
90,  182,  1093;  5—250,  446,  1153  ;  6—442,  443. 


CONDITION— Continued. 

Reports  of — 

Member  banks.  (See  supra,  same.) 

National  banks.  (See  supra,  same.) 

State  member  banks,  4 — 796,  916,  920;  5 — 187, 
296,  298,  406,  514,  520,  906,  1007;  6—329,  438, 
439,  1005,  1006. 

Retail  trade.  (See  same.) 

Wholesale  trade.  (See  same.) 

(See  Reserve  conditions;  Review  of  month.) 

CONDITIONAL  ACCEPTANCES. 

(See  Acceptances.) 

CONDITIONAL  RATES,  4—922. 

(See  Rates,  preferential.) 

CONDITIONAL  SALES. 

(See  Acceptances,  trade.) 

CONDITIONS. 

Business.  (See  same.) 

Commodity  rates,  1 — 307. 

(See  Commodity  rates.) 

Eligibility  of  paper,  1 — 21. 

(See  Commercial  paper.) 

Index  of  business,  4 — 491,  597,  697  ,  810,  1005,  1100, 
1194;  5—331,  332,  333,  334,  336  ;  6—13,  122,  225, 
349,  456,  567,  673,  783,  912,  1020,  1135,  1264. 
Index  of  collection  conditions,  5 — 547. 

Review,  1920,  6 — 1254. 

Reserve.  (See  Reserve  conditions.) 

State  banks.  Admission  to  Federal  Reserve  System. 

(See  State  banks  and  trust  companies.) 

(See  also  Abnormal  conditions;  Agricultural  condi¬ 
tions;  Banking  and  currency  conditions;  Bank¬ 
ing  conditions;  Banking  and  economic  condi¬ 
tions;  Bond  market;  Business  conditions;  Call 
loans;  Central  banks  of  issue;  Clearing  house 
debit  transactions;  Collection  conditions;  Credit 
conditions;  Crop  conditions;  Currency  condi¬ 
tions;  Employment  conditions;  Foreign  cur¬ 
rency  conditions;  Foreign  exchange  conditions; 
Hoarded  money;  Housing  and  living  conditions; 
Member  bank  condition  statements;  Retail  trade 
conditions;  Wholesale  trade  conditions.) 

CONFECTIONERY. 

Terms  of  sale,  5 — 1133. 

CONFERENCE  COMMITTEE  REPORTS. 

(See  Capital  Issues  Committee;  War  Finance  Corpo¬ 
ration.) 

CONFERENCES. 

Acceptance  credits,  Bankers’,  6 — 559. 

Chief  national  bank  examiners,  1 — 217. 

Class  A  directors,  credit  situation,  6 — 556,  566,  579, 
Clearing  house  representatives.  Interest  on  bank  de¬ 
posits,  4 — 285;  6 — 3,  157. 

Corporations  engaged  in  foreign  banking,  5 — 619. 
Cotton,  4 — 1094. 

Expenses  of,  2 — 57. 

Federal  Advisory  Council.  (See  same.) 

Federal  Reserve  Agents.  (See  same.) 

Federal  Reserve  Banks,  governors.  (See  same.) 
Federal  Reserve  Board.  (See  same.) 

Interest  on  bank  deposits.  (See  Interest.) 

Liberty  loan  committees,  3 — 423. 

New  York  Clearing  House  Association.  Interest  on 
bank  deposits,  4 — 285. 


I  INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


59 


CONFERENCES— Continued. 

Oklahoma  bankers,  5 — 1017. 

Pan  American  Financial  Congress,  1 — 35. 

Trade  acceptances,  3 — 243. 

Transit  managers,  4 — 1175. 

CONFIRMATION. 

Cablegrams.  Ruling,  Foreign  Exchange  Division, 

4—865. 

Cablegrams,  incoming.  Ruling,  Foreign  Exchange 
Division,  5 — 470. 

CONGRESS. 

Estimates  and  appropriations,  1920,  comparison,  5 — 
1105. 

Federal  Reserve  Board  to — 

Call  loans,  6—345,  368. 

Clearing  system;  no  coercion  on  State  banks, 
6 — 489. 

Discount  policy,  6 — 239,  558,  582. 

Federal  Reserve  notes  and  currency  inflation, 

5— 699. 

Inflation.  Response  to  Senate  resolution  asking 
what  steps  have  been  taken  to  reduce, 

6 —  582. 

Speculative  activity.  To  Senator  Owen,  5 — 1107. 
State  banks.  No  coercion  to  enter  clearing  sys¬ 
tem,  6 — 489. 

Government  aid  to  foreign  nations.  Opposition  to 
further,  5 — 1012. 

Pending  bills  before,  6 — 340. 

CONNECTICUT. 

Acceptance  laws,  3 — 529. 

Changes  in  allotment  of  United  States  2  per  cent 
bonds  for  conversion,  because  of  transfer,  2 — 157. 
Exercise  of  fiduciary  powers  in,  2 — 523;  6 — 610. 
Fairfield  County  transferred  from  Boston  to  New 
York  district,  2 — 154,  169. 

Federal  Reserve  Board.  Authorization  to  exercise 
fiduciary  powers,  2 — 523. 

Laws  as  to  reserves,  3 — 770. 

Laws,  foreign  banking  corporations,  5 — 55. 

List  of  State  member  banks,  4 — 93. 

Transfer  of  other  counties  applied  for,  2 — 169,  309. 

CONSENT  OF  FEDERAL  RESERVE  BOARD. 

(See  Clayton  antitrust  act.) 

CONSERVATION. 

Bank  loans,  4 — 935,  936. 

Capital,  4 — 73. 

Credit,  4—2,  249,  260,  285;  6—116,  118. 

(See  Credit.) 

Gold.  (See  Gold;  Savings.) 

CONSOLIDATED  STATEMENT. 

Farm-loan  system,  4 — 1195. 

(See  Federal  Reserve  Bank  statements.) 

CONSOLIDATION. 

British  banks,  4 — 954. 

National  banks,  2 — 74. 

Act  November  7,  1918,  text,  4 — 1178. 

State  banks  and  trust  companies,  6 — 159. 

National  banks  into  State  banks  and  trust  com¬ 
panies,  6 — 833. 

(See  National  banks.) 

United  States  subtreasuries,  3 — 110;  4 — 172. 


CONSTITUTIONALITY. 

Section  11  (k),  Federal  Reserve  Act.  Fiduciary 
powers,  3 — 255,  504,  534;  4 — 522. 

(See  Bank  v.  Fellows;  First  National  Bank  of  Joliet 
v.  Russel;  Fiduciary  powers.) 

CONSTRUCTION  OF  WORDS  AND  PHRASES. 

Actual  security,  3 — 881;  6 — 1065. 

Actually  existing  value,  5 — 1055. 

(See  Acceptances.) 

Advertising  space.  “Goods,”  section  13,  3 — 114. 
Agricultural  paper,  6 — 1180,  1301. 

Ally  of  enemy,  3 — 851 ;  4 — 866. 

Assured  revenues,  2 — 170. 

Attached,  section  13,  3 — 765;  4 — 971. 

Bank  balances,  section  19,  5 — 963,  1054. 

Bankers’  acceptances,  6 — 162,  1180. 

(See  Acceptances;  Acceptance  business.) 

Banks —  • 

Clayton  act,  2 — 118;  3 — 527. 

Section  19,  5 — 963. 

Trading  with  enemy  act,  3 — 851. 

Based  on  live  stock,  1 — 72;  3 — 616. 

Borrower — 

Kentucky  law,  4 — 526. 

Section  9,  4 — 638. 

Section  13,  3—696;  4— >520,  867. 

Commercial  paper,  6 — 1301. 

Cotton  yarns,  2 — 523;  5 — 652. 

Dividends,  5 — 256. 

Draft.  Section  13,  6 — 162. 

End  of  war,  3 — 851. 

Exportation,  1 — 91. 

Finance  paper,  6 — 609. 

(See  Finance  paper.) 

Fiscal  year.  Clayton  Act,  2 — 523. 

Franchises,  1 — 221. 

General  acceptance,  3 — 289. 

Goods,  section  13,  3 — 29,  114;  6 — 949. 

Improved  farm  lands,  3 — 618. 

Lawful  money,  1 — 12. 

Live  stock,  based  on,  1 — 72;  3 — 616. 

May  and  shall,  2 — 115. 

Nonmember  bank,  4 — 367. 

Other  actual  security.  (See  supra,  Actual  security.) 
Par  collection,  2 — 310. 

Person,  3 — 851. 

Private  banker,  Clayton  Act,  2 — 5S9. 

Private  banking  firm,  Clayton  Act,  2 — 589. 

Readily  marketable  securities,  6 — 385. 

Readily  marketable  staples,  2 — 523;  5 — 652;  6 — 494. 
Revenue,  section  14,  2 — 170. 

Revenue  bonds,  1 — 221. 

Savings  accounts,  4 — 199;  6 — 1182. 

Section  11  (m).  Added  by  act  of  March  3,  1919,  5— 
1055,  1056. 

Secured,  1 — 72;  3 — 881. 

Securities.  Readily  marketable.  (See  supra,  Readily 
marketable.) 

Shall  and  may,  2 — 115. 

Shares,  3 — 955. 


60 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CONSTRUCTION  OF  WORDS  AND  PHRASES— 

Continued. 

Staples.  Readily  marketable.  ( See  supra,  Readily 
marketable.) 

Stock,  3 — 955. 

Substantial  competition,  Clayton  Act,  3 — 878. 
Surplus,  5 — 53. 

Taxable  property,  1 — 221;  6 — 1183. 

Time  deposits,  6 — 1182. 

Trade,  Trading  with  enemy  act,  3 — 851. 

United  States,  1 — 91;  3 — 851. 

War,  end  of,  3 — 851. 

Warrants,  1—221;  2—170;  6—1183. 

Water  held  to  be  “goods,”  section  13,  6 — 949. 

(See  Commissioner  of  Internal  Revenue;  Comptroller 
of  Currency;  Solicitor  of  Treasury.) 

CONSTRUCTION  WORK. 

Eligibility  of  notes  given  for,  6 — 699. 

CONTAINERS. 

Terms  of  sale,  6 — 937. 

CONSTRUCTION  OF  SHIPS. 

(See  Great  Britain;  Ships;  United  States;  Vessels.) 

CONTINGENT  LIABILITY. 

Federal  Reserve  Banks,  rediscounts  and  sales  of 
acceptances.  (See  Rediscounts.) 

Member  banks,  5—186,  299,  300,  517,  519,  785,  904, 
905,  908;  6—329,  438,  764,  1005. 

National  banks.  (See  Acceptances;  Guaranty.) 

State  member  banks  and  trust  companies,  5 — 183,  296, 
298,  514,  906,  907;  6—333,  444,  766,  1007. 

CONTRACT. 

For  shipment.  (See  Acceptances.) 

National  banks,  with  surety  company  for  insurance 
of  deposits,  1 — 29. 

Renewals  of  paper.  Invalid,  1 — 74,  126;  3 — 922;  4 — 
259;  5—858;  6—66,  276,  277. 

Sale,  3—378. 

(See  Acceptances.) 

CONTRACTION  OF  CREDIT. 

Secretary  of  Treasury  on,  5 — 191. 

(See  Credit;  Expansion;  Inflation;  Liquidation.) 

CONTRACTOR. 

(See  Purchaser.) 

CONTRACTS,  FIRE  INSURANCE. 

(See  National  banks.) 

CONTRAVENTION  OF  LAW. 

(See  Fiduciary  powers.) 

CONTROL. 

Credit.  (See  same.) 

Foreign  exchange,  4 — 159;  5 — 615,  652,  853;  6 — 1131. 
Goods.  (See  Acceptances;  Trust  receipts;  Warehouse 
receipts.) 

Imports — 

Great  Britain,  5 — 523. 

France,  6 — 959. 

Sweden,  4 — 1091. 

Lira  exchange.  Regulation,  4 — 624. 

Railroads.  Act  March  21,  1918,  text,  4 — 296. 

CONVERSION. 

Liberty  bonds,  4 — 517;  5 —  329,  958. 

Secretary  of  Treasury  advises  conversion  of  Liberty 
4  per  cent  bonds  into  4£  per  cent  bonds,  5 — 100. 
(See  Liberty  bonds;  United  States  bonds.) 


CONVERSION  PRIVILEGES. 

(See  United  States  bonds.) 

CONVERSION,  STATE  BANKS  INTO  NATIONAL 
BANKS,  3—690  ;  5—251,  1051;  6 — 62,  274,  383,  608, 
833,  1299. 

(See  State  banks  and  trust  companies.) 

CONVERSION  FUND,  GOLD. 

Argentina,  1900-1918,  5—140;  6—145,  1297. 

Chile,  6—1052. 

(See  Gold.) 

COPENHAGEN. 

Foreign  exchange  rates  on,  4 — 1199;  6 — 1160. 

(See  Denmark;  Foreign  exchange.) 

COPENHAGEN  NATIONAL  BANK. 

(See  National  Bank,  Copenhagen.) 

COPPER. 

Price,  1914-1920,  6—1214. 

Terms  of  sale,  6 — 149. 

(See  Business  conditions;  Physical  volume  of  trade; 
Prices.) 

CORN. 

Price,  1914-1920,  6—1213. 

Production,  6 — 1062,  1175. 

(See  Crop  conditions.) 

CORN  EXCHANGE  BANK,  NEW  YORK. 

Reasons  for  joining  Federal  Reserve  System,  3 — 359. 

CORPORATIONS. 

Foreign.  Loans  placed  in  United  States,  6 — 901. 
Organized  under  section  25  (a),  6 — 1298. 

Subscriptions  to  United  States  Treasury  certificates, 
4—1147. 

Taxes.  (See  Act  April  24,  1917.) 

(See  Export  corporations;  United  States  Treasury 
certificates.) 

CORRECTIONS,  STATISTICAL,  1—394. 

(See  Errata.) 

CORRESPONDENT  BANKS. 

Method  of  granting  accommodation  to,  by  city  banks, 
6—584. 

CORRESPONDENTS. 

Credit  to  foreign.  Ruling,  Foreign  Exchange  Divi¬ 
sion,  4 — 865. 

Domestic.  (See  Domestic  correspondents.) 

Foreign  3—77,  175,  239. 

Declaration  of.  Ruling,  Foreign  Exchange  Divi¬ 
sion,  4 — 1122. 

Credit  to,  4 — 865. 

(See  Acceptances,  guaranty;  Foreign  correspondents.) 

CORSET  INDUSTRY. 

Terms  of  sale,  6 — 811. 

COST  OF. 

Bank  premises,  4 — 103;  5 — 134. 

(See  Bank  premises.) 

Collection,  2 — 226. 

(See  Bills  of  exchange;  Negotiability.) 

Equipment,  4 — 103;  5 — 134. 

Federal  Reserve  notes — 

Bureau  of  Engraving  and  Printing  increases,  3 — 
743. 

Charged  to  current  expense  account,  5 — 26. 
Distribution  to  member  banks  at,  of  Federal 
Reserve  Banks,  4 — 931. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


61 


COST  OF — Continued. 

Federal  Reserve  notes — Continued. 

Issued  notes,  4 — 100;  5 — 133,  135. 

Redemption.  Forwarding  for,  1 — 306. 

Unfit  notes.  Shipment  of,  3 — 82,  242. 

Unissued  notes,  3 — 93,  609. 

(See  Federal  Reserve  notes.) 

Furniture,  4 — 103;  5 — 134. 

Installation.  ( See  Acceptances,  trade.) 

Living — 

Adjustment  of  salaries  to  meet  increased,  6 — 1293. 
Discussion,  5 — 9,  191,  813,  914. 

Great  Britain.  Increase  in,  6 — 845, 957, 1072, 1202, 
1313. 

Increased  by  long-term  export  credits,  5 — 916, 
1014. 

1914-1920,  6—1203. 

Miller,  Dr.  A.  C.  Address  on,  5 — 915. 

New  York,  5—632,  1049. 

Prices  and,  5 — 813. 

Problem.  Increased  production  and  savings,  5 — 
914. 

Report,  Federal  Reserve  Agent,  New  York,  5 — 
632,  1049. 

Supreme  Economic  Council  of  Peace  Conference 
on,  6—363,  451. 

(See  Prices.) 

Wages  and,  Dr.  A.  C.  Miller,  5 — 915. 

National  bank  examinations,  before  and  after  Federal 
Reserve  Act,  2 — 122,  213. 

Production — • 

Gold,  5—125. 

Increase  greater  in  Europe  than  in  United  States, 
5—125. 

(See  Reports.) 

Silver  1878-1898,  4r— 397. 

Transportation.  Unfit  currency,  3 — 82,  242. 

(See  Federal  Reserve  Act,  sec.  13;  Federal  Reserve 
Bank  notes;  Federal  Reserve  notes;  National 
bank  notes.) 

Vaults,  4—103 ;  5 — 134. 

War,  4—1057;  5—20,  189,  218,  726. 

(See  War.) 

COSTA  RICA. 

Handling  of  bills  of  exchange  in,  5 — 345. 

COTTON. 

Acceptances — 

Financing  of  cotton  by,  2 — 12;  3 — 193 ;  4 — 595, 602, 
691,  713. 

Financing  of.  National  Association  Cotton  Manu¬ 
facturers,  4 — 713. 

Financing  of  advances  by  brokers  on  cotton  for 
export,  2 — 458. 

Brokers.  Ruling,  Foreign  Exchange  Division,  4 — 
973. 

Crop  conditions.  (See  same.) 

Department  of  Agriculture.  (See  infra,  Warehoused.) 
Deposits  to  move,  1 — 259,  260,  301. 

Export  association.  Charter  and  purposes,  5 — 553. 
Export  credits.  Report,  State  Department  commit¬ 
tee,  5 — 554. 

Fabrics,  condition  report,  6 — 1027,  1145,  1276. 


COTTON — Continued. 

Factors,  paper — 

Drafts  drawn  by  cotton  factors  secured  by  ware¬ 
house  receipts  covering  cotton  consigned  for 
sale  are  ineligible  for  acceptance  or  discount, 
6—162. 

When  proceeds  are  to  be  loaned  to  another,  paper 
is  pure  finance  paper  and  ineligible,  5 — 1054; 
6—162,  1176. 

When  proceeds  are  used  or  to  be  used  to  buy 
goods  to  sell  to  another,  the  paper  is  eligible, 
5—1054;  6— 162,  1176. 

Federal  Reserve  Bank  agency  established  at  Mem¬ 
phis  to  help  move,  3 — 168. 

Federal  Reserve  Banks.  Deposits  by  Secretary  of 
Treasury  in,  to  move  crop,  1 — 259,  260,  301. 

Federal  Reserve  Board — ■ 

Conference,  4 — 691. 

Review  of  work  done  by,  and  by  Treasury, 
2 — 442. 

Statement  as  to,  1 — 258. 

Valorization  of,  by  Federal  Reserve  Banks  for 
loaning  purposes,  disapproved,  2 — 524. 
Warning  against  use  of  Federal  Reserve  Banks  for 
hoarding  or  speculation,  5 — 1109. 

Federal  warehouse  act,  4 — 1095. 

Government  deposits  to  move,  1 — 259,  260,  301. 
Harding,  Gov.,  addresses  on,  1 — 66,  180,  252;  3 — 159; 
4—595,  602,  691. 

Knit  goods  manufacturers.  Report,  6 — 1027. 
Manufactures.  Terms  of  sale,  6 — 464. 

Market  conditions,  1 — 180,  254,  258. 

Memphis,  Federal  Reserve  Bank  agency  created  at, 
to  help  move,  3 — 168. 

National  Association  Cotton  Manufacturers.  Accept¬ 
ances  to  finance,  4 — 713. 

Oil,  cotton-seed.  (See  Acceptances,  domestic.) 

Paper,  cotton  mill.  Eligible  when  statement  shows 
plant  not  mortgaged  and  that  deficiency  between 
capital  and  plant  account  does  not  amount  to 
more  than  $5  per  spindle,  1 — 73. 

Price,  1914-1920,  6—1213. 

Problem  of  South,  1 — 252. 

Production,  6 — 1062. 

Receipts,  as  security,  3 — 30. 

Seed  oil,  cotton.  (See  Acceptances,  domestic.) 
Situation,  present,  1 — 180,  258;  2 — 160. 

South’s  cotton  problem,  1 — 252,  258. 

Spindles.  (See  Physical  volume  of  trade.) 

Stocks  of,  6—76,  177,  290,  400,  480,  518,  627,  717,  856 
970,  1089,  1219,  1333. 

Textiles.  (See  Business  conditions;  Prices.) 

Union  Discount  Co.  formed  to  finance,  4 — 930,  939. 

United  States  Revised  Statutes,  section  5200 — 

Note  of  broker  secured  by  warehouse  receipt  of 
mill,  indorsed  in  blank,  for  cotton  stored  in 
broker’s  name,  but  sold  to  mill  on  its  sales 
note  attached,  is  subject  to  10  per  cent 
limitation  of,  and  section  13,  2 — 113. 

Bill  by  broker  on  mill  with  necessary  documents, 
accepted  by  mill  is  drawn  against  actually 
existing  values  and  not  subject  to  10  per 
cent  limitation  of,  and  section  13,  2 — 113. 
United  States  Treasury.  Resume  of  work  done  by, 
and  Federal  Reserve  Board  as  to  cotton,  2—142. 
United  States  warehouse  act,  4 — 1095. 


62 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


COTTON — Continued. 

Valorization  of,  by  Federal  Reserve  Banks,  for  loans 
not  approved  by  Federal  Reserve  Board,  2 — 524. 
Warehouse  facilities,  1 — 254,  260. 

Warehouse  laws  of  States;  digest,  1 — 260. 
WTarehoused  cotton.  Loans  against.  Department  of 
Agriculture,  4—1094. 

Yarns — 

Are  staples,  2 — 523;  5 — 652. 

United  States.  Prices,  1914-1920,  6 — 1214. 
Wholesale  prices,  Japan,  6 — 1077,  1208. 

(See  Business  conditions;  Physical  volume  of 
trade;  Prices;  Terms  of  sale.) 

COTTON,  J.  P.,  SPECIAL  COUNSEL. 

Advises  Federal  Reserve  Board  it  can  lawfully  reduce 
number  of  Federal  Reserve  districts,  2 — 25. 
Attorney  General  of  United  States,  contra,  1 — 396; 

2— 207. 

General  counsel  of  Federal  Reserve  Board,  contra, 
2—20. 

COUNCIL  BILLS. 

(See  India.) 

COUNCIL,  EXPORT  ADMINISTRATIVE. 

(See  Export  Administrative  Council.) 

COUNCIL,  FEDERAL  ADVISORY. 

(See  Federal  Advisory  Council.) 

COUNCIL  OF  NATIONAL  DEFENSE. 

Curtailment  of  nonessentials,  4 — 852. 

COUNCIL  OF  STATE  BANKING  ASSOCIATIONS. 

Organization,  4 — 708. 

COUNSEL  OF  CAPITAL  ISSUES  COMMITTEE, 

4r— 73,  77. 

COUNSEL  OF  FEDERAL  RESERVE  BOARD. 

Argues  in  case  of  Bank,  etc.,  v.  Fellows,  involving 
fiduciary  powers,  in  United  States  Supreme  Court, 

3— 254. 

Digest  and  index  of  opinions,  January,  1917-May, 
1918,  4 — 571. 

Elliott,  M.  C. — 

Resigns  as  general  counsel,  5 — 201. 

Appointed  consulting  counsel,  5 — 201. 

Harrison,  G.  L.,  appointed  general  counsel,  5 — 201. 
Logan,  W.  S.,  appointed  general  counsel,  6 — 782. 

(See  Law  Department;  Opinions,  counsel.) 

COUNTING  MACHINES. 

Use  of,  deprecated  as  causing  abrasion  of  gold  coin, 

3 —  440. 

COUNTRIES. 

Allied.  (See  Allied  powers.) 

Belligerent — 

National  indebtedness,  3 — 10,  349,  351. 

Foreign  exchange  rates  on,  3 — 406;  4 — 837,  841 
1198,  1200;  5—1103;  6—1158. 

War  loans,  3 — 10,  349,  351. 

(See  War.) 

Enemy,  transfers  of  funds  to,  still  prohibited  except 
under  special  license  of  War  Trade  Board,  5 — 653. 
Neutral.  (See  Neutral  countries.) 

Public  debts.  (See  same.) 

Silver  standard,  foreign  exchange  rates  on,  3 — 406; 

4— 836,  1198  ;  6—50,  1161. 

War  debts.  (See  Public  debts.) 


COUNTRY  BANK  CLEARINGS. 

Federal  Reserve  Bank  of  Boston  takes  over  from 
Boston  Clearing  House,  New  England,  2 — 317; 
3—162. 

(See  Clearing  system,  Federal  Reserve.) 

COUNTRY  OF  ORIGIN. 

(See  Gold.) 

COUPON  DECLARATIONS. 

Ruling,  Foreign  Exchange  Division,  4 — 866. 

COUPON  RATE. 

(See  Discount  rates.) 

COUPONS. 

Farm  loan  banks.  (See  infra,  Federal  Reserve  Banks.) 
Federal  Reserve  Banks — 

Should  cash,  on  United  States  bonds,  without 
charge,  4 — 13. 

May  receive  deposits  from  farm  land  banks  for 
paying  coupons  on  farm  loan  bonds,  8 — 88L 
May  cash  coupons  of  farm  loan  and  joint-stock 
banks,  and  Federal  Reserve  Bank  of  New 
York  will  settle  for  them,  4 — 435. 

Foreign  owners.  Payment  of  coupons  for,  4 — 87. 
United  States  bonds.  Instructions  as  to  handling 
coupons  on,  3 — 938. 

COURT. 

(Nee  Clearing  system;  Par  clearings;  Fiduciary  powers.) 
COVER. 

(See  Federal  Reserve  notes;  Gold.) 

COVERING  OR  HEDGING. 

Of  foreign  discounts,  5 — 527. 

COX,  E.  H. 

Elected  Class  B  director,  Federal  Reserve  Bank  of 
San  Francisco,  3 — 8. 

CREDIT.  (See  Credits.) 

Agreement.  (See  Tax.) 

At  par.  (See  Clearing  system;  Immediate  credit.) 
Bank  credit,  6 — 775. 

(See  Resources  and  liabilities.) 

Banks,  Germany.  (See  Germany.) 

Barometrics,  5 — 229. 

Belgium  industrial,  5 — 309. 

Companies.  Notes  of,  not  eligible,  4 — 197. 

(See  Commercial  paper;  Finance  paper.) 

Conditions,  6 — 70,  1124. 

(See  Business  conditions;  Financial  conditions.) 
Conservation — 

Address  of  Secretary  of  Treasury  before  American 
Bankers  Association,  6 — 1125. 

Conference,  Federal  Advisory  Council  and  Fed¬ 
eral  Reserve  Board,  6 — 556,  566,  579. 
Discussion  of,  4 — 2,  249,  260,  486,  685,  802,  923, 
924,  1048;  6—113,  116,  118,  217,  221,  448, 
553,  555,  665,  774,  897,  1013,  1124. 

Council  of  National  Defense  on,  4 — 852. 

Exports,  reduction  of,  6 — 217. 

Extract  from  annual  report  of  Federal  Reserve 
Board  on,  6 — 223,  239. 

Federal  Advisory  Council,  recommendations, 
6—556. 

Federal  Reserve  Bank  of  New  York  on,  4 — 741 
935. 

Federal  Reserve  Board — 

Reply  to  Senate  resolution,  6 — 558,  582. 
Statement,  crop-moving  credits,  6 — 119.4. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


63 


C  R  E  D I T — Continued . 

Conservation — Continued . 

Liberty  loan  committee,  New  York,  on,  4 — 935. 
Loans  for  building  operations,  6 — 927. 

Loans  for  speculative  purposes,  6 — 342,  446,  554, 
665,  774,  897,  1012. 

Utah  bank  commissioner  on,  4 — 396. 

War  Industries  Board,  preferred  industries, 
4 — 931,  1078. 

Control,  6—665,  774. 

Deferred  credit.  ( See  Federal  Reserve  Banks.) 
Domestic  and  foreign  credit,  6 — 897. 

Expansion — 

Federal  Reserve  Board  on,  4 — 70,  79,  249,  928, 
1046;  6—774. 

Prices  and,  4 — 1048;  5 — 8,  102,  306,  409,  524,  614, 
699,  813,  913;  6—774. 

(See  Federal  Reserve  notes;  Inflation;  Prices.) 
Farmers — 

Increased,  to  farmers  by  Federal  Reserve  Banks 
and  member  banks,  6 — 1124. 

Needs  of.  Credit.  Department  of  Agriculture, 
3—937. 

Federal  Reserve  Banks.  Divulging  of  credit  informa¬ 
tion,  1 — 347. 

Federal  Reserve  Board.  Expansion  of  credit.  (See 
supra,  Expansion.) 

Files,  credit.  (See  City  banks.) 

Fiscal  year  1920,  6 — 665,  666,  669. 

Immediate.  (See  Federal  Reserve  Banks.) 

Inflation.  (See  same.) 

Information.  Divulging  of  credit,  1 — 347. 

I/ong-term  credit.  (See  Capital.) 

Outlook,  credit,  6 — 770. 

(See  Business  conditions.) 

Pavment  of  United  States  bonds  by,  3 — 578,  919; 
4—588;  5—100. 

Period  of  credit.  (See  Acceptances,  domestic;  Regu¬ 
lation  A,  1920.) 

Prices  and  credit,  5 — 911.  (See  Prices.) 

Rationing  of — 

Federal  Reserve  Agents  favor  campaign  for,  5 — 
1017. 

Miller,  Dr.  A.  C.  Address  on,  4 — 923. 

Release  of,  by  liquidation  of  holdings  of  United  States 
securities  and  war  paper,  is  being  absorbed  by 
speculation,  5 — 1027. 

Revolving  credits.  (See  Credits,  revolving.) 
Situation,  credit,  4 — 249;  5 — 814,  1110;  6 — 113,  116, 
118,  214,  217,  221,  341,  343,  346,  448,  553,  555,  655, 
774,  897,  1013,  1124. 

(See  Banking  conditions;  Business  conditions.) 
Statements,  credit — 

Duplication  of,  4 — 105. 

Form  of,  4 — 718,  720. 

(See  Commercial  paper,  statements.) 

System,  credit.  Of  Great  Britain  prior  to  and  since 
war,  5—117,  118. 

Transfers  of  credit.  Investigation  of,  by  President, 
3—853. 

(See  Federal  Reserve  Board;  President;  Secretary 
of  Treasury.) 

Travelers’  letters  of.  Ruling,  Foreign  Exchange 
Division,  4 — 973. 


CREDIT — Continued. 

(See  also  Capital;  Checks;  Federal  Reserve  notes; 
Letters  of  credit;  United  States  Revised  Statutes, 
section  5200.) 

CREDIT,  CURRENCY  AND  EXCHANGE  FLUCTU¬ 
ATIONS. 

International  Financial  Conference,  Brussels,  6 — 1282. 

CREDIT  LYONNAIS. 

Condition,  1914-1919,  6 — 1047. 

CREDIT  OR  REDEMPTION. 

Federal  Reserve  notes  returned  for.  (See  Federal 
Reserve  notes.) 

CREDITORS. 

Of  foreign  branches  of  national  banks  are  general  cred¬ 
itors  of  parent  bank,  3 — 198. 

(See  Foreign  branches.) 

CREDITS. 

Acceptance.  (See  Acceptances.) 

Allies.  To,  3—10,  424,  721,  731;  4—21,  279,  1057,  • 
1059,  1166;  5—33,  820,  845,  957,  1014;  6—688,  901. 
(See  Allied  powers.) 

Answers  to  inquiries  as  to,  1 — 346,  347. 

Argentina  to  Allies,  5 — 1048;  6 — 596. 

Bank.  (See  Bank  credits.) 

Bank  of  Spain — 

(See  Bank  of  Spain.) 

(See  infra,  United  States.) 

Canadian  short-term,  in  United  States,  3 — 603,  652. 
Canners,  credits  to.  Hoover,  4 — 607. 

Commercial,  3 — 878. 

(See  Clayton  Act.) 

Conservation  of.  (See  Conservation;  Credit  conser¬ 
vation.) 

Cotton  export,  5 — 554.  (See  Cotton.) 

Crop  moving,  6 — 1012,  1016,  1124. 

Definition  of,  trading  with  enemy  act,  3 — 851. 
European  demand  for,  5 — 1013. 

Expansion  of,  3 — 499. 

(See  Inflation.) 

Export.  (See  Edge  bill,  principal  heading;  Export 
credits.) 

Export  credit  plan,  English,  5 — 1012,  1046. 

Exports,  aid  to — 

Argentina,  5 — 1048. 

Canada,  5 — 1047. 

France,  5—1047. 

Italy,  5 — 1048. 

Spain,  5 — 1048. 

Uruguay,  5 — 1048. 

Farmer.  What  Federal  Reserve  Act  has  done  for, 
2—442. 

Farmers,  credits  to.  Federal  Reserve  Banks  and 
member  banks  have  given  greatly  increased, 
6—1124. 

Finishing  credits,  International  Financial  Confer¬ 
ence,  Brussels,  6 — 1291. 

Foreign  bank,  5 — 323. 

Foreign  countries,  to,  6 — 7, 114, 140,  214,  343,  562,  901. 
Hoover  on,  6 — 114,  140. 

Secretary  of  Treasury  on  6 — 137. 

Foreign  correspondents,  to,  5 — 323. 

Foreign  exchange  credits.  Ruling,  Foreign  Exchange 
Division,  4r— 973. 


64 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


CREDITS — Continued. 

Foreign  Government — 

Given  by  United  States.  ( See  supra,  Allies.) 
Discussion,  5—101,  522,  528,  611,  819,  1012,  1040, 
1046. 

Gov.  Harding  on,  2 — 587. 

Secretary  of  Treasury  on,  5 — 22. 

(See  Foreign  governments,  principal  heading.) 
Government  versus  private.  Financing  of,  5 — 611. 
Great  Britain — 

Export  credits  plan,  5 — 1012. 

Loan  in  United  States,  250  millions,  5 — 1014. 
Syndicate  for  purchase  of  notes  of,  5 — 101. 

( See  Great  Britain.) 

International  credits.  ( See  same.) 

International  Financial  Conference,  Brussels — 
Finishing  credits,  6 — 1291. 

Raw  materials  as  security,  6 — 1131. 

Italy,  United  States  credits  to,  5 — 845. 

(See  Italy;  United  States.) 

Long-term,  5 — 611,  614. 

Raw  materials  as  security  for,  6 — 1131. 

Revolving  credits.  (See  same.) 

Shifting  of,  6 — 1013. 

Surplus  account.  Credits  to,  5 — 26. 

United  States — 

Credits  given  to,  by — 

Argentina,  4 — 941. 

India,  4 — 941. 

Spanish  banks,  4 — 941. 

Switzerland,  4 — 942. 

Credits  granted  to  Allied  Powers.  (See  supra, 
Allies.) 

Warehoused  goods.  Ruling,  Foreign  Exchange  Di¬ 
vision,  4—1217. 

CROP  MOYING. 

Credits  for,  6— 1012,  1016,  1124. 

(See  infra,  Crops.) 

CROPS. 

Credits  for,  5—1012,  1016,  1124. 

Estimates.  (See  Department  of  Agriculture.) 

Federal  Reserve  Banks.  Government  deposits  in,  to 
move  crops,  1 — 259,  260,  301. 

Refused  by  three  Federal  Reserve  Banks,  1 — 302. 
Repaid,  2 — 371. 

Federal  Reserve  Board.  Resume  of  work  done  in 
moving,  2 — 442. 

Federal  Reserve  notes.  Increase  in,  for  moving  crops, 
5—912. 

Forecasts,  6—606,  696,  832,  943,  1062,  1175. 

France,  6 — 1074. 

Movement  of.  Reports,  1 — 180,  258,  259,  260,  301;  5 — 
11,  103,  204,  409,  522,  532,  620,  621,  737,  824,  852, 
962,  1053;  6—696,  832,  943,  1011,  1012,  1062. 

(See  Business  conditions.) 

Statistics  as  to,  &— 636,  737,  853,  962,  1053;  6—606, 
696,  832,  943,  1062,  1175. 

Sugar — 

Drafts  to  move  Cuban  sugar  held  eligible  for  ac¬ 
ceptance,  5 — 53. 

Loan  by  foreign  branch  of  a  national  bank  on 
security  of,  growing  sugar  crop  held  eligible, 
5—362. 

(See  Sugar.) 


CROPS — Continued. 

War  Finance  Corporation.  Loans  for  moving,  5 — 29. 
(See  Agricultural  products;  Business  conditions;  Com; 
Federal  Reserve  Agents;  Reports.) 

CROSS  TIES. 

(See  Acceptances,  Discounts  of.) 

CROWDER,  GEN. 

Deferred  classification  of  bank  clerks,  4 — 597. 

CRUDE  PETROLEUM. 

(See  Business  conditions;  Physical  volume  of  trade; 
Prices.) 

CUBA. 

Banks  of,  condition,  6 — 1164,  1166,  1167. 

Debt,  public,  6 — 1165. 

Economic  and  financial  conditions,  6 — 1162. 

Exports  and  imports,  6 — 1163. 

International  Banking  Corporation,  New  York,  Ea- 
bana  branch,  6 — 1167. 

Monetary  system,  6 — 1164. 

Moratorium,  6 — 1165. 

National  City  Bank,  New  York — 

Branch  in,  4 — 938. 

Condition,  1916-1920,  6—1167. 

Public  finance,  6 — 1165. 

Sugar  crop — 

Acceptances  to  move,  are  eligible,  5 — 53. 

Loans  by  foreign  branch  of  a  national  bank  on 
security  of  growing,  held  eligible,  5—362. 
Production,  5 — 1163, 

United  States — 

Government  and  other  loans  placed  in,  5 — 33; 
6—687. 

Loans  of,  to  Cuba,  4 — 279,  1059. 

CUMULATIVE  SINKING  FUND. 

Victory  loan  act,  5 — 226. 

CUNLIFFE,  LORD. 

Report,  British  Currency  Committee,  4 — 1178. 

(See  Great  Britain.) 

CURRENCY. 

Banks  of  issue,  leading.  (See  same.) 

British  commission.  Report,  4 — 1178. 

Canadian  banking  and,  5 — 1140,  1142. 

Changes  in,  6 — 6. 

Circulation.  (See  Money,  principal  heading.) 
Circulation  per  capita.  (See  Money.) 

Custody  of,  Federal  Reserve  Agent,  3 — 691. 

Demand.  Increased,  1 — 314. 

Emergency  currency.  (See  same,  principal  heading.) 
Expansion — 

Federal  Reserve  Board,  on,  4 — 486,  924,  1047. 
Federal  Reserve  notes  and,  5 — 699. 

League  of  Nations.  Table,  6 — 903. 

Less  than  supposed,  5 — 102. 

(See  Inflation,  principal  heading.) 

Export  of — 

Licenses,  4 — 23,  499,  501. 

Regulations,  3 — 736. 

Restrictions  abrogated  with  exceptions,  5 — 653. 
(See  American  Relief  Association;  Federal  Re¬ 
serve  Board;  Licenses;  Rubles;  Secretary  of 
Treasury;  Transfers  of  funds.) 

Federal  Reserve  notes  and  currency  expansion, 
5—699. 

(See  Federal  Reserve  notes.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


65 


CURRENCY — Continued. 

Foreign  countries,  6 — 6,  902,  909,  928. 

Foreign  exchange  transactions.  ( See  same.) 

German  Reichsbank.  ( See  same.) 

Great  Britain.  Depreciation  in,  6 — 6. 

(See  Great  Britain.) 

Hoarded.  Returned  to  banks,  6 — 102,  205,  616. 

India — 

Currency  conditions  in,  5 — 945. 

Currency  reform  in,  6 — 253,  1298. 

(See  India.) 

Inflation.  (See  Expansion,  principal  heading;  Infla¬ 
tion,  principal  heading.) 

Investigation  and  regulation.  Trading  with  enemy 
act,  3 — 853. 

League  of  Nations  on,  6 — 898,  901,  909. 

Mexican.  Changes  in,  5 — 32. 

Money  in  circulation.  (See  Money.) 

National -bank  currency.  Method  of  shipment  to 
United  States  Treasurer,  1 — 12. 

(See  National -bank  notes.) 

National-bank  notes.  Small  denominations  author¬ 
ized.  Act  of  October  5,  1917,  3—837. 

(See  National  bank  notes.) 

Paper  outstanding.  (See  Money.) 

Per  capita  circulation.  (See  Money.) 

Receipts  of.  (See  Branch  banks;  Operation.) 
Regulations.  Export.  (See  Coin.) 

Senate  resolution,  6 — 558,  582. 

Situation.  Analysis  by  League  of  Nations,  6 — 898, 
901,  903,  909. 

Tax.  No  tax  on  charges  for  shipments  when  charges 
fall  directly  on  Federal  Reserve  Banks,  4 — 1215. 

Transportation  chargee — 

Federal  Reserve  Banks  may  charge,  on  unfit 
currency  to  member  bank  depositing, 
2—115. 

Federal  Reserve  Bank  to  absorb,  on,  4 — 931, 
1093. 

Member  banks  can  ship,  at  expense  of  Federal 
Reserve  Banks  only  when  unable  to  provide 
items  to  offset  checks  from  or  on  account  of 
Federal  Reserve  Banks,  3 — 615. 

If  member  bank  ships  other  than  by  United 
States  mail  it  must  pay,  3 — 615. 
Transportation  of — 

Ruling,  Foreign  Exchange  Division,  4 — 1121. 
Cost.  Insurance  rates,  5 — 27,  133,  723. 

Unfit.  (See  supra,  Transportation  charges.) 

Volume.  Changes  in  volume  of,  not  responsible  for 
price  conditions,  5 — 699,  813,  913. 

(See  Money,  principal  heading.) 

(See  banks  of  the  various  nations,  by  name.) 

CURRENCY  AND  EXCHANGE. 

Resolution,  International  Financial  Conference, 
Brussels,  6 — 1284. 

CURRENCY,  CREDIT  AND  EXCHANGE  FLUC¬ 
TUATIONS. 

International  Financial  Conference,  Brussels,  6 — 1282. 

CURRENCY  LAW. 

New,  British  India,  6 — 253, 1298. 

CURRENCY  NOTES. 

Issued  by  Great  Britain,  3 — 11;  6 — 6,  843,  955,  1069, 
1070,  1199,  1312. 

37599°— 21- 


CURRENCY  REFORM  IN  INDIA. 

Report,  commission  on  Indian  exchange,  6 — 253, 1298. 

CURRENT  ASSETS,  3— S27,  949. 

(See  Commercial  paper;  Discounts.) 

CURRENT  EARNINGS. 

Charges  against,  2—12;  5 — 26. 

(See  Depreciation;  Earnings;  Federal  Reserve  notes; 
Organization  expenses.) 

CURRENT  EXPENDITURES. 

(See  Expenditures.) 

CURRENCY  EXPENSE  ACCOUNT. 

Charges  to,  5 — 26. 

Cost  of  Federal  Reserve  notes  chargeable  to,  5 — 135. 

CURRENT  EXPENSES. 

Earnings  and  expenses.  (See  Federal  Reserve  notes; 
Organization  expenses.) 

CURRENT  LIABILITIES,  3—527,  949. 

(See  Commercial  paper;  Public  service  corporations.) 

CURRENT  NET  EARNINGS. 

(See  Earnings  and  expenditures.) 

CURRENT  RATES  OF  EXCHANGE. 

(See  Foreign  exchange  rates.) 

CURTAILMENT. 

Loans,  4 — 935. 

Non  essentials,  4 — 2,  249,  260,  486,  685,  688,  802,  852, 
935,  1048. 

(See  Credit  conservation.) 

CUSTODY,  JOINT,  3—691. 

(See  Federal  Reserve  Agents.) 

CUSTOMERS’  PAPER. 

(See  Commercial  paper;  Commercial  rates;  Discount 
and  open  market  operations;  Federal  Reserve 
Bank  and  branch  cities;  Rediscounts,  Federal 
Reserve  Banks.) 

CUSTOMERS’  PAPER  SECURED  BY  WAR  OBLI¬ 
GATIONS. 

(See  War  paper;  Federal  Reserve  Bank  and  branch 
cities;  Discount  and  open-market  operations.) 

CUSTOMERS’  STATEMENTS,  DUPLICATE,  4—105. 
Ruling,  Foreign  Exchange  Division,  4 — 865,  866. 

CUSTOMS  TARIFF. 

Japan  enacts  a  new,  6 — 1319. 

CZECHOSLOVAKIA. 

Government  and  other  loans  placed  in  United  States, 
6—688. 

D. 

DAILY  CLEARINGS. 

Gold-settlement  fund,  4 — 591,  610. 

DAMAGES. 

(See  United  States  Railroad  Administration.) 

DARMSTADTER  BANK. 

Condition,  1914-1919,  6—1050. 

DATE  OF  CLOSING  BOOKS. 

December  31  advised  as  best,  for  closing  of  books,  but 
no  objection  to  June  30  to  conform  to  banking 
custom  in  district,  1 — 21 2. 

DATE  OF  MEMBERSHIP. 

Dates  from  issue  and  payment  of  stock  and  deposit  of 
required  reserves,  1 — 268. 

DAVIS,  W.  I. 

Death  of,  Class  C  director,  Atlanta,  2 — 309. 

DAYS  OF  GRACE. 

Sight  drafts  are  payable  when  presented,  without, 
4—109. 


5 


66 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


DEALERS. 

Foreign  exchange.  Regulations,  4 — 622. 

Retail.  ( See  Foreign  exchange;  Transfer  of  funds.) 

DEBIT  STATEMENTS,  MEMBER  BANK. 

(See  Clearing-house  debit  statements.) 

DEBITS  TO  INDIVIDUAL  ACCOUNT. 

(See  Clearing-house  debit  statements.) 

DEBT. 

Evidences  of.  (See  President;  Proclamation;  Uni¬ 
form  debt  policy.) 

Interest-bearing  debt.  (See  United  States.) 

United  States.  (See  Debts,  public.) 

DEBTS,  PUBLIC. 

(See  Public  debts.) 

DECIDUOUS  FRUITS. 

(See  Physical  volume  of  trade.) 

DECIMAL  SYSTEM. 

Report,  British  commission,  5 — 126. 

DECKER,  E.  W. 

Elected  Class  A  director,  Federal  Reserve  Bank  of 
Minneapolis,  3 — 8. 

DECLARATION. 

(See  War  Trade  Board.) 

DECLARATIONS. 

Canadian  bank.  Ruling,  Foreign  Exchange  Division, 

4 — 864. 

Coupon  and  dividend.  Ruling,  Foreign  Exchange 
Division,  4 — 866. 

Foreign  dividend  checks.  Ruling,  Foreign  Exchange 
Division,  4 — 1121. 

DECREASE  OF  CAPITAL. 

(See  National  banks.) 

DECREASE  OF  CAPITAL  STOCK. 

Federal  Reserve  Banks.  Regulation  I,  1920,  6 — 1187. 

DECREASE  OF  FEDERAL  RESERVE  NOTE  CIR¬ 
CULATION,  5—139. 

(See  Federal  Reserve  notes.) 

DECREASE  OF  GOVERNMENT  EXPENDITURES, 

5—189. 

DEDUCTIONS  FROM  ALLOTMENTS. 

(See  United  States  bonds.) 

DEDUCTIONS  FROM  GROSS  DEPOSITS. 

(See  Reserve  requirements.) 

DEED  OF  TRUST,  4—30. 

(See  Real  estate.) 

DEFENSE,  COUNCIL  OF  NATIONAL. 

(See  Council,  etc.) 

DEFERRED  CLASSIFICATION. 

Bank  clerks.  Draft  law,  3 — 591;  4 — 597. 

DEFERRED  CREDIT. 

(See  Federal  Reserve  Banks.) 

DEFICIENCY. 

(See  Earnings;  Federal  Reserve  notes.) 

DEFICIENT  RESERVES. 

Penalties  collected  for,  1 — 35;  2 — 314;  5 — 132. 
Federal  Reserve  Bank  can  not  refuse  payment  of 
draft  of  member  bank  because  of,  1 — 12. 

DEFINITIONS. 

(See  Construction.) 

DEFLATION. 

(See  Credit  expansion;  Inflation;  Liquidation.) 


DELACROIX,  M. 

International  bank  of  issue.  International  Financial 
Conference,  Brussels,  6 — 1281. 

DELANO,  F.  A. 

Speech,  Seattle,  September  8,  1915,  1 — 298. 

Visits  western  Federal  Reserve  Banks,  2 — 152. 

Visits  Federal  Reserve  Bank,  New  York,  2 — 309. 
Attends  governors’  conference,  Boston,  2 — 437. 
Appointed  on  Capital  Issues  Committee,  4 — 364. 
Resignation  of,  4 — 587,  697. 

Resolution,  Federal  Reserve  Board,  4 — 587. 
DELAWARE. 

National  banks.  Fiduciary  powers,  2 — 523. 

Act.  Fiduciary  powers  to  national  banks,  3 — 528. 
Acceptance  laws,  3 — 529. 

Reserves,  laws,  3 — 770. 

List,  State  member  banks,  4 — 92. 

Amendments  to  banking  laws,  5 — 743. 

Laws,  foreign  banking  corporations,  5 — 55. 

DELAY,  UNREASONABLE,  3—31;  4—109,  200,  1119. 
(See  Dividends;  Unreasonable  delay;  Unreasonable 
time.) 

DELIVERY, 

Trade  acceptances,  3 — 287. 

(See  Acceptances;  Tax.) 

DEMAND. 

(See  Business  readjustment;  Negotiability.) 

DEMAND  BILLS. 

Due  on  date  of  presentment  for  acceptance  within 
reasonable  time.  After  reasonable  time  become 
overdue  paper  subject  to  United  States  Revised 
Statutes,  section  5200,  as  promissory  note  of  ac¬ 
ceptor,  3 — 31. 

DEMAND  DEPOSITS. 

Certificates  of  deposit  for  60  days,  after  running  30 
days  become,  5 — 652,655. 

(See  New  York  Clearing  House  banks;  Savings  de¬ 
posits.) 

DEMAND  DRAFTS. 

Not  subject  to  stamp  tax,  4 — 31. 

(See  Federal  Reserve  Banks;  Sight  drafts.) 

DEMAND,  INCREASED. 

For  Federal  Reserve  notes,  1 — 314. 

DEMAND,  NOTICE  AND  PROTEST. 

Waiver  of,  does  not  affect  acceptor,  the  principal 
debtor,  1—277;  2—226. 

Circular  8,  1915,  1 — 41. 

DEMAND,  PAYABLE  ON,  3—930. 

(See  Commercial  paper;  Payable.) 

DEMOBILIZATION  OF  LABOR. 

Data  as  to  unemployment,  strikes,  etc.,  5 — 111,  112. 

DENMARK. 

Balance  of  trade,  1912-1917,  6—39. 

Central  banks.  Condition,  4 — 997,  1077. 

Exchange  on,  purchased  and  sold,  4 — 835. 

Financial  condition,  1914-1917,  4 — 383,  1064. 

Foreign  exchange  rates,  4—384. 

On  foreign  countries,  1914-1919,  6 — 41,  44. 

Gold  policy  and  foreign  commerce,  1914-1919,  6 — 35. 
Gold  reserves,  notes,  etc.,  1914-1920,  3 — 331;  4 — 268: 

6 — 488. 

Gold  reserves,  central,  1913-1920,  6 — 1296. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


67 


D  E  N  M  A  R  K — Continued . 

Handling  of  bills  of  exchange  in,  5 — 351. 

Loans  placed  in  United  States,  5 — 33. 

National  Bank,  Copenhagen,  4 — 384. 

Public  debt,  etc.,  1913-1918,  4—376,  384. 

Trade  balance,  1912-1917,  6 — 39. 

United  States,  Government  and  other  loans  placed  in, 
5—33;  6—688. 

(See Copenhagen;  Foreign  exchange;  Profits;  National 
Bank,  Copenhagen.) 

DENOMINATIONS. 

( See  Money.) 

DENVER. 

Branch,  Federal  Reserve  Bank  of  Kansas  City,  4 — 14. 
List  of  directors,  5 — 126;  6 — 61. 

Employees,  5 — 779. 

DEPARTMENT  OF  AGRICULTURE. 

Credit  needs  of  farmers,  3 — 937. 

Cotton  warehouse  loans,  4 — 1094. 

Effect  of  war  on  real  wealth  of  United  States,  5 — 635. 
Farm  credit  statements,  4 — 718. 

Farm  products  as  bank  security,  4 — 404. 

Farmers,  direct  loans  to,  by  Treasury  and,  4 — 807,  829. 
Financing  of  grain,  4 — 711. 

Warehouse  requirements,  farm  products,  4 — 404. 

(See  Crop  statistics;  Secretary  of  Agriculture.) 

DEPARTMENT  OF  AGRICULTURE  AND  TREAS¬ 
URY. 

Direct  advances  to  farmers  for  crop  loans,  4 — 807,  829. 

DEPARTMENT  OF  COMMERCE. 

After-war  finance,  4 — 1086. 

Export  licenses,  list,  3 — 582,  584. 

Prices,  stabilization  of.  Industrial  Board,  5 — 196, 
246,  341,  344. 

DEPARTMENT  OF  INTERIOR. 

Report  of  gold  committee  to,  5 — 124. 

DEPARTMENT  OF  LABOR. 

To  Capital  Issues  Committee  on  labor  situation, 
4—265. 

Index  numbers  to  be  furnished  to  Federal  Reserve 
Board,  4 — 810. 

DEPARTMENT  OF  TREASURY. 

(See  Secretary  of  Treasury.) 

DEPARTMENT  STORES. 

Net  sales,  6 — 1258. 

DEPOSIT  ACCOUNTS. 

Substantial  competition,  3 — 878. 

(See  Clayton  Act,  test;  Clearing-house  debit  state¬ 
ments;  Deposits.) 

DEPOSIT,  CERTIFICATE  OF. 

For  60  days,  after  running  30  days,  becomes  a  demand 
deposit,  5 — 652,  655. 

Form  of,  6 — 495. 

Time,  6—1065,  1183. 

(See  Certificate  of  deposit;  Demand  deposit;  Savings 
Accounts;  Time  certificates  of  deposit.) 

DEPOSIT  LIABILITIES,  FEDERAL  RESERVE 
BANKS. 

(See  Resources  and  liabilities;  Deposits.) 

DEPOSIT  OF  SECURITIES. 

(See  Fiduciary  powers.) 


DEPOSITARIES,  GOVERNMENT. 

(See  Government  depositaries.) 

DEPOSITARIES,  PUBLIC. 

For  Indian  funds,  2 — 266. 

(See  Rediscounts.) 

DEPOSITOR. 

(See  Nonmember  depositor.) 

DEPOSITORS,  FOREIGN. 

Withdrawal  of  deposits  by,  3 — 154,  155. 

Returned,  3 — 154;  5 — 102,  205,  616. 

DEPOSITS. 

Act,  June  12,  1916.  Deposits  of  gold  bullion  and 
foreign  gold  coin  for  United  States  gold  certifi¬ 
cates,  2 — 311. 

Argentine  banks,  4 — 739. 

Austro-Hungarian  Bank,  1918,  5 — 197. 

Balances  due  foreign  banks  are  individual  and  not 
bank  deposits  under  section  19,  5 — 963. 

Bank  deposits — 

Government  does  not  contemplate  confiscation 
of,  3—931. 

Growth  of,  may  be  largely  a  measure  of  the  ex¬ 
tent  of  abuse  of  banking  facilities,  5 — 323. 

Interest  on,  1—394;  4^-160,  161,  252,  285,  290, 
690,  806. 

(See  Conferences;  Interest.) 

Bank  of  England — 

1919,  5—197. 

1914-1919,  5—463,  648,  849,  1200. 

1914-1920,  6—334,  485,  488,  893,  1070,  1199. 
Bank  of  France — 

1919,  5—197. 

1914-1919,  5—463,  648,  849,  1200. 

1914-1920,  6—334,  485,  487,  893,  1073,  1203,  1313. 
Bank  of  Italy,  1914-1919,5-^63,  648, 849, 1200;  6 — 488. 
Bank  of  Japan,  1914-1919,  5 — 463,  649,  849,  1201;  6 — 
1077. 

Bank  of  Java,  1914-1919,  5 — 464,  649,  1201. 

Bank  of  Naples,  1900-1918,  5 — 140;  6 — 488. 

Bank  of  Netherlands,  1914-1919,  5 — 649,  849,  1201; 
6—336,  894. 

Bank  of  Norway,  1914-1919,  5—648,  849,  1200;  6—45. 
Bank  of  Roumania,  1915-1919,  5 — 1201. 

Bank  of  Sicily,  5 — 140;  6 — 488. 

Bank  of  Spain,  1914-1919,  5—649,  849,  1201;  6—335, 
895. 

Bank  of  Sweden,  1914-1919,  5 — 648,  1200;  6 — 45. 
Bank  of  Switzerland,  1914-1919,  5 — 849,  1201. 

Banks  of  issue,  leading,  2 — 659;  3 — 234,  329,  500,  681, 
942;  4—243,  267,  269,  375,  996,  1057,  1167;  5— 
140,  197,  463,  648,  649,  849,  1008,  1200;  6—483, 
487,  488,  909,  1044,  1047,  1049,  1295. 

Buenos  Aires  banks,  5 — 639. 

Canadian  chartered  banks,  5 — 1141,  1147. 

Certificate  of,  issued  for  60  days,  after  running  30 
days,  becomes  a  demand  deposit,  5 — 652,  655. 
Chart — 

Deposits  of  all  banks,  1900-1914,  1 — 234  ;  2 — 266; 
3—849;  5 — 67. 

Federal  Reserve  banks.  Investments — 

1915,  1916,  3—56;  4—770. 

1918,  5 — 67,  773. 

Circulation,  deposits  to  retire.  (See  National  banks, 
principal  heading.) 


68 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


DEPOSITS — Continued. 

Clearing  deposits,  nonmember  banks,  3 — 850. 

Demand  deposits — 

Certificates  of  deposit  for  60  days,  after  running 
30  days,  become,  5 — 652,  655. 

Definition,  6 — 1182. 

Discount  rates,  Federal  Reserve  Bank.  Interest 
allowed  by  member  banks  on  bank  deposits  to 
be  fixed,  with  relation  to,  4 — 806. 

(See  Interest.) 

Emergency  Fleet  Corporation.  Deposits  of,  are  not 
Government  deposits  and  require  reserves, 
5—1054. 

European  central  banks,  (See  supra,  Banks  of  issue, 
leading). 

Excess  deposits.  (See  same.) 

Federal  land  banks.  Federal  Reserve  Banks  can 
receive  deposits  from,  only  for  exchange  or  collec¬ 
tion  or  for  payment  of  coupons,  3 — 379,  881. 
Federal  Reserve  Banks — 

Capital  and  reserve  deposits,  2 — 98. 

Deposits,  3 — 847,  850. 

Member  trust  company  from  savings  department, 
5—654. 

Fiscal  year,  1920,  6—664,  724,  725. 

Net  deposits — 

1917,  4—130. 

1918,  4—769;  5—65,  136,  769. 

1919,  6—146,  724. 

1914-1919,  5—774. 

Unfit  currency.  May  refuse  to  receive  deposits  of, 
other  than  Federal  Reserve  notes,  made  by 
member  banks  to  save  expense  of  shipment  to 
Washington  for  redemption,  2 — 115. 

Federal  Reserve  Board — 

Has  no  plan  in  contemplation  for  guaranty  of, 
1—51. 

Resolution  against,  4 — 595. 

Will  assist  savings  banks  in  case  of  withdrawal  of, 
3—498. 

Federal  Reserve  notes.  Deposits  of  gold  or  lawful 
money  with  Federal  Reserve  Agent  in  reduction 
of  liability  upon,  1 — 273. 

Foreign  bank  balances  are  individual,  rather  than 
bank  deposits  under  section  19,  5 — 963. 

Foreign  banks.  Member  banks  not  limited  to  10  per 
cent,  etc.,  under  section  19  as  to  deposits  in  for¬ 
eign  banks,  5 — 1054. 

Foreign  depositors — 

Withdrawal  of  deposits  by,  3 — 154,  155. 

Ceased,  3—340  ;  5—102,  205,  616. 

Foreign  gold  coin.  Gold  certificates  against.  Act  of 
June  12,  1916,  2—311. 

France.  Note  circulation  and,  6 — 218,  667. 

(See  France.) 

German  Reichsbank,  1917-1919,  5 — 197,  848. 
Government  deposits — 

No  reserve  necessary  against,  by  national  banks, 
3-458. 

To  be  deducted,  except  postal  savings  deposits, 
in  computation  of  reserves,  3 — 692. 

Member  banks,  1918,  4 — 665. 

New  York  banks,  1918,  4 — 665. 

(See  Government  deposits.) 

Great  Britain.  Note  circulation  and,  6 — 218,  667. 

(See  Great  Britain.) 


DEPOSITS— Continued. 

Guaranty  of — 

Federal  Reserve  Board  has  no  plan  for,  in  contem¬ 
plation,  1 — 51. 

Federal  Reserve  Board.  Resolution  against,  4 — • 
595. 

Federal  Advisory  Council  opposes,  4 — 490. 
National  banks  can  not  join  Nebraska  system  of, 
1-409. 

National  banks  can  contract  for  insurance  of, 
1—29. 

Individual  deposits — 

1863-1915,  2—266. 

1914-1916,  2—222,  223,  328,  376,  506. 

June  30,  1916,  and  March  5,  1917,  3 — 372,  500. 
June  30,  1914,  and  March  5,  1917,  3 — 372,  500. 

1913- 1920,  4—337,  502,  664,  665;  5—782;  6— 
726,  727,  728. 

(See  infra,  Member  banks;  National  banks.) 
Balances  due  foreign  banks  are,  and  not  bank  de¬ 
deposits  under  section  19,  5 — 963. 

Loan  and  trust  companies,  1900-1914,  1 — 235. 
National  and  member  banks,  1914-1920,  6 — 726, 
728. 

Interest  on.  (See  Interest;  Bank  deposits.) 

Italy,  6—218. 

London  Economist.  Bank  deposits  to-day  are  meas¬ 
ure  of  abuse  of  British  banldng  system,  5 — 323. 
Member  bankB — 

1918,  4—664,  665. 

1914- 1920,  6—726,  727,  728. 

Net  deposits,  1918,  4 — 665. 

Not  bound  by  10  per  cent  limitation  of  section  19 
as  to  deposits  in  foreign  banks,  5 — 1054. 
Member  trust  company — 

Deposits  from  savings  department  in  Federal 
Reserve  Banks,  5 — 1156. 

(See  National  banks.) 

Minimum  deposit  of  United  States  bonds.  ( See  United 
States  bonds.) 

National  banks — 

1910-1916,  2—376,  506. 

1917,  3—372. 

1913- 1918,  4—337,  502. 

1914- 1920,  6—726,  727,  728. 

Net  deposits,  1917-1919,  5—782. 

Can  not  join  Nebraska  guaranty  system,  1 — 409. 
Can  contract  with  guaranty  company  for  insurance 
of,  1—29. 

With  nonmember  banks,  1 — 126. 

Securities  given  to  trust  department  of,  to  secure 
trust  funds,  deposited  in  commercial  depart¬ 
ment,  5 — 1156. 

Time  deposits,  1914-1919,  5—781,  782;  6—726,  728. 
With  foreign  banks.  (See  supra,  Foreign  bank 
balances.) 

(See  also  Individual  and  bank  deposits;  Member 
banks.) 

Net  deposits — 

Federal  Reserve  Banks — 

1917,  4—130. 

1918,  4—769;  5—65,  136,  769. 

1914-1919,  5—774. 

1919,  6—146,  724. 

Fiscal  year  1920,  6 — 724,  725. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


69 


D  E  PO  SITS — Continued . 

Net  deposits — Continued. 

Member  banks,  1918,  4 — 665  ;  6 — 726,  727,  728. 
National  banks,  1917-1919,  2—376,  506;  3—372; 
4—337,  502;  6—128,  782;  6—726,  727,  728. 
New  York  banks,  1918,  4 — 665. 

New  York  Clearing  House.  Members  of,  1917,  3 — 653. 
Nonmember  banks — 

Clearing  deposits,  1917,  8 — 850. 

Of  national  banks  with,  1 — 126. 

Postal  funds  in,  2 — 331. 

Receivable  for  reserve.  Kinds  of  money,  3 — 661. 
Nonresident  aliens.  ( See  Tax.) 

Note  circulation  and.  France,  Great  Britain,  and 
United  States,  6 — 218,  667. 

Pennsylvania  escheat  law,  does  not  apply  to  deposits 
in  national  banks,  2 — 115. 

[Attorney  General  of  United  States,  contra.  Opin¬ 
ion  rendered  in  1920.] 

Postal  savings — 

Are  time  deposits  and  subject  to  reserve  require¬ 
ments,  3 — 692. 

Reserve  on,  1 — 274,  409;  2 — 331. 

( See  Reserve  requirements.) 

Public  moneys,  4 — 22,  23,  494. 

Reserves  against.  Section  19.  Balances  due  foreign 
banks  are  individual  and  not  bank,  5 — 963. 
Savings  accounts — 

Presentation  of  pass  book,  2 — 168,  534,  611. 
Regulation  D,  1920,  6 — 1183. 

When  not  time  deposits,  2 — 168,  211. 

Savings  banks.  Federal  Reserve  Board  will  assist  in 
case  of  withdrawal  of,  3 — 497. 

Savings  department  of  member  trust  company.  De¬ 
posits  from,  in  Federal  Reserve  Banks,  5 — 1156. 
Secretary  of  Treasury.  Government  will  not  confis¬ 
cate  individual  bank  deposits,  3 — 931. 

Section  19,  Federal  Reserve  Act.  ( See  Foreign  bank 
balances;  Foreign  banks.) 

Securities,  deposit  of.  ( See  Fiduciary  powers.) 

Time  deposits — 

Member  banks,  1914-1920,  6—726,  727,  728. 
National  banks — 

1914-1919,  6—781,  782. 

1914-1920,  6—726,  728. 

Regulation  D,  1920,  6—1182. 

When  not,  but  savings  accounts,  2 — 168,  211. 
Time  deposits  and  savings  accounts,  2 — 168,  534,  611 . 
Regulation  D,  2 — 534. 

Regulation  D,  1920,  6 — 1182. 

Trust  company  member  bank.  Deposits  from  savings 
department  in  Federal  Reserve  Banks,  5 — 1156. 

Trustee  funds,  1 — 125. 

Unfit  currency,  2 — 115. 

United  States.  Gross  deposits  and  note  circulation, 
6—667. 

United  States  Shipping  Board.  Deposits  of,  are  not 
Government  deposits  and  require  reserves,  5 — 
1054. 

Withdrawal  of,  by  foreign  depositors,  3 — 134,  155. 

Returned,  6 — 102,  205,  616. 

(See  also  Bank  deposits;  Clayton  act;  Comptroller  of 
Currency;  Coupons;  Federal  farm  loan  banks; 
Federal  Reserve  Bank  statements;  Federal  Re¬ 
serve  Banks;  Gold  settlement  fund;  Government 


DEPOSITS — Continued. 

deposits;  Guaranty  of  deposits;  Harding,  Gov.; 
Hoarding;  Interest;  National  banks;  Net  depos¬ 
its;  New  York  Clearing  House  Banks;  New  York 
laws;  Opinions,  Attorney  General;  Opinions,  coun¬ 
sel;  Postal  savings;  Resources  and  liabilities;  Re¬ 
serve  deposits;  Savings  accounts;  Savings  depos¬ 
its;  State  banks.) 

DEPOSITS,  ADVANCES  AND  DISCOUNTS. 

Argentine  banks,  1914-1919,  6 — 599. 

DEPRECIATION. 

American  dollar  in  Spain,  reasons  for,  5 — 1038,  1039. 
Charge — 

Alterations,  5 — 130. 

Bank  premises,  6 — 26. 

Equipment,  6 — 130. 

Furniture,  2 — 12;  5 — 130. 

United  States  bonds,  5 — 26. 

DEPUTY  CHAIRMAN,  FEDERAL  RESERVE 
BANKS. 

One-year  term,  4 — 13. 

List  of,  4 — 14. 

DEPUTY  FEDERAL  RESERVE  AGENTS. 

Amendment  to  abolish  title,  3—100. 

Favored  by  Federal  Advisory  Council,  3 — 107. 
Compensation  of,  1 — 362. 

Designated  for  one  year  only,  2 — 51;  4 — 13. 

Hackney,  W.,  Federal  Reserve  Bank  of  Boston,  3 — 7. 
Moncure,  J.  A.,  Federal  Reserve  Bank  of  Richmond, 
3—7. 

National  bank  examiners  in  future  not  to  be  ap¬ 
pointed  as,  2 — 2. 

Newsome,  W.  B.,  Federal  Reserve  Bank  of  Dallas, 

2— 107. 

Term,  one  year,  2 — 51;  4 — 13. 

Thompson,  H.  B.,  Federal  Reserve  Bank  of  Phila¬ 
delphia,  2 — 509;  3 — 7. 

Treadway,  L.  H.,  Federal  Reserve  Bank  of  Cleveland, 

3— 7. 

DESCRIPTION  OF  FEDERAL  RESERVE  DIS¬ 
TRICTS. 

Counties,  population,  etc.,  3 — 668. 

DESIGNATION,  REQUIREMENTS  FOR. 

As  reserve  cities,  1 — 49;  3 — 921. 

(See  same.) 

DESIGNATIONS,  YEARLY. 

For  Federal  Reserve  Agents  and  deputies,  2 — 51. 

DESTINATION. 

Change  from  foreign  to  domestic,  2 — 12. 

(See  Acceptances.) 

DETROIT. 

Branch  of  Federal  Reserve  Bank  of  Chicago,  4 — 10,256. 
Directors,  6 — 126;  6 — 61. 

Employees,  5 — 778. 

DEUTSCHE  BANK. 

Condition  statement — 

1913- 1918,  5—736. 

1914- 1919,  B— 1049. 

Dividends,  1913-1918,  5—736. 

(See  Germany.) 

DEVELOPMENT. 

Acceptances.  (See  same.) 

Discount  market,  4 — 259. 

(See  Production.) 


70 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


DEVICE. 

( See  Acceptances,  domestic.) 

DIFFERENTIAE. 

In  favor  of  member  bank  acceptances,  3 — 28. 

DIGEST,  INDEX. 

Federal  Reserve  Act.  C.  S.  Hamlin,  1 — 15  (first 
edition);  3 — 826;  4 — 1  (second  edition). 

Opinions  of  counsel,  rulings  of  Federal  Reserve 
Board,  January  1,  1917-May  1,  1918,  4—571. 

Rulings,  Foreign  Exchange  Division,  4 — 864. 

Warehouse  laws  of  States,  1 — 260. 

DIRECT  ADVANCES  TO  FARMERS,  CANNERS, 
LIVE-STOCK  RAISERS,  ETC.,  4—807,  829,  830. 

(See  Collateral  notes;  Department  of  Agriculture; 
Department  of  Agriculture  and  Treasury;  Farm 
loans;  War  Finance  Corporation.) 

DIRECT  ADVANCES  TO  MEMBER  BANKS. 

Warrants  not  eligible  as  security,  2 — 609. 

(See  Indorsement;  Member  bank’s  collateral  notes.) 

DIRECT  DISCOUNT. 

(See  Discount.)  t 

DIRECT  DISCOUNTS. 

Federal  Reserve  Banks  can  not  discount  directly  for 
individuals,  3 — 457. 

DIRECT  LIABILITY.  (See  Acceptances;  Guaranty.) 

DIRECT  LOANS. 

National  banks  may  make,  on  security  of  farm  lands, 
and  may  purchase  or  discount  such  loans,  under 
section  24,  Federal  Reserve  Act,  2 — 120. 

DIRECT  OBLIGATION. 

Of  member  bank  ineligible  for  rediscount,  1 — 72. 

(Law  amended  later.  See  Member  bank  collateral 

notes.) 

DIRECT  OBLIGATIONS,  NONMEMBER  BANKS. 

Indorsed  by  member  banks  and  secured  by  Govern¬ 
ment  obligations  is  eligible.  Circular  letters, 
3—426,  430,  509,  579. 

Rediscount  of,  permitted  until  July  15,  1907,  3 — 126, 
430,  509. 

Privilege  extended,  3 — 579. 

Savings  banks.  Same  privilege,  3 — 426,  429,  579. 

Note  of,  used  in  purchasing  United  States  bonds  or 
securities  eligible  when  indorsed  and  offered  by 
a  member  bank,  3 — 509. 

(See  Stamp  tax.) 

(See  Nonmember  banks.) 

DIRECTOR  GENERAL  OF  RAILROADS. 

Notes,  secured  by  certificates  issued  by,  not  subject 
to  stamp  tax  if  par  value  of  certificates  is  not  less 
than  amount  of  note,  5 — 566. 

(See  Stamp  tax.) 

(See  Railroads.) 

directors. 

Act  September  26,  1918.  Change  in  method  of  group¬ 
ing,  4—947,  950. 

Allen,  P.  R.,  Class  C,  Boston,  4 — 695,  817. 

Annual  elections,  1 — 211;  2 — 2,  670;  4 — 5;  6 — 60, 
61,  159,  782. 

Baltimore  branch,  5 — 126;  6 — 61. 

Benedict,  C.  H.,  Class  C,  Minneapolis,  5 — 821. 

Birmingham  branch,  5 — 126;  6 — 61. 

Branch  banks.  List,  4 — 14,  596,  817;  5 — 126,  127, 
530,  619,  705,  919;  6—61. 


DIRECTORS — Continued. 

Brodhead,  J.  D.,  Class  C,  Philadelphia,  2 — 509. 
Bruce,  Howard,  Class  C,  Richmond,  4 — 491. 

Buffalo  branch,  5 — 530. 

Cincinnati  branch,  5 — 530;  6 — 61. 

Circulars — 

National-bank  examiners,  2 — 2. 

Political  or  public  office,  2 — 2,  16;  6 — 10. 

Class  A — 

Must  be  resident  of  district,  2 — 607. 

Resident  of  part  of  Connecticut  transferred  to 
New  York  not  eligible  for,  of  Boston,  2 — 607. 
Financial  conference  with  Federal  Reserve 
Board,  6 — 566. 

Recommendation  to  Interstate  Commerce  Com¬ 
mission  and  Shipping  Board,  6 — 581. 

Class  A  and  B — 

Election,  3—7,  742;  4L-14,  695;  5—25,  26;  6—60. 
Instructions,  3 — 742. 

Class  B  and  C — 

Election,  2 — 3,  52;  6 — 60. 

Class  C — 

Appointment  of,  2 — 1,  3,  51,  52;  3 — 7,  742,  743; 

4—13,  14,  491;  5—25;  6—60. 

Executive  committee.  May  serve  on,  1 — -211. 
Mutual  savings  bank.  Can  not  be  director  of,  5 — 53. 
Classification — 

Three  groups,  2—670;  4—1055,  1092. 
Reclassification,  4 — 1055,  1092. 

Clayton  Act.  Interpretation  of.  (See  Clayton  Act.) 
Davis,  W.  J.,  Class  C,  New  Orleans,  2 — 309. 

Denver  branch,  5 — 126;  6 — 61. 

Detroit  branch,  5 — 126;  6 — 61. 

El  Paso  branch,  5 — 126;  6 — 61. 

Election  of,  1—211,  360,  365,  407;  2—3,  52,  510,  597; 
3—7,  290;  4—5,  14,  695,  1055,  1092;  5—25,  26, 
53,  127,  530,  619,  705;  6—10,  61,  159,  782. 

(See  Polls.) 

Eligibility — 

May  serve  out  term  when  district  lines  changed, 
1—103. 

Holding  political  or  public  office,  2 — 2. 

National  bank  examiner — 

Hereafter  not  eligible  for  Federal  Reserve 
Agent  or  deputy,  2 — 2. 

Present  designations  to  be  changed  after  Jan¬ 
uary  1,  1916,  2—2. 

Officers  and  employees,  annual  election,  2 — 2. 
Federal  Advisory  Council,  members  not  eligible 
for,  2—3. 

Class  G,  eligible  for  executive  committee,  2 — 65. 
Resident  of  part  of  Connecticut  transferred  to 
Boston  not  eligible  for  Class  C,  Boston,  2 — 607. 
Class  C  director  can  not  be  director  of  mutual 
savings  bank,  5 — 53. 

Examiners’  reports  of  Federal  Reserve  Banks  to  be 
read  and  checked  by,  2 — 206. 

Executive  committee.  Class  A,  eligible  for,  2 — 65. 
Expiration  of  term.  Can  not  hold  over,  3 — 290. 
Federal  Advisory  Council.  Members  of,  not  eligible 
for,  2 — 3. 

Fees  of.  National  banks,  2 — 514;  5 — 132,  253. 
Financial  conference  of  Class  A  with  Federal  Reserve 
Board,  6 — 566. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


71 


DIRECTORS — Continued.  - 
Forms,  election,  1 — 360. 

Grouping  of,  2—670;  4—1055,  1092. 

Guaranty  or  indorsement  of.  Federal  Reserve  Banks 
may  require,  2 — 66. 

Hardy,  C.,  Class  C,  Richmond,  2 — 153. 

Holding  over.  No,  after  expiration  of  term,  3 — 290. 
Houston  branch,  5 — 619;  6 — 61. 

Indorsement  of  discounted  paper  by.  Federal  Reserve 
Banks  may  require,  2 — 66. 

Instructions.  Election  of,  2 — 3,  52,  510,  597;  3 — 742. 

Act  September  26,  1918,  4—947,  950. 

Jacksonville  branch,  4 — 596;  5 — 126;  6 — 61. 

Lightcut,  H.  B.,  Class  B,  New  Orleans  branch,  2 — 438. 
List  of  expiring  terms,  1916,  2 — 5J0. 

Little  Rock,  Ark.,  branch,  5 — 126;  6 — 61. 

Loan  to,  section  22,  3 — 614,  694,  763,  929. 

( See  Section  22.) 

Los  Angeles  branch,  6 — 60,  61. 

Louisville  branch,  5 — 126;  6 — 61. 

Mandatory.  Appointment  of  officer  to  vote,  6 — 1178. 
Martinez,  F.,  Class  C,  Dallas,  death  of,  2 — 152. 
McCormick,  V.,  Class  C,  Philadelphia,  resignation  of, 
2—309. 

Memphis  branch,  4 — 817;  5 — 126;  6—61. 

Meredith,  E.  C.,  Class  C,  Chicago.  Resignation  of,  2 — 
372. 

Metcalf,  J.,  Class  C,  Boston,  4 — 817. 

Mutual  savings  banks.  Director  of,  not  eligible  for 
Class  C,  5 — 53. 

Nashville  branch,  5 — 126,  919;  6 — 61. 

National  bank  examiners  not  eligible  hereafter  for 
Federal  Reserve  Agent  or  deputy,  2 — 2. 

New  Orleans  branch,  5 — 127,  705;  6 — 61. 

Newsome,  W.  B.,  Deputy  Federal  Reserve  Agent, 
Dallas,  2 — 107. 

Nominations  for,  are  optional,  6 — 1178. 

Norris,  G.  W.,  Class  C,  Philadelphia,  resignation,  2 — 
438. 

Oklahoma  branch,  6 — 159,  782. 

Omaha  branch,  5 — 127;  6 — 61. 

One-year  terms,  4 — 31. 

Optional.  Nomination  of  director,  6 — 1178. 

Pittsburg  branch,  5 — 127,  705;  6 — 61. 

Political  office.  Holding  of,  2 — 2,  16;  6 — 101 
Polls.  Closing  of.  Vote  of  member  bank  to  be  counted 
if  certificate  filed  at  any  time  before,  4 — 1215. 
Polls,  opening  of,  5 — 961;  6 — 1178. 

Portland,  Oreg.,  branch  bank,  5 — 127;  6 — 61. 
Procter,  W.  C.  Resigns  from  Cincinnati  branch, 
6—10. 

Public  office.  Holding  of,  2 — 2,  16. 

Qualifications  of,  1 — 103. 

Reclassification  of,  groups,  4 — 1055,  1092. 
Recommendations  of  Class  A,  to  Interstate  Commerce 
Commission  and  Shipping  Board,  6 — 581. 

Salt  Lake  City  branch,  5 — 127 ;  6 — 61. 

Seattle  branch,  5 — 127;  6 — 61. 

Spokane  branch,  5 — 127;  6 — 61. 

Term.  Expiration  of.  Can  not  hold  over,  3 — 290. 
Term,  expiring,  1918,  4 — 1092. 

Term.  One-year,  4 — 31. 

Thompson,  H.  B.,  Class  C,  Philadelphia,  2 — 509. 


DIRECTORS — Continued. 

Vote  for.  Banks  must  appoint  officer  to  vote  for  6— 
1178. 

Votes  for.  (See  Election.) 

Wooten,  H.  O.,  Class  C,  Dallas,  2 — 205. 

(See  also  Clayton  Act;  Federal  Advisory  Council;  Ten¬ 
ure  of  office.) 

DIRECTORS,  NATIONAL  BANK. 

Assent  to  loans  to,  section  22,  3 — 614. 

Fees  of,  2—514;  5—132,  253. 

Loans  to,  section  22,  3 — 614,  694,  763,  929. 

(See  section  22,  Federal  Reserve  Act.) 

Oaths  of.  Proposed  bill  requiring,  4 — 421. 
Qualifications  of.  Bill,  4 — 433. 

Removal.  Bill  providing  for,  of,  for  violation  of 
law,  4 — 419,  420. 

Resolution  of,  3 — 614. 

DIRECTORS,  WAR  FINANCE  CORPORATION. 

Appointment  of,  4 — 364. 

Statement  by,  4 — 496. 

(See  War  Finance  Corporation.) 

DISAPPROVALS. 

(See  Capital  Issues  Committee.) 

DISBURSEMENTS. 

Federal  Reserve  Banks.  (See  Receipts  and  disburse¬ 
ments.) 

Federal  Reserve  Board.  (See  Earnings  and  expenses.) 
Fiscal  agency,  2—671;  5—130,  134,  723,  777;  6—135, 
726,  830. 

DISCONTO-GESELLSCHAFT  BANK. 

Condition,  1913-1919,  5—736;  6—1049. 

DISCOUNT,  DISCOUNTS  (see  also,  Discount  rates). 
Acceptances — 

Indorsed  by  member  banks  of  other  districts  are 
eligible,  1 — 98. 

Export.  (See  Acceptances.) 

Regulation  A,  1920.  (See  same.) 

Act,  September  24,  1918,  4 — 1055  ;  5 — 1055. 

Act,  March  3,  1919 — 

Modifying  10  per  cent  limitation  of  section  13.  Ex¬ 
pires  December  31,  1920,  5 — 1055. 

Act,  October  22,  1919,  modifies  United  States  Revised 
Statutes,  section  5200,  as  to,  by  national  banks; 
does  not  affect  discount  power  of  Federal  Reserve 
Banks,  5—1055,  1056. 

Actually  existing  values.  (See  Acceptances;  Actually 
existing  values.) 

Actually  owned.  Paper.  (See  Acceptances;  Actually 
owned.) 

Agricultural  paper.  Limitation  on,  1 — 72;  2 — 67. 
Alaska.  (See  same.) 

Bill  of  lading  drafts.  (See  Acceptances,  principal 
heading.) 

Canal  Zone.  (See  same.) 

Certificates  of  participation  not  eligible,  3 — 949. 
Classes,  sizes,  maturities.  (See  Discount  and  open- 
market  operations,  principal  heading.) 
Classification.  Discounts  of  member  State  banks  and 
trust  companies,  4 — 796,  798,  800,  917,  920;  5 — 
187,  296,  298,  406,  520,  1007;  6—444,  766,  1107. 
(See  Discount  and  open-market  operations,  princi¬ 
pal  heading.) 

Commercial  paper  actually  owned.  (See  Acceptances; 
Actually  owned.) 


72 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


DISCOUNT,  DISCOUNTS— Continued. 

Computation  of — 

Based  on  maturity  at  time  of  discount  and  not 
upon  agreement  to  repurchase,  2 — 461. 

For  income  tax,  6 — 249. 

Method  of,  1—74;  2—272, 456, 461;  3—951;  5—249. 
Continental  United  States.  (See  same.) 

Corporation.  Discount,  New  York.  Policy  and  pur¬ 
poses,  5 — 114. 

Direct  discount.  Federal  Reserve  Banks  can  discount 
only,  through  member  banks,  2 — 112,  679. 
Eligible  paper.  No  obligation  to  discount,  6 — 1301. 
Equity  exchange  paper.  Eligibility  of,  3 — 379. 

Farm  land.  National  bank  may  discount  note 
secured  by,  whenever  payable,  if  maturing  within 
five  years,  2 — 226. 

Federal  Reserve  Board.  Discount  policy,  3 — 76;  4 — 
1175;  6 — 558,  582. 

(See  Federal  Reserve  Board.) 

Finance  paper,  not  eligible,  4 — 197,  1120;  5 — 1054; 
6—162,  609,  1176. 

(See  Cotton  factor;  Finance  paper. 

Fixed.  (See  Acceptances,  trade.) 

Good  faith.  Drawn  in.  (See  Acceptances;  Actually 
existing  values.) 

Government  obligations.  Discounts  secured  by. 

(See  Discount  rates;  War  paper.) 

Guaranty  or  indorsement  of  directors.  Federal  Re¬ 
serve  Banks  may  require,  2 — 66. 

Hawaii.  (See  same.) 

Joint-stock  land  bank.  (See  same.) 

Limitation  on.  The  10  per  cent  limitation  of  section 
13  is  onlv  limitation  on  Federal  Reserve  Banks, 
3—287;  4—1120;  5—1055. 

(See  Ten  per  cent  limitation.) 

Member  bank — 

Note  of,  not  eligible,  1 — 72. 

Law  changed.  (See  Member  bank  collateral 
notes.) 

Note  of,  for  90  days  secured  by  Government  bonds, 
rediscounted  by  another  member  bank  is  eli¬ 
gible,  4 — 863. 

(See  Member  bank  collateral  notes.) 

Mortgage  loans.  National  banks  may  discount  notes 
secured  by,  if  maturing  within  required  time  and 
otherwise  eligible,  2 — 679. 

Nonmember  banks — 

Note  of,  offered  by  a  member  bank  not  eligible 
if  intended  as  a  loan  to,  otherwise  may  be 
eligible,  1 — 213. 

Paper  of,  when  secured  by  Government  obliga¬ 
tions  and  indorsed  by  member  bank  is 
eligible,  3—426,  429. 

(See  Liberty  loans;  Rediscounts.) 

Note  of,  for  dealing  in  United  States  obligations. 

Eligible  if  indorsed  by  member  bank,  4 — 743. 
Note  offered  and  indorsed  by  member  bank 
containing  an  indorsement  without  recourse 
of  a,  is  eligible,  4 — 745. 

(See  Nonmember  banks.) 

Obligation.  No,  to  discount  even  eligible  paper,  6 — 
1301  at  1303. 

Open  discount  market.  Development  of,  by  accep¬ 
tances,  4 — -259 ;  5 — 106. 

(See  Acceptances.) 

Open-market  operations.  (See  same.) 


DISCOUNT,  DISCOUNTS— Continued. 

Open-market  operations.  Discount  and.  (See  Dis¬ 
count  and  open-market  operations,  principal 
heading.) 

Own  acceptances.  Discount  of.  (See  Acceptances.) 
Philippines.  (See  same.) 

Policy  of  Federal  Reserve  Board,  3 — 76;  5 — 910,  1011 
6—239. 

Porto  Rico.  (See  same.) 

Power.  Federal  Reserve  Banks  not  affected  by  act 
of  October  22,  1919,  amending  United  State. 
Revised  Statutes,  section  5200,  5 — 1055. 

Public  service  corporation — 

Notes  of,  which  can  not  be  liquidated  out  of 
current  assets  are  really  for  capital  purposes 
and  not  eligible,  3 — 949. 

Notes  of,  for  supplies,  etc.,  are  eligible  if  proper 
proportion  shown  between  cash  accounts 
receivable  and  current  liabilities,  3 — 527,  949. 
Purchases  at  a  discount.  (See  United  States  bonds.) 
Rebate  of,  1—308,  388;  2—461. 

Renewal  notes.  (See  Acceptances;  Renewal  notes.) 
Savings  banks.  Notes  of,  secured  by  Liberty  bonds 
and  indorsed  by  member  bank  are  eligible,  3 — 
426,  429. 

Section  13.  (See  Ten  per  cent  limitation,  section  13.) 
Territorial,  United  States.  (See  same.) 

United  States  Revised  Statutes,  section  5200.  ( See 
Ten  per  cent  limitation;  United  States  Revised 
Statutes,  section  5200.) 

Virgin  Islands.  (See  same.) 

War  Department  vouchers.  Eligible  paper  secured 
by,  is  eligible,  3 — 288. 

War  Savings  stamps — 

Notes  secured  by,  not  eligible,  4 — 637. 

(See  also  Acceptances,  trade;  Federal  Reserve 
Act,  section  13;  Federal  Reserve  Banks; 
Rediscounts.) 

DISCOUNT  AND  INTEREST  RATES,  COMMER¬ 
CIAL. 

Federal  Reserve  Bank  and  branch  cities,  4 — 812,  1016, 
1106,  1209;  6—74,  154,  265,  376,  482,  577,  667,  750, 
792,  1065,  1162;  6—72,  172,  286,  396,  514,  622,  713, 
852,  967,  1085,  1215,  1329. 

DISCOUNT  AND  OPEN-MARKET  OPERATIONS. 

Volume  1,  1914-1915 — 

Acceptance  business,  development  of,  1 — 52. 

Acceptances — 

By  classes  of  accepting  institutions.  Hold¬ 
ings,  each  week,  1 — 53,  84,  169,  292,  338, 
385,  426. 

By  classes  of  acceptors,  sizes.  Holdings,  each 
week,  1—54,  84,  169,  292,  338,  385,  426. 
Distribution  of.  (See  supra,  By  classes.) 
Holdings  of,  Fridays,  1—54,  84,  169,  293,  338, 
385,  426. 

Maturities — 

February  19,  1915-October  31,  1915,  1— 
293,  339,  387,  427. 

Trade  acceptances,  1 — 424. 

Member  bank,  nonmember  bank,  private 
bank,  State  banks  and  trust  companies, 
1—53,  84,  169,  292,  338,  385,  426. 
Purchased  February  19,  1915  (first  purchase), 
to  October  31, 1915,  1—293,  339,  387,  427. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


73 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  1,  1914-1915 — Continued. 

Acceptances — Continued . 

Sizes.  ( See  supra,  By  classes.) 

Trade  acceptances,  discounts,  1 — 424. 
Bankers’  acceptances.  ( See  supra,  Acceptances.) 
Commercial  paper  (exclusive  of  acceptances) — 
Discounts — 

September  8,  1915  (first  discount),  to 
October  31,  1915,  1—425. 

Sizes  and  percentages,  1 — 166,  243,  289, 
335,  382,  422. 

States  and  maturities,  1 — 167,  243,  289, 
335,  382,422. 

Holdings,  last  Fridays,  maturities,  1 — 245, 
292,  337,  384,  425. 

Maturities.  ( See  supra,  Discounts,  States 
and  maturities;  Holdings,  last  Fridays, 
maturities.) 

Sizes.  (See  supra,  Discounts,  sizes  and  per¬ 
centages.) 

States.  (See  supra,  Discounts,  States  and 
maturities.) 

Commodity  paper,  discounts,  September  8,  1915 
(first  discount),  to  October  31,  1915,  1 — 425. 
Development  of  acceptance  business,  1 — 52. 
Discounts — 

(See  supra,  Commercial  paper,  discounts.) 
(-See  infra.  Trade  acceptances,  discounts.) 
Holdings.  (See  supra,  Acceptance,  holdings; 

Commercial  paper,  holdings.) 

Maturities.  (See  supra,  Acceptances,  holdings; 
Commercial  paper,  holdings;  AVarrants,  pur¬ 
chases,  maturities.) 

Member  bank  acceptances.  (See  supra,  Accep¬ 
tances,  member  bank.) 

Nonmember  bank  acceptances.  (See  supra, 
Acceptances,  nonmember  bank.) 

Purchases  of  acceptances.  (See  supra,  Accept¬ 
ances,  purchased.) 

Sizes.  (See  supra,  Acceptances,  by  classes  of 
acceptors;  Commercial  paper,  discounts, 
sizes,  and  percentages.) 

State  banks  and  trust  companies.  Acceptances, 
1—53,  84,  292,  338,  385,  426. 

States.  (See  supra,  Commercial  paper,  discounts; 
States  and  maturities.) 

Total  investment  operations,  1 — 221,  268,  360, 
365,  406. 

Trade  acceptances,  discounts,  1 — 424. 

Trust  companies.  (See  supra,  State  banks  and 
trust  companies.) 

Volume  2,  1916 — 

Acceptances — 

Classes  of  accepting  institutions,  holdings, 
2 — 44,  91,  141,  194,  249,  29S,  361,  423, 
496,  576,  644,  717. 

Classes  of  accepting  institutions  and  sizes, 
holdings,  2—44,  91,  195. 

Holdings,  Fridays,  maturities,  2 — 44,  92, 
141,  194,  249,  298,  361,  423,  496,  576, 
645,  717.  (See  also  supra,  Classes,  etc.) 
Purchased — 

Classes  of  accepting  institutions  and  sizes, 
2—142,  250,  299,  362,  424. 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  2,  1916 — Continued. 

Acceptances — Continued. 

Purchased — Continued. 

Maturities,  2 — 45,  92,  141,  195,  250,  299, 
362,  424,  497,  577,  645,  718. 

Sizes,  2 — 497,  577,  646,  719. 

Bankers’  foreign  trade  acceptances.  (See  supra, 
Acceptances.) 

Commercial  paper  (exclusive  of  acceptances) — 
Discounts,  sizes  and  percentages,  2 — 40,  87, 
137,  190,  245,  294,  357,  419,  492,  572,  640, 
712. 

Holdings,  last  Friday,  maturities,  2 — 43,  91, 
140,  193,  248,  297,  360,  422,  495,  575,  644, 
716. 

States  and  maturities,  2 — 40,  88,  138,  191, 
246,  294,  357,  419,  493,  573,  641,  713. 

Commodity  paper — 

By  classes,  2—43,  90,  140,  193,  248,  297,  360, 
422,  495,  575,  643,  715. 

Discounts,  2—43,  90,  140,  193,  248,  297,  360, 
422,  495,  575,  643,  715. 

Foreign  trade  acceptances.  (See  Acceptances.) 
Holdings.  (See  supra.  Acceptances;  Classes  of 
accepting  institutions;  Classes  of  accepting 
institutions  and  sizes;  Holdings,  Fridays, 
maturities;  Commercial  paper,  holdings.) 

Maturities.  (See  supra,  Acceptances,  holdings, 
Fridays,  maturities;  Acceptances  purchased, 
maturities;  Commercial  paper,  holdings, 
last  Friday,  maturities;  States  and  maturi¬ 
ties;  Trade  acceptances.) 

Member  banks.  (See  supra,  Acceptances,  classes 
of  accepting  institutions;  Acceptances,  classes 
of  accepting  institutions  and  sizes;  Accept¬ 
ances  purchased,  classes  of  accepting  institu¬ 
tions,  and  sizes;  Commercial  paper;  Com¬ 
modity  paper.) 

Member  banks  collateral  notes,  discounts,  2—643, 
715. 

Municipal  warrants.  (See  infra,  Warrants.) 
Private  banks.  (See  supra,  Acceptances,  classes 
of  accepting  institutions;  Acceptances,  classes 
of  accepting  institutions  and  sizes.) 
Purchased .  (See  su  pra,  Acceptances ,  purchased . ) 
Short-term  investments.  (See  infra,  Warrants.) 
Sizes.  (See  supra,  Acceptances,  classes  of  accept¬ 
ing  institutions  and  sizes;  Commercial  paper, 
discounts,  sizes,  and  percentages.) 

State  banks  and  trust  companies.  (See  supra, 
Acceptances,  classes  of  accepting  institu¬ 
tions;  Acceptances,  classes  of  accepting  in¬ 
stitutions  and  sizes.) 

States.  Commercial  paper  by.  (See  supra,  Com¬ 
mercial  paper,  States  and  maturities.) 

Total  investment  operations,  2 — 196,  251,  300, 
363,  425,  498,  578,  647,  719. 

Trade  acceptances — 

Discounts,  maturities,  2 — 42,  90,  140,  193, 
248,  297,  359,  422,  495,  575,  643,  715. 

Purchases,  2 — 142,  195, 196,  250,  299,  300,  361, 
362,  363,  424,  498,  576,  647,  719. 

United  States  bonds,  2 — 196,  251,  300,  363,  425, 
498,  579,  647,  648,  719. 


74 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  2,  1916 — Continued. 

United  States  2  per  cent  bonds  converted  into  30- 
year  3  per  cent  bonds  and  1-year  3  per  cent 
gold  notes,  2 — 300,  647,  649. 

United  States  3  per  cent  bonds,  2  per  cent  bonds 
converted  into,  2 — 300,  647,  649. 

United  States  1-year  gold  notes,  2  per  cent  bonds 
converted  into,  2 — 300,  579,  647,  649,  719. 
United  States  Treasury  certificates,  2 — 300.  363, 
425,  498,  579,  647,  648,  719. 

Warrants,  purchases,  maturities,  2 — 196,  251,  300, 
363,  425,  498,  578,  646,  647,  718,  719. 

Volume  3,  1917 — 

Acceptances — 

Classes  of  acceptance  institutions,  3 — 63,  141, 
222,  487,  566,  641,  816,  906,  979. 
Purchases  of,  3—64,  65, 142, 143,  223,  321,  415, 
487,  490,  569,  641,  642,  719,  721,  815,  819, 
909,  982. 

Sizes,  3—65,  143,  222,  318,  411,  487,  565,  641, 
717,  815,  905,  978. 

Agricultural  paper,  3 — 638,  814,  902,  978. 
Bankers’  acceptances,  3 — 66,  144,  225,  321,  415, 
487,  490,  565,  569,  641,  644,  717,  718,  721,  813, 
819,  905,  909,  978,  982. 

Bills  discounted,  3—642,  644,  719,  814,  902,  903. 
(See  Commercial  paper;  Total  investment  op¬ 
erations.) 

Commercial  paper — 

Classes,  3—415,  486,  565,  637,  638,  716,  721, 
814,  902,  977,  978. 

Maturities.  ( See  infra,  same.) 

Sizes,  3—58,  136,  221,  317,  408,  486,  564,  637, 
716,  813,  901,  977. 

States  and  maturities,  3 — 59,  136,  409. 
Commodity  paper,  discounts  and  classes,  3 — 61, 
139,  221,  317,  408,  486,  565,  637,  716,  814,  902, 
977. 

Conversion  operations,  3 — 224,  415,  416,  644,  721, 
909. 

(See  United  States  bonds.) 

Foreign  bank  branches  and  agencies.  Accept¬ 
ances,  3—487,  566,  718,  816,  906,  979. 
Holdings,  Federal  Reserve  Banks — 

Acceptances,  3 — 63,  64,  141,  222,  224,  319, 
320,  412,  414,  486,  568,  643,  487,  489,  718, 
720. 

Agricultural  paper,  3 — 486,  565,  638,  962. 
Bankers’  acceptances.  (See  Acceptances.) 
Commercial  paper,  3 — 62,  140,  221,  223,  224, 
225,  319,  320,  413,  414,  486,  488,  489,  565, 
567,  568,  638,  643,  717,  719,  720,  814,  816, 
817,  902,  903,  907,  908,  978,  981. 
Discounts,  3—62,  140,  221,  317,  408,  414,  486, 
720,  817. 

Live-stock  paper,  3 — 486,  565,  638,  902. 
Member  banks’  collateral  notes,  3 — 221,  317, 
408,  486,  565,  638,  717,  814,  902,  982. 
Trade  acceptances,  3 — 566. 

United  States  bonds,  3 — 66, 144,  644,  721,  909, 
982. 

Warrants,  3—720,  817;  3—65,  143. 

United  States  one*year  gold  notes,  3 — 66,  144, 
644,  721,  909,  982. 

Live-stock  paper,  3 — 638,  814,  902,  978. 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  3,  1917 — Continued. 

Maturities — 

Acceptances,  3 — 64,  141,  223,  224,  319,  320, 
413,  487,  488,  489,  566,  567,  568,  642,  643, 
718,  719,  720,  816,  907,  908,  980,  981. 
Bills  discounted,  3 — 66,  144,  225,  319,  321, 
415,  488,  489,  566,  567,  568,  569,  642,  643, 
718,  719,  720,  721,  816,  819,  903,  906,  907, 
908,  909,  979,  980,  981,  982. 

Commercial  paper,  3 — 59,  62,  136,  140,  409, 
411,  413,  639. 

Member  bank  collateral  notes,  3 — 61, 139,  221, 
317,  408,  486,  565,  637,  638,  639,  716,  717, 
814,  902,  903,  977,  978. 

Member  banks — 

Number  of,  3 — 639. 

Number  accommodated,  3 — 639. 
Nonmember  banks,  acceptances,  3 — 487, 
566,  718,  816,  906,  979. 

Private  banks,  acceptances,  3 — 487,  566,  718, 
816,  906,  979. 

Resources  and  liabilities,  3 — 67,  145,  226, 
332,  416,  491,  576,  645,  722,  820,  910,  983. 
United  States  bonds.  (See  United  States 
bonds,  infra.) 

United  States  one-year  gold  notes.  (See 
same,  infra.) 

United  States  Treasury  certificates.  (See 
same,  infra.) 

Warrants,  3—65,  143,  223,  319,  320,  567,  568, 
642,  643,  719,  720,  816,  907,  908,  980,  981. 

States.  Commercial  paper  by,  3 — 59,  146,  409. 

Total  investment  operations,  3 — 66,  144,  225,  321, 
415,  490,  569,  644,  721,  815,  909,  982. 

Trade  acceptances,  3—  61,  66,  139,  144,  221,  225, 
317,  321,  415,  486,  487,  490,  565,  566,  569,  637, 
641,  644,  717,  718,  721,  814,  815,  816,  819, 
902,  905,  906,  909,  977,  978,  979,  982. 

United  States  bonds,  3 — 66,  144,  224,  225,  321, 
415,  416,  490,  569,  644,  721,  819,  909,  982. 

United  States  one-year  gold  notes,  3 — 66,  144, 
224,  225,  321,  415,  416,  490,  569,  644,  721, 
819,  909,  982. 

United  States  securities.  (See  United  States  bonds, 
supra.) 

United  States  Treasury  certificates,  3 — 415,  490, 
644,  819,  909,  982. 

Warrants,  3  —65,  143,  144,  223,  225,  319,  321,  414, 
415,  489,  490,  569,  642,  644,  719,  721,  819, 
909,  982. 

Volume  4,  1918 — 

Acceptances.  Classes  of  accepting  institutions, 
4—54,  138,  230,  343,  464,  554,  669,  788,  898, 
1025,  1026,  1146,  1244. 

Acceptances,  purchases,  4: — 54,  55,  56,  138,  130, 
230,  343,  464  ,  554,  669,  778,  898,  1025,  1026, 
1146. 

Agricultural  paper,  4—53,  135,  229,  342,  463,  552, 
668,  776,  897,  1024,  1146,  1244. 

Average  rates,  bills  discounted,  4 — 553,  668,  777, 
897,  1024,  1145,  1243. 

Bankers’  acceptances,  4 — 141,  233,  346,  466,  557, 
671,  781. 

(See  Rediscounts  and  sales.) 

Bills  discounted,  4 — 53,  55,  56,  135,  136,  139,  140, 
141,  229,  233,  342,  346,  463,  466,  552,  553,  557, 
667,  668,  671,  776,  781,  896,  1024,  1144,  1242. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


75 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  4,  1918 — Continued. 

Commodity  paper,  4 — 53. 

( See  Bills  discounted;  Rediscounts.) 

Foreign  bank  branches  and  agencies,  acceptances 
»  of,  held  bv  Federal  Reserve  Banks,  4 — 54, 
138,  230,  343,  464,  554,  669,  778,  898,  1025, 
1026,  1146,  1244. 

Holdings.  ( See  supra,  Average  rates;  Bills  dis¬ 
counted.) 

Live-stock  paper,  4 — 53,  135,  229,  342,  463,  552, 
668,  776,  897,  1024,  1146,  1244. 

Maturities — 

Bills  discounted;  acceptances  purchased; 
warrants,  4—55,  56,  136,  139,  140,  231, 
232,  343,  344,  464,  465,  555,  556,  669,  670, 
779,  780,  899,  900,  1026,  1027. 

United  States  bonds  and  securities,  4 — 57, 
346,  467,  557,  672,  781,  901,  1029. 
Maturity,  average.  ( See  supra,  Average  rates.) 
Member  bank  collateral  notes,  4 — 53,  135,  229. 
342,  463,  552,  667,  668,  766,  896,  897,  1023, 
1024,  1143,  1144,  1145,  1146,  1241,  1243,  1244. 
Member  banks — 

Number,  4 — 52,  136. 

Number  accommodated,  4 — 52,  136,  552,  667, 
776,  1023,  1143,  1241. 

Member  banks.  Acceptances  of.  Purchased  by 
Federal  Reserve  Banks,  4 — 54,  138  ,  230,  343, 
464,  554,  669,  778,  898,  1025,  1026,  1146. 
Private  banks.  Acceptances  of.  Purchased  by 
Federal  Reserve  Banks,  4 — 54,  138,  230,  343, 
464,  554,  669,  778,  898,  1025,  1026,  1146. 
Rates.  Average.  ( See  supra,  Average  rates.) 
Rediscounts,  Federal  Reserve  Banks  with  other 
Federal  Reserve  Banks,  4 — 778,  1147. 
Rediscounts  and  sales  of  acceptances,  among 
Federal  Reserve  Banks,  4 — 777,  1147. 
Resources  and  liabilities,  4 — 58,  141,  234,  347, 
468,  559,  673,  782,  902,  1030,  1148,  1245. 

Total  investment  operations,  4 — 57,  141,  233,  346, 
466,  557,  671,  781,  901,  1028,  1242. 

Trade  acceptances,  4 — 53,  54,  135,  138,  141.  229, 
230,  233,  342,  343,  346,  463,  464,  466,  552,  554, 
557,  667,  668,  669,  671,  776,  778,  781,  896,  897, 
898,  1024, 1025, 1026,  1145,  1146,  1243,  1244. 
United  States  bonds  and  securities,  4 — 57,  141, 
233,  346,  466,  557,  671,  781,  1242. 

United  States  Liberty  bonds — 

Purchases  under  15-day  repurchase  agree¬ 
ments,  4 — 345,  466,  557,  671. 

Security  for  paper,  4 — 53,  135,  229,  342,  463, 
552,  667,  776,  896,  1024,  1144,  1145,  1243. 
United  States  one-year  gold  notes,  4—57, 141,  233, 
346,  467,  557,  672,  781,  901,  1029. 

United  States  Treasury  certificates,  4 — 57  ,  233, 
463,  467,  552,  557,  667,  672,  776,  781,  896,  901, 
1024,  1029,  1144,  1145,  1242,  1243. 

Purchase  under  repurchase  agreements,  4 — 229. 
342,  345,  466,  557,  671. 

Warrants,  4—55,  56,  139,  141,  233,  346,  466,  557, 
671,  781. 

Volume  5,  1919 — 

Acceptances — 

Classes  of  accepting  institutions,  5 — 87,  281, 
392,  497,  593,  684,  795,  885,  991,  1086, 
1184. 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  5,  1919 — Continued. 

Acceptances — Continued. 

Purchases  of,  5 — 165,  279,  389,  493,  496,  590, 
681,  793,  882,  988,  1082,  1083,  1181. 
Rates,  5 — 685,  990. 

Agricultural  paper,  5 — 86,  281,  391,  496,  592,  683, 
794,  885,  991,  1085,  1184. 

Average  earnings,  5 — 84,  85,  166,  280,  281,  390, 
494,  591,  682,  792,  883,  988,  1083,  1182. 

(See  Average  rates.) 

Average  holdings,  5 — 84,  85,  166,  280,  281,  390, 
494,  591,  682,  792,  883,  988,  990,  1083,  1182. 
Average  maturities.  (See  Average  holdings.) 
Average  rates,  5 — 84,  85,  166,  280,  281,  389,  390, 
392,  494,  591,  6S1,  682,  684,  792,  883,  988,  990, 
1083,  1084,  1182.. 

Bankers’  acceptances,  5 — 84,  85,  165,  280,  281, 
390,  391,  494,  495,  496,  591,  592,  682,  683,  792, 

793,  794,  883,  884,  885,  989,  991,  1083,  1084, 
1085,  1183,  1184. 

Bills  discounted,  5 — 84,  85,  86,  165,  279,  280,  281, 

389,  391,  493,  496,  500,  592,  681,  683,  882,  885, 

988,  989,  991,  1082,  1083,  1085,  1181,  1183, 
1184. 

Earning  assets.  (See  Average  holdings;  Holdings.) 
Earnings.  (See  Average  earnings.) 

Finance  bills,  5—281,  301,  495,  592,  683,  793,  884, 

989,  1084,  1183. 

Foreign  bank  branches  and  agencies,  acceptances 
of,  purchased  by  Federal  Reserve  Banks,  5 — 
87,  281,  392,  497,  593,  684,  991,  1184. 
Holdings.  (See  Average  earnings.) 

Live-stock  paper,  5 — 86,  281,  391,  496,  592,  683, 

794,  885,  991,  1085,  1184. 

Maturities,  average.  (See  Average  maturities.) 
Maturity,  bills  discounted;  acceptances;  war¬ 
rants,  5 — 496,  990,  1084. 

Member  bank  collateral  notes,  5—85,  86,  280,  281, 

390,  391,  494,  496,  591,  592,  682,  683,  792,  794, 
884,  885,  989,  991,  1083,  1085,  1183,  1184. 

Member  banks,  number  of,  and  number  accom¬ 
modated,  5—84,  165,  279,  388,  492,  589,  680, 
782,  882,  987,  1081,  1181. 

Nonmember  banks,  acceptances  of,  purchased  by 
Federal  Reserve  Banks,  5 — 87,  281,  392,  497, 
593,  684,  991,  1184. 

Private  banks,  acceptances  of,  purchased  by  Fed¬ 
eral  Reserve  Banks,  5 — 87,  281,  392,  497,  593, 
684,  991,  1184. 

Rates.  (See  Average  rates.) 

Rediscounts  and  sales  between  Federal  Reserve 
Banks,  5—170,  171,  495,  687,  794,  1085. 
Resources  and  liabilities,  5 — 87, 172,  282,  393, 497, 
595,  797,  890,  994,  1089,  1187. 

Total  investment  operations,  5 — 84,  165,  279,  389, 
493,  590,  680,  790,  883,  988,  1082,  1181. 

Trade  acceptances,  5 — 84,  85,  86,  87, 165,  280,  281, 
389,  390,  392,  493,  494,  495,  496,  497,  590,  591, 
592,  593,  681,  682,  683,  684,  792,  793,  794,  8S2, 
884,  885,  988,  989,  991,  1083,  1084,  1085,  1183, 
1184. 

United  States  bonds  and  securities,  5 — 84,  165, 
279,  389,  390,  493,  494,  590,  591,  681,  682,  792, 
883,  988,  989,  1082,  1083,  1181,  1182. 

United  States  one-year  gold  notes,  5 — 84, 165,  279, 
389,  493,  590,  681,  792,  883,  988,  1082,  1181. 


76 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  5,  1919 — Continued. 

United  States  Treasury  certificates,  5 — 84,  165, 
279,  389,  493,  590,  681,  792,  883,  988,  1082, 
1181. 

United  States  Victory  notes,  6 — 883,  988,  1082, 
1181 

United  States  war  obligations.  ( See  War  paper.) 
War  paper.  5—86,  280,  281,  390,  391,  494,  496, 
591,  592,  682,  683,  792,  794,  884,  885,  989, 
991,  1083,  1085,  1183,  1184. 

Warrants,  5—84,  85,  165,  279  ,  389  ,  493,  590,  681, 
882,  883,  988,  989,  1082,  1083,  1181,  1182. 
Volume  6,  1920 — 

Acceptances — 

Held  each  month,  by  accepting  institutions, 
6—93,  193,  307,  416,  532,  642,  741,  873, 
985,  1102,  1233,  1348. 

Purchased — 

Maturities,  three  months’  period,  6 — 191, 
530,  870,  1231. 

Rates  of  discount,  three  months’  period, 
6—92,  414,  742,  1104. 

Each  month,  6 — 91,  93,  191,  193  ,  306, 
413,  415,  530,  532,  641,  642,  740,  741, 
870,  873,  984,  985,  1101,  1102,  1231, 
1233,  1349. 

Agricultural  and  live-stock  paper  held  each 
month,  6—93,  193,  307,  415,  532,  641,  741, 

872,  985,  1102,  1233,  1349. 

Bankers’  acceptances.  (See  supra,  Acceptances, 
held  each  month.) 

Bills  discounted — 

Maturities,  three  months’  period,  6 — 191, 
530,  870,  1231. 

Rates  of  discount,  three  months’  period,  6 — 
91,  413,  742,  1103. 

Total  each  month,  6 — 90,  192,  306,  412,  530, 
641,  740,  870,  984,  1101,  1231,  1340. 

Chart,  rediscounts  between  Federal  Reserve 
Banks,  6—1042. 

Customers’  paper,  secured  by,  Government  obliga¬ 
tions,  6—90,  191,  306,  412,  530,  640,  740,  870, 
984,  1101,  1231,  1348. 

Dollar  exchange  bills,  purchased  each  month, 
6—91,  191,  306,  413,  530,  641,  740,  870,  984, 
1101,  1231,  1349. 

Earning  assets  held  each  month,  6 — 90,  190,  305, 
412,  529,  640,  739  ,  864,  983,  1100,  1230,  1348. 
Fiscal  year  1920,  6—723,  725. 

Earnings  from  earning  assets,  6 — 90, 190,  305,  412, 
529,  640,  740,  869,  983,  1101,  1230,  1348. 
Foreign  banks  and  branches.  Holdings  of  accept¬ 
ances  of,  6—93,  193,  307  ,  416,  532,  642,  741, 

873,  985,  1102,  1233,  1349. 

Live-stock  paper.  ( See  supra.  Agricultural  and 
live-stock  paper.) 

Maturities.  (See  supra,  A-ceeptances.) 

Member  banks.  Number  discounting,  6 — 89,  189, 
304,  411,  528  ,  639,  738,  868,  982,  1099,  1299. 
1346. 

Member  banks  collateral  notes.  Holdings,  6 — 93, 
193,  307,  415,  532,  641,  741,  872,  985,  1102, 
1233,  1349. 

Municipal  warrants.  (See  infra,  Warrants.) 
Nonmember  banks.  ( See  supra,  Acceptances.) 
Private  banks.  ( See  supra,  Acceptances.) 


DISCOUNT  AND  OPEN-MARKET  OPERATIONS— 

Continued. 

Volume  6,  1920 — Continued. 

Rediscounts — 

Between  Federal  Reserve  Banks,  6 — 192 
531,  871,  1014,  1232. 

Fiscal  year  1920,  6 — 730,  1041. 

Sales  of  acceptances.  ( See  supra,  Rediscounts.) 
Total  investment  operations,  6 — 89,  189,  305,  412, 
529,  640,  739,  869,  983,  1100,  1230,  1347. 

Trade  acceptances,  6 — 90,  191,  306,  412,  530,  641, 
740,  870,  1102,  1231,  1349. 

United  States  securities.  ( See  supra,  Total 

investment  operations.) 

United  States  Treasury  certificates.  ( See  supra, 
Total  investment  operations.) 

United  States  Victory  notes.  (See  supra,  Total 
investment  operations.) 

War  paper — 

Discounted,  6 — 90,  191,  306,  412,  530,  641, 
665,  741,  870,  984,  1101,  1231,  1348. 
Holdings,  6—93,  193,  307,  415,  532,  641,  741, 
872,  985,  1102,  1233,  1349. 

Warrants.  (See  supra,  Total  investment  opera¬ 
tions.) 

DISCOUNT  COMPANIES,  4—695. 

DISCOUNT  CORPORATION,  NEW  YORK. 

Policy  and  purposes,  5 — 114. 

DISCOUNT  POLICY,  3—76;  5—910,  1011;  6—223,  229. 
Federal  Reserve  Board  to  Senate  on,  6—558,  582. 

DISCOUNT  RATES  (see  also,  Discount;  Discounts). 
Acceptances — 

Higher  than  open-market  rate,  3 — 76. 

Increase,  New  York,  3 — 4. 

Long  term,  are  in  effect  a  guaranty  of  fixed  dis¬ 
count  rates,  4 — 259. 

(See  infra,  Schedules.) 

Act  April  13,  1920.  Progressive  rates,  6 — 498. 

Aldrich-Vreeland  notes.  Discount  rates  lowered  to 
help  retire,  1 — 47. 

Average  discount  and  purchase  rates.  (See  Discount 
and  open -market  operations.) 

Bank  of  England,  6 — 446,  955,  1070,  1199,  1312. 
Bankers’  acceptances — 

Spread  between  minimum  and  maximum  rates 
increased,  3 — 236. 

Trade  acceptances  on  importations  take,  rate, 
2—168. 

Based  on  maturity  at  time  of  discount  and  not  on 
agreement  of  repurchase,  2 — 461. 

Mail  transfers.  Based  theoretically  on  15-day  rates, 
4—371. 

Basic  rates — 

(See  supra,  Act  April  13,  1920.) 

(See  infra,  Progressive  rates.) 

Call  money  rates.  (See  same.) 

Cattle  loan  rates — 

Hoover,  H.,  urges  loans  at  not  in  excess  of  7  per 
cent,  3—659. 

(See  Agricultural  and  live-stock  paper.) 

Clearing  house  conference,  6 — 3,  157. 

(See  Interest  rates.) 

Commercial  rates — 

Federal  Reserve  Bank  and  branch  cities.  (See 
same.) 


INDEX- DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


77 


DISCOUNT  RATES— Continued. 

Commercial  rates — Continued. 

Member  banks,  6 — 571. 

New  York,  1914-1919  ,  5—429. 

Rise  and  fall  in,  5—13,  14,  101,  112,  196,  536. 

(See  Business  conditions.) 

Commodity  rates.  ( See  Commodity  paper.) 
Computation  of  discount.  Method,  1 — 74;  2 — 272, 
457,  461;  8—951;  4 — 744;  5—249. 

Congress  has  delegated  power  to  fix,  to  Federal 
Reserve  Banks  and  Federal  Reserve  Board, 
1—24. 

Decrease  in,  2 — 437. 

Discussion  of,  5 — 105,  196,  910,  1010,  1106,  1162; 
6—2,  117,  118,  213,  223,  345,  446  (foreign), 
556,  777. 

Earnings  from.  ( See  Discount  and  open -market 
operations.) 

Effectiveness  of,  5 — 2,  196,  524,  911,  1015  ;  6 — 117, 
213,  223,  345,  556,  777. 

Federal  Advisory  Council — 

Favors  increase  in,  3 — 922. 

Favors  policy  of  Federal  Reserve  Board,  4 — 931. 
Favors  present  rates,  6 — 224. 

Oppose  increase  in,  4 — 492. 

Federal  Reserve  Bank  and  branch  cities,  commercial 
rates  in,  4—812,  1016,  1106,  1209;  5—74,  154,  265, 
376,  482,  577,  677,  750,  864.  972,  1065, 1162;  6—72, 
172,  286,  396,  514,  622,  713,  852. 

Federal  Reserve  Bank  of  Kansas  City,  on  progressive 
rates,  6 — 449. 

Federal  Reserve  Banks — 

Congress  has  delegated  to,  and  Federal  Reserve 
Board  the  power  to  fix  rates,  1 — 24. 

Not  affected  by  United  States  Revised  Statutes, 
section  5198,  limiting  national  banks  to 
maximum  rates  fixed  by  State  law,  1 — 24. 
(See  infra,  Increase.) 

Federal  Reserve  Board — 

Discount  rate  policy,  3 — 76,  923;  4 — 487,  931, 
1175;  5—196;  6—558,  582. 

Federal  Advisorv  Council  favors  discount  policy 
of,  4r— 931. 

Federal  Reserve  notes.  Not  bound  to  charge 
interest  rates  on,  2 — 273. 

Power  to  fix  discount  rates  on  own  initiative, 
1—24. 

To  United  States  Senate  on  discount  policy, 
6 — 582 . 

Urges  increase  in  discount  rates,  3 — 923;  4 — 487. 
Fifteen-day  rate — 

Commercial  paper,  2 — 509. 

Member  bank  collateral  notes,  2 — 513. 

Fixing  of.  Delegated  to  the  Federal  Reserve  Banks 
and  the  Federal  Reserve  Board  unaffected  by  the 
provisions  of  United  States  Revised  Statutes, 
section  5198,  limiting  national  bank  maximum 
rates  to  those  allowed  by  law  of  State  in  which 
they  are  located,  1—24. 

Foreign  exchange  rates.  (See  same.) 

Form  of  reporting,  1 — 71. 

Forward  rates.  1 — 97,  98,  221. 

Government  securities.  (See  infra,  Preferential  rates. ) 
Governors  not  in  favor  of  increase  of,  4 — 689,  690. 
Great  Britain,  6—446,  1070,  1199,  1312. 


DISCOUNT  RATES— Continued. 

Guaranty  of.  Long-term  and  renewal  acceptances 
amount  to  a,  2U — 58S;  4 — 259. 

Income  tax.  Computation  of  discount  for,  5 — 249. 
Increase  in,  2 — 205,  261,  371,  372  ;  3 — 235,  425,  429, 
922,  923;  4—7, 362,  487.  813.  922;  5—100, 105,  325, 
328,  943,  1009,  1011,  1017,  1106,  1108;  6—2,  105, 
118,  196,  447,  557. 

Earlier  increase  but  for  Liberty  loan  subscribers, 
5—1108. 

Federal  Advisory  Council  favors,  3 — 922. 

Opposes,  4 — 492. 

Federal  Reserve  Bank  of  Boston  favors,  5 — 325. 
Federal  Reserve  Bank  of  Kansas  City  favors, 
3—328. 

Federal  Reserve  Board  favors,  3 — 923;  4 — 487. 
Governors  do  not  favor,  4 — 690. 

No  increase  during  Liberty  Loan  I,  2 — 580. 
Reasons  against,  5 — 105,  196. 

Secretary  of  Treasury  opposes,  on  Government 
bonds,  4 — 20. 

Interest.  Rebate  of,  1 — 308,  388;  2 — 461. 

London  and  New  York,  comparison,  5 — 106. 

Mail  transfers — 

Charges  for,  to  be  based  theoretically  on  15-day 
rate,  4 — 371. 

(See  supra,  Based  on.) 

Member  bank  collateral  notes — 

Fifteen-day  rate,  2 — 509. 

Secured  by  war  paper,  3 — 497. 

National  banks — 

Provisions  of  United  States  Revised  Statutes, 
section  5198,  limiting  maximum  rates  of,  to 
rates  fixed  by  State  law,  has  no  application 
to  Federal  Reserve  Bank  rates,  1—24. 
Usurious  rates,  3 — 292. 

New  York,  commercial  rates,  1914-1919,  5 — 429. 

New  York  and  London.  Comparison,  discount  rates, 
5—106. 

New  York  market,  1918-1920,  6 — 479,  941,  942. 
Nonmember  banks.  Notes  of,  to  take  commercial 
paper  rates,  3 — 497. 

One-day  rate,  3 — 497,  498. 

Open-market  rates.  Acceptance,  are  lower  than  ac¬ 
ceptance  discount  rates,  3 — 76. 

Policy,  Federal  Reserve  Board,  3 — 76,  923;  4 — 425, 
487,  931,  1175;  5—196;  6—558,  582  (to  United 
States  Senate). 

Approved  by  Federal  Advisory  Council,  4 — 931. 
Preferential  rates — 

War  paper,  3—197,  425,  429,  457,  497,  922;  4— 
922;  5—361;  6—162,  163. 

Speculative  activity  can  not  effectively  be  con¬ 
trolled  through  discount  rates  because  of  ex¬ 
istence  of,  5—311,  524,  617,  1010,  1015,  1017, 
1108. 

Used  for  other  purposes  than  helping  Liberty 
bond  subscribers,  5 — 1108. 

Profit.  Funds  obtained  bv  rediscounting  should  not 
be  used  for,  5—311,  524,  617,  1009,  1015,  1017, 
1107. 

Progressive  rates — 

Act,  April  13,  1920,  6-498. 

Federal  Reserve  Bank  of  Kansas  City  on,  6 — 449. 
Scale  adopted,  6 — 777. 

Three  months,  6 — 747. 


78 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


DISCOUNT  RATES— Continued. 

Rebate  of  discount,  1 — 308,  388;  2 — 461. 

Reclassification  of,  4 — 7. 

Renewal  acceptance.  A  guaranty  of,  2 — 587,  588. 

Reporting  of.  ( See  supra,  Form.) 

Reports  on.  By  Federal  Reserve  districts,  6 — 571. 

Schedules  of,  1—29,  111,  124,  214,  266,  343,  359,  403; 
2—11,  63,  110,  204,  216,  308,  319,  383,  505,  585, 
656,  677;  3—74,  152,  231,  235,  241,  327,  421,  496, 
575,  650,  728,  825,  916,  988;  4—66,  152,  242,  357, 
482,  570,  685,  794,  914,  1161,  1254;  5—98,  182,  292, 
404,  510,  607,  698,  810,  902,  1006,  1102,  1106,  1110, 
1199;  6—2,  72,  73,  110,  172,  173,  211,  286,  287,  328, 
396,  397,  436,  514,  515,  551,  622,  623,  659,  713,  762, 
852,  890,  967,  1004,  1121,  1250,  1368. 

Situation,  January,  1920,  6 — 117. 

Speculative  activity.  Control  of,  through  discount 
rates,  5—311,  524,  617,  1010,  1015,  1017,  1108. 

Standardized  schedule,  3 — 235. 

Super  rates.  ( See  supra,  Progressive  rates.) 

Ten-day  rate,  1 — 124. 

Trade  acceptances  based  on  importations  take  bankers’ 
acceptance  rate,  2 — 168. 

Uniform  discount  rates  no  longer  needed,  5 — 1017. 

Uniform  forms  for  reporting,  1 — 71. 

United  States  Revised  Statutes,  section  5198.  Dis¬ 
count  rates.  National  banks.  Does  not  apply 
to  Federal  Reserve  Banks,  1 — 24. 

Usurious  rates  charged  by  national  banks,  3 — 292. 

War.  Discount  rates  during,  4 — 1175,  5 — 943. 

War  Finance  Corporation.  Minimum  rates,  5 — 29. 

War  paper — 

Increase  in  rates,  4: — 922;  5 — 100, 1009, 1010, 1016. 
Liberty  Loan  IV,  3 — 425,  429. 

Preferential  rates — 

Abuse  of,  5 — 1108. 

( See  supra,  Preferential  rates.) 

Profit.  Banks  should  not  rediscount  at,  over  cou¬ 
pon  or  interest  rate.  ( See  supra,  Profit.) 
Speculative  activity  can  not  effectively  be  con¬ 
trolled  through  discount  rates  because  of. 
( See  supra,  Preferential  rates.) 

DISCOUNTS. 

(See  Argentina;  Discount  and  open-market  opera¬ 
tions;  Federal  Reserve  Banks;  Maturities;  Mem¬ 
ber  banks;  Rediscounts;  State  banks  and  trust 
companies.) 

DISCRIMINATE. 

Federal  Reserve  Banks  should,  against  trade  accept¬ 
ances  drawn  to  liquidate  slow  open  accounts, 
4—30. 

DISCRIMINATION. 

Against  unindorsed  acceptances  of  an  acceptance  cor¬ 
poration,  4 — 634. 

DISHONORED  AT  MATURITY. 

A  bill  drawn  for  a  fixed  sum  plus  collection  charges 
is  not  negotiable  unless  so  drawn  as  to  show  that 
such  charges  accrue  only  if  bill  is,  3 — 880;  4 — 745. 

DISQUALIFIED,  2—606. 

(See  Clayton  Act.) 

DISTINCTION  BETWEEN  AGRICULTURAL  AND 
COMMERCIAL  PAPER,  6—1301 

DISTRIBUTION. 

(See  Acceptances;  Discount  and  open-market  opera¬ 
tions;  Dividends;  Rediscounts;  United  States 
Treasury  certificates;  Warehouse  receipts.) 


DISTRICT,  RESIDENTS  OF,  2—607. 

(See  Directors,  Class  A.) 

DISTRICT  COMMITTEES. 

List,  Liberty  loan,  3 — 437. 

Capital  Issues  Committee,  4 — 156,  166. 

DISTRICT  LINES,  FEDERAL  RESERYE. 

Change  in,  does  not  make  director  ineligible  to  serve 
out  term,  1 — 103. 

Changes  in.  (See  Redistricting.) 

Director  living  in  transferred  district  not  eligible  for 
appointment  in  district  from  which  transferred, 

2— 607. 

DISTRICT  OF  COLUMBIA. 

Acceptance  laws,  3 — 529. 

Drafts  drawn  against  shipment  to  foreign  countries 
from,  are  not  subject  to  stamp  tax,  5 — 467. 
Interlocking  directors  of  State  banks  and  trust  com¬ 
panies  in,  are  subject  to  Clayton  Act.  Attorney 
General  of  United  States,  3—734,  744. 

List  of  State  member  banks  in,  4—92. 

National  banks.  Exercise  of  fiduciary  powers,  2 — 523. 
Reserve  laws,  3 — 770. 

State  banks  in,  are  subject  to  Clayton  Act,  2 — 526; 

3— 734,  744. 

DISTRICTS. 

(See  Federal  Reserve  districts;  Redistricting;  Reduc¬ 
tion  of  Federal  Reserve  districts.) 

DISTRICTS,  OUTLYING. 

Reserves  fixed  for,  of  New  York,  4 — 1086,  1124. 

Fact  that  banks  are  in,  does  not  necessarily  entitle 
them  to  lower  reserve  requirements  under  sec¬ 
tion  19  as  amended,  4 — 1124. 

DIVIDEND  CHECKS,  FOREIGN. 

Ruling,  Foreign  Exchange  Division,  4: — 973,  1121. 

DIVIDEND  DECLARATIONS. 

Ruling,  Foreign  Exchange  Division,  4 — 866. 

DIVIDENDS. 

Bank  of  Spain,  1913-1918,  5—1036,  1040. 

Special.  Gold  profits,  5 — 1040. 

Dresdner  Bank,  1913-1918,  5 — 736. 

Federal  Reserve  Banks.  (See  infra,  same.) 

German  Reichsbank,  1914-1918,  5 — 432,  434. 

State  member  banks,  January,  1918-June,  1919, 
5—188,  610,  1104;  6—660,  1251. 

Stock  dividends.  Taxable,  4 — 614. 

Tax  on  dividends  declared  for  purpose  of  increasing 
capital.  Taxable,  5 — 256. 

DIVIDENDS,  FEDERAL  RESERYE  BANKS. 

Accrued — 

Liability  for,  due  New  Jersey  banks  transferred 
to  New  York  district,  2—4378. 

Liability  for,  due  Oklahoma  banks,  transferred 
from  Texas  to  Kansas  City,  2 — 678. 

National  bank  liquidating  and  reorganizing, 
loses  all  rights  to,  from  Federal  Reserve  Bank, 
as  right  does  not  survive,  3 — 117. 

Federal  Reserve  Bank  may  pay  dividends,  on 
stock  owned  by  liquidating  national  bank 
up  to  date  of  application  for  surrender  of 
stock  and  cancellation,  if  not  unreasonably 
delayed,  4 — 201. 

Arrears  of — 

To  January  1,  1918,  4 — 5. 

No,  on  July  1,  1918,  4 — 593. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


79 


DIVIDENDS,  FEDERAL  RESERVE  BANKS— Contd. 
Books,  closing  of.  ( See  Closing  of  books.) 

Closing  of  books  for  purposes  of,  2 — 511;  4 — 521. 

Declared  by  Federal  Reserve  Banks — 

To  December  31,  1915,  2 — 59. 

To  July  1,  1916,  2—371. 

List,  to  December,  1916,  3 — 4. 

List,  to  June,  1917,  3 — 507. 

All  have  paid  some  dividends  except  Boston, 
3—507. 

List,  all  Federal  Reserve  Banks,  4 — 5,  6. 

Six  Federal  Reserve  Banks  have  paid  full  divi¬ 
dends  to  January  1,  1918,  4 — 76. 

Four  Federal  Reserve  Banks  have  paid  full 
dividends  to  June  30,  1917,  4 — 76. 

Two  Federal  Reserve  Banks  have  paid  full 
dividends  to  January  1,  1917,  4 — 76. 

All  Federal  Reserve  Banks  have  paid  dividends 
in  full  to  June  30,  1918,  4 — 593. 

During  1918,  5—131,  133,  723,  777. 

Fiscal  year  1920,  6—135,  726,  830. 

( See  Federal  Reserve  Bank,  Boston,  etc.;  Fran¬ 
chise  tax.) 

Federal  Reserve  Bank  of  Boston.  Only  Federal 
Reserve  Bank  not  declaring  dividends  in  June, 
1917,  3—507. 

Federal  Reserve  Bank  of  New  York.  Adjustment  of 
accrued  dividends  due  New  Jersey  banks  trans¬ 
ferred  to  New  York  district,  2 — 678. 

Federal  Reserve  Bank,  Philadelphia.  ( See  6upra, 
Federal  Reserve  Bank,  New  York.) 

Federal  Reserve  Bank,  Richmond — 

Dividends  to  December  31,  1915,  2 — 5,  205. 
Dividends  to  April,  1916,  2 — 373. 

Federal  Reserve  Bank,  Atlanta.  Dividends  to 

December  31,  1915,  2—373. 

Federal  Reserve  Bank,  Chicago.  Dividends  to 

March  31,  1915,  2—373. 

Federal  Reserve  Bank,  Kansas  City.  Dividends  to 
June  30,  1915,  2—373. 

Federal  Reserve  Bank,  Dallas — 

Dividends  to  June  30,  1915,  2 — 373. 

Dividends  to  December  31,  1915,  2 — 508. 
Liability  for  dividends  accrued  to  Oklahoma 
banks  transferred  to  Kansas  City,  2 — 678. 

Federal  Reserve  Bank,  San  Francisco.  Dividends 
to  January  1,  1915,  2 — 508. 

Fiscal  year.  Should  not  pay  semiannual  dividends 
nor  carry  profits  to  surplus  before  end  of,  1 — 220. 

Franchise  tax.  In  distributing  dividends  declared 
June  30,  1918,  no  return  to  be  made  for,  4 — 521. 

Insolvent  member  banks,  payment  of  dividends  to, 
1—267. 

Liquidating  national  bank.  (Nee  supra,  Accrued.) 
National  bank,  liquidating.  (See  supra,  Accrued.) 
Oklahoma  member  banks.  (See  supra,  Federal  Re¬ 
serve  Bank,  Dallas.) 

Redistricting.  (See  supra,  Federal  Reserve  Bank, 
New  York;  Federal  Reserve  Bank,  Dallas.) 
Reorganized  bank.  (Nee  supra,  Accrued.) 

Reports  of  dividends.  (Nee  infra,  State,  etc.,  banks.) 
Semiannual.  Should  not  be  made,  1 — 220. 


DIVIDENDS,  FEDERAL  RESERVE  BANKS— Contd. 
State  member  banks  and  trust  companies,  5 — 188, 
610,1104;  6—660,  1251. 

Must  make  report  of  dividends,  etc.,  to  Comp¬ 
troller  of  Currency,  2 — 114.  [Act  of  June  21, 
1917,  prescribes  that  reports  shall  be  made  to 
Federal  Reserve  Bank.] 

(See  supra,  Accrued.) 

(See  State  banks  and  trust  companies.) 

Stock.  Surrender  of.  (See  supra,  Accrued.) 

Surplus  account.  Should  not  carry  profits  to,  before 
end  of  fiscal  year,  1—220. 

Surrender  of  stock.  (See  supra,  Accrued.) 

Tax,  franchise.  (See  supra,  Franchise  tax.) 

DIVISION  OF  ANALYSIS  AND  RESEARCH. 

Plan  for  readjusting  salaries  to  increased  cost  of  living, 
6—1293. 

DIVISION  OF  EXAMINATION. 

Federal  Reserve  Board.  Paddock,  W.  W.,  resigns; 
Herson,  J.  F.,  appointed  chief,  6 — 1134. 

DIVISION  OF  FOREIGN  EXCHANGE,  FEDERAL 
RESERVE  BOARD. 

Rulings  and  regulations,  4 — 864,  973,  1121,  1217;  5 — 
469,  652,  653,  853. 

(See  Coin,  bullion,  and  currency.) 

DIVISION  OF  OPERATION  AND  EXAMINATION. 

Paddock,  W.  W.,  appointed  chief  of,  5—919. 

DOCUMENTARY  DRAFT. 

(See  Acceptances;  Refinance  drafts.) 

DOCUMENTS,  SHIPPING. 

(See  Acceptances,  bills  of  lading;  Acceptances,  domes¬ 
tic;  Acceptances,  security;  Acceptances,  10  per 
cent  limitation;  warehouse  receipts.) 

DOLLAR,  AMERICAN. 

Agreements  to  stabilize,  4 — 594. 

American  dollar.  Exchange  situation,  4 — 1198. 
Appreciation  of,  abroad,  cuts  down  our  exports,  5 — ■ 
1011. 

Reasons  for  depreciation  of,  in  Spain,  5 — 1038,  1039. 
(See  Gold.) 

DOLLAR  BALANCES. 

Due  to  a  foreign  bank  can  not  be  offset  by  foreign  cur¬ 
rency  balances  due  from  same  bank,  5 — 963. 

DOLLAR  EXCHANGE. 

(See  Acceptances;  Dollar  exchange.) 

DOLLAR  LOANS. 

To  foreign  countries  whose  currency  is  depreciated  in 
United  States,  4 — 940. 

United  States  to  Great  Britain,  4 — 940. 

(See  Principal  countries,  by  name.) 

DOLLARS,  SILVER. 

Coinage  of,  1878-1891,  4—397. 

Value  of  pure  silver  in,  3 — 843,  844. 

(See  Silver.) 

DOMESTIC  ACCEPTANCES. 

(See  Acceptances,  domestic;  Opinions  of  counsel.) 

DOMESTIC  AND  FOREIGN  CREDIT,  6—897. 

(See  Credits.) 

DOMESTIC  BANKS. 

Word  “banks  ”  in  section  19  refers  to  domestic  and  not 
foreign  banks,  5 — 963. 

DOMESTIC  BILLS. 

(See  Acceptances,  domestic.) 


80 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


DOMESTIC  CORRESPONDENTS. 

Foreign  exchange  transactions  by  banks  through 
Ruling,  Foreign  Exchange  Division,  4 — 973. 

DOMESTIC  INVESTMENT  FIELD,  5—527. 

DOMESTIC  NEEDS. 

Goods  shipped  in  export  trade  are  a  deduction  from. 

5— 614. 

DOMESTIC  PRICES. 

Increased  by  foreign  credits,  5 — 1014. 

(See  Prices.) 

DOMESTIC  PRODUCTS. 

Percentage  of,  exported  1910-1919,  5 — 953,  955. 

(See  Exports.) 

Domestic  shipment. 

(See  Acceptances;  Regulation  A,  1920.) 

DOMESTIC  SUPPLY  OF  CAPITAL. 

Our  foreign  loans  diminish,  5 — 1014. 

DOMESTIC  TRADE. 

Advance  of  long-term  credits  to  foreign  trade  takes 
capital  and  goods  from,  5 — 524. 

Not  enough  capital  today  in  United  States  to  supply 
needs  of  foreign  and,  5 — 524. 

DOMESTIC  TRADE  ACCEPTANCES. 

Purchases  in  open  market. 

(See  Discount  and  open-market  operations;  Trade  ac¬ 
ceptances.) 

DOMICILE  BILLS,  6—385,  386. 

(See  Acceptances;  Domicile  bill.) 

DOMINICAN  REPUBLIC. 

Branch  of  International  Banking  Corporation,  in,  4 — 
947. 

DOUBLE  LIABILITY. 

State  banks  as  members  of  Federal  Reserve  System  are 
subject  to,  but  not  their  stockholders,  1 — 273. 

DOUGHTON,  J.  K. 

Appointed  national  bank  examiner,  2 — 100. 

Appointed  chief  national  bank  examiner,  Richmond, 
3—748. 

DRAFT  LAW. 

Federal  Reserve  Board  will  not  favor  exemption  from, 

6—  591. 

Reclassification  of  bank  clerks,  4 — 597. 

Meal  tickets  for  drafted  men.  Federal  Reserve  Board 
advises  member  banks  to  receive,  for  collec¬ 
tion  only,  4 — 938. 

Status  of  bank  clerks  under,  4 — 957. 

DRAFTS. 

Acceptances  are  “drafts”  under  section  13,  6 — 162, 
699. 

Arrival.  Payable  on  arrival  not  eligible,  1 — 219;  4 — 
31,  436,  437. 

Bills  of  lading,  secured  by.  ( See  Acceptances.) 

Are  not  “drafts”  under  section  13  if  drawn  on 
other  than  banks,  2 — 264;  6 — 948. 

Can  not  be  received  by  Federal  Reserve  Banks  on 
deposit  for  collection  and  immediate  availa¬ 
bility  when  drawn  on  demand,  sight,  or 
arrival  of  car,  4 — 436,  437. 

Federal  Reserve  Banks  may  receive  and  discount, 
if  drawn  payable  on  or  before  90  days  after 
date,  interest  to  be  charged  for  actual  time 
outstanding,  4—436,  437. 

Right  to  inspect  before  accepting  may  be  re¬ 
served,  5 — 468,  472. 


DRAFTS — Continued. 

Canadian.  Draft  drawn  in  Canada  payable  in  dollars  in 
United  States,  secured  by  Canadian  warehouse  re¬ 
ceipt,  is  eligible  for  discount  after  acceptance,  but 
not  eligible  for  purchase  in  open  market,  5 — 740. 
Clean  draft  by  exporter  in  Chile  can  not  be  accepted 
unless  in  connection  -with  an  actual  shipment  or 
contract  of  sale,  3 — 378. 

Collection  charges.  Draft  payable  with,  not  nego¬ 
tiable,  3 — 880;  4 — 745. 

Collection  of,  by  Federal  Reserve  Banks,  1 — 346;  5 — 
467. 

Cotton  drafts.  Charges  for  collection  of,  not  affected 
by  abolition  of  exchange  charges,  2 — 264. 

Cotton  factor’s  drafts,  ineligible,  5 — 1054;  6 — 162, 1176. 
Cuban  sugar  crop.  Drafts  drawn  under  credits  opened 
to  finance,  are  eligible  when  accepted,  5 — 53. 
Days  of  grace.  ( See  Sight  drafts.) 

Demand  drafts — 

Due  on  presentment  for  acceptance  within  rea¬ 
sonable  time,  3 — 31. 

No  stamp  required,  4 — 31. 

Documentary  drafts.  Valid  security  for  draft  on  for¬ 
eign  buyer,  6 — 610,  1065. 

Dollar  exchange  drafts.  ( See  Acceptances,  dollar 
exchange.) 

Domestic.  ( See  Acceptances,  domestic;  Drafts;  Se¬ 
curity.) 

Eligible.  Federal  Reserve  Banks  may  discount  any 
draft  which  a  member  bank  may  accept  under 
section  13,  5 — 253. 

Exchange- 

Draft  payable  in  exchange  not  negotiable,  2 — 457, 
459. 

Federal  Reserve  Banks  should  not  receive 
them,  3—763. 

Draft  payable  with,  probably  negotiable,  3 — S80. 
Exchange  charges — 

Abolition  of,  does  not  affect  collection  charges  on 
cotton  drafts,  2 — 264. 

No  deduction  of,  for  collection  of  acceptances,  6— 
699. 

(See  Exchange  charges.) 

Export  draft.  National  bank  can  not  accept  a  draft 
on  itself  secured  by  an  export  draft,  as  exportation 
not  necessarily  involved,  3 — 28. 

Federal  Reserve  exchange  drafts — 

Forms  for  use  beginning  May  21,  1917,  3 — 347. 
Postponed  until  June  1,  1917,  3 — 440. 

Progress,  3 — 591. 

Drawn  on  own  Federal  Reserve  Bank — • 

Immediately  available  at  par  at  any  Federal 
Reserve  Bank,  actually  payable  only  at 
Federal  Reserve  Bank  on  which  drawn, 
8—347. 

Limited  to  amountsmot  over  $250,  3 — 348. 
Limit  increased  to  $5,000,  4 — S06. 

Federal  Reserve  transfer  drafts.  Drawn  on  own  Fed¬ 
eral  Reserve  Bank,  payable  on  advice  of  drawee 
at  any  Federal  Reserve  Bank  specified  in  draft,  to 
be  drawn  for  amounts  over  $250,  3 — 348. 

Finance  drafts — 

(See  same.) 

(See  Finance  paper.) 

Foreign  purchasers.  Drafts  drawn  to  finance  domestic 
concerns  in  giving  credit  on  open  account  to, 
held  not  eligible,  5 — 253. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


81 


RAFTS — Continued. 

Import  drafts.  ( See  Acceptances;  Export  and  import.) 

Inspection  before  acceptance.  Reservation  in  bill 
of  lading  of  right  of,  does  not  affect  negotiability, 
5—468,  742. 

Payable,  accepted — 

At  place  other  than  residence  of  acceptor  is  valid 
unless  expressly  stated  payable  nowhere 
else,  3 — 289;  5 — 142. 

At  sight,  is  payable  when  presented  without  days 
of  grace,  4 — 109. 

Ninety  days  after  date  or  before  on  five  days  after 
demand  is  negotiable  and  eligible,  3 — 291. 
On  arrival  of  car,  not  negotiable,  1 — 219;  4 — 31, 
436,  437. 

On  arrival  of  car  or  on  demand  after  arrival,  is  a 
time  draft  requiring  a  revenue  stamp,  4 — 31, 
316. 

On  or  before  a  certain  date.  Held  eligible,  2 — 394. 
On  or  before  a  certain  date  on  five  days’  notice, 
held  eligible,  3 — 291. 

On  or  before  90  days’  after  sight.  Not  eligible, 

3— 949. 

To  order  of  drawee.  Negotiable  only  when 
accepted  and  indorsed  by  drawee,  4 — 110. 
With  interest  for  failure  to  pay  at  maturity. 
Negotiable,  3 — 200;  4 — 109. 

Payable  out  of  United  States.  Not  eligible  for  pur¬ 
chase  under  Regulations  A  and  B,  1917,  but  could 
be  purchased  under  Special  Instructions  No.  2, 
1916,  4—520. 

Regulation  A,  1920,  6 — 1179. 

Regulation  C,  1920,  6 — 1182. 

Sight  drafts — 

Accepted  payable  at  a  future  date  are  qualified 
acceptances,  5 — 565. 

Pavable  when  presented  without  days  of  grace, 
'  4—109. 

Presentment  for  acceptances  releases  drawer  and 
indorsers,  4 — 109. 

Require  no  revenue  stamp,  4 — 316. 

( See  Bill  of  lading  drafts.) 

Speculative  purposes.  Drafts  secured  by  warehouse 
receipts  eligible  only  when  goods  not  carried  for, 

3 — 456;  5—256,  415,  858;  6—66,  277,  1301. 

Stamp  tax — 

Allied  Purchasing  Committee  drafts,  4 — 614,  972. 
Conditions  under  which  drafts  are  subject  to, 

4— 316. 

Delivery  as  an  element  of  applicability  to,  4 — 316. 
Drafts  not  subject  to,  required  on  notes,  2 — 211. 
Drafts  payable  on  arrival  or  on  demand  after 
arrival  are  time  drafts  subject  to,  4 — 31. 
Export  drafts.  No,  required  on  bank  drafts  on 
shipment  from  interior  representing  export 
price,  although  paid  before  export,  4—1218. 
Foreign  countries.  No,  required  on  drafts  to 
foreign  countries  from  territorial  United 
States,  5—467. 

( See  Stamp  tax.) 

Time  drafts.  ( See  supra,  Stamp  tax.) 

Unsecured  drafts.  (See  Acceptances,  security ;  Ten  per 
cent  limitation.) 

Warehouse  receipts.  ( See  Acceptances,  actually  ex¬ 
isting  values;  Acceptances,  drafts;  Acceptances, 
security;  Acceptances,  10  per  cent  limitation; 
Acceptances,  warehouse  receipts.) 


DRAFTS — Continued. 

(See  also  Acceptances;  Bills  of  lading;  Bills  of  ex¬ 
change;  Warehouse  receipts.) 

DRAINING,  4—743. 

(See  Agricultural  and  live-stocl  paper.) 

DRAWEE. 

Bill  payable  to  order  of,  not  negotiable  until  accepted 
and  indorsed,  4 — 110. 

(See  Acceptances,  actually  existing  value.) 

DRAWER. 

Presentment  of  sight  draft  for  acceptance  releases, 

4— 109. 

(See  Acceptances,  actually  existing  value.) 

DRAWN  IN  GOOD  FAITH  AGAINST  ACTUALLY 
EXISTING  VALUES. 

(See  Acceptances,  actually  existing  values.) 

DRESDNER  BANK. 

Condition — 

1913- 1918,  5—736. 

1914- 1919,  6—1050. 

DRUGS. 

Terms  of  sale,  6 — 1155. 

DRUM,  J.  S. 

Address;  war-savings  certificates,  4 — 164. 

Appointed  on  Capital  Issues  Committee,  4 — 364. 

DRY  GOODS. 

Men’s  wear,  6 — 802,  803. 

Net  sales  and  production,  6 — 1031. 

Terms  of  sale,  6—797. 

Women’s  wear,  6—805. 

DUE  FROM  FEDERAL  RESERVE  BANKS. 

To  national  banks,  1915-1917,  3 — 484. 

DUE  FROM  FOREIGN  BANKS. 

Dollar  balances  due  to  a  foreign  bank  can  not  be  offset 
by  foreign  currency  balances  due  from  same  bank, 

5— 963. 

DUE  FROM  OTHER  BANKS. 

Reserve  computations — 

Member  banks  may  deduct  amounts  due  from 
other  banks  from  amounts  due  to  other  banks, 
3—692. 

May  include  in  “due  from”  checks  on  banks  in 
same  place  and  clearing-house  exchanges, 
3—692. 

Balances  “due  from”  foreign  banks  are  not  “due 
from”  other  banks  within  meaning  of  section  19. 
Word  “banks”  refers  only  to  domestic  banks, 

5—963,  1054. 

DUMMY  OR  FICTITIOUS  DRAWEE. 

Bills  drawn  against  a,  are  not  drawn  in  good  faith 
against  actually  existing  values,  2 — 608,  684. 

(See  Acceptances,  actually  existing  values.) 

DUPLICATES  OF  CUSTOMERS’  STATEMENTS, 

4—105. 

DUPLICATION. 

Certificates  of  increase  or  decrease  of  stock,  1 — 211. 

DURATION  OF  TRANSIT,  3—690. 

(See  Acceptances,  domestic.) 

DUTCH  EAST  INDIES. 

Branch  of  International  Banking  Corporation,  New 
York,  in,  4 — 946. 


37599°— 21 - 6 


82 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


DUTIES. 

Chairman  of  board,  Federal  Reserve  Banks,  4 — 373. 
Federal  Reserve  Agents,  4 — 373. 

Governors,  Federal  Reserve  Banks,  4 — 374. 

Officers,  Federal  Reserve  Banks,  4 — 374. 

DUTY,  FINANCIAL,  3—518. 

(See  London  Economist.) 

E. 

EARMARKED  GOLD,  FEDERAL  RESERVE  BANKS 
AND  MEMBER  BANKS. 

Bank  of  England,  50  millions,  3 — 504. 

Federal  Reserve  Board.  No  more  to  be  earmarked 
without  approval  of,  3 — 734. 

Forms  of  earmarking,  4 — 85. 

Investigation  by  President  under  trading  with  enemy 
act,  3 — 853. 

Regulations.  Trading  with  enemy  act,  3 — 853. 
Report.  All  banks  asked  for,  3 — 733  ;  4 — 81. 

South  American  account,  3 — 77. 

EARMARKED  SILVER. 

Investigation  by  President.  Trading  with  enemy  act, 

3— 853. 

EARNING  ASSETS. 

Federal  Reserve  Banks,  1 — 176,  331,  349;  2 — 149,  203, 
307,  370,  434,  505,  585,  656,  726;  3—73,  151,  230, 
326,  420,  495,  574,  649,  727,  758,  759,  824,  915,  987; 

4— 65,  151,  241,  356,  480,  569,  682,  768,  770,  793, 
1040,  1145,  1243;  5—64,  85,  166,  280,  390,  494, 
591,  680,  771,  792,  883,  988,  1083,  1182;  6—90, 
190,  305,  412,  529,  640,  723,  725,  739,  869,  983, 
1100,  1230,  1348. 

Classification,  November,  1914-April,  1917,  5 — 771. 
Classification,  fiscal  year  1920,  6 — 723,  725. 


EARNINGS— Continued. 

Member  banks,  5 — 188,  610,  1104;  6 — 660,  1251. 
Organization  expenses.  Excess  of  current  expenses 
over  current  earnings  from  November,  1914,  to 
December  31,  1915,  charged  to,  2 — 12. 

Rates.  ( See  Discount  and  open-market  operations.) 
Ratio.  (See  Discount  and  open-market  operations.) 
Report  of — 

Forms  and  instructions,  2 — 68. 

State  banks.  To  Comptroller,  2 — 114. 

[Act  of  June  21,  1917,  prescribes  that  reports 
shall  be  made  to  the  Federal  Reserve  Bank.] 
State  member  banks,  5 — 188,  610,  1104;  6 — 660,  1251. 
(See  Receipts  and  expenditures^  Resources  and 
liabilities;  State  banks,  etc.) 

(See  Federal  Reserve  Banks.) 

EATON,  J.  N. 

Commercial  paper,  2 — 449. 

ECONOMIC  AND  BANKING  CONDITIONS. 

Italy,  1914-1919,  5—840. 

Japan,  1914-1919,  5—731. 

ECONOMIC  AND  FINANCIAL  CONDITIONS. 

Brazil,  6 — 813. 

Chile,  6—1052. 

Cuba,  6—1162. 

ECONOMIC  SITUATION,  EUROPE,  5—815. 

ECONOMIC  CONDITIONS. 

Europe.  Report,  Supreme  Council,  Peace  Con¬ 
ference,  6—363,  451. 

ECONOMIC  RECOVERY. 

Europe,  6 — 218,  451. 

United  States,  6 — 446. 


EARNINGS. 

Annual  rates.  (See  Discount  and  open-market  oper¬ 
ations.) 

Average  rates.  (See  Discount  and  open-market  oper¬ 
ations.) 

Charges  against,  2 — 12;  5 — 26. 

Deficiency  in,  2 — 58. 

Depreciation  charged  to  current,  2 — 12. 

Earnings  and  expenditures,  Federal  Reserve  Banks, 
1 — 176,  331,  349,  394  (errata);  2 — 56,  217,  373,  384, 
593;  3—89,  589,  605;  4 — 5,  76,  (errata),  99, 104, 
700;  5—130,  135,720,  722,724,  769,  777;  6—132, 
726,  828. 

Year  1915,  1—56. 

Year  1916,  3—89. 

Year  1917,  4—99,  104. 

Year  1918,  5—130. 

Year  1919,  6—132,  136. 

Year  1920.  Fiscal,  6—726,  828. 

Federal  Reserve  Branch  Banks.  (See  same.) 

Federal  Reserve  notes.  Cost  of,  charged  to,  2 — 12. 

Fiscal  agents.  (See  same.) 

Forms  for  reporting,  2 — 68. 

German  banks,  1913-1918,  5 — 736. 

German  Reichsbank,  1914—1918,  5 — 432. 

Instructions.  Reporting  of,  2 — 68. 

Investments.  (See  Discount  and  open-market  opera¬ 
tions.) 

Maturity.  (See  Discount  and  open-market  opera¬ 
tions.) 


ECONOMIST,  LONDON. 

Expansion  of  credits,  1913-1918,  5 — 323. 

Our  financial  duty,  3 — 518. 

Progress  of  inflation,  3 — 375. 

EDDY,  W.  L. 

Appointed  assistant  secretary  Federal  Reserve 
Board,  6 — 1134. 

EDGE  ACT. 

Federal  charter  for  foreign  banking  corporations, 

5— 705,  728,  820,  965,  1056,  1109;  6—5,  908. 

First  Federal  Banking  Corporation,  organization  of, 

6— 449. 

Foreign  trade  under,  6 — 5. 

Investments  abroad  under,  6 — 1168. 

Regulation  K,  1920,  6 — 379,  1190. 

EFFECTIVE  CONTROL  THROUGH  DISCOUNT 
RATES,  5—2,  196,  524,  911,1015;  6—117,  213,  223,345, 
556,  777. 

EFFICIENCY,  BUREAU  OF. 

Recommends  abolition  of  United  States  subtreasuries, 
4—172. 

EGGS. 

Warehouse  requirements,  4 — 405. 


EGYPT. 

Handling  of  bills  of  exchange  in,  5 — 455. 


EL  PASO,  TEX. 

Branch  of  Federal  Reserve  Bank  of  Dallas,  4 — 256, 596. 
Directors  of,  4 — 950;  6 — 126;  6 — 61. 

Employees,  5 — 779. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


83 


ELECTION  OF  DIRECTORS. 

Amendment  as  to,  4 — 950. 

(See  Directors.) 

ELECTION  OF  FEDERAL  ADVISORY  COUNCIL. 

( See  Federal  Advisory  Council.) 

ELECTRIC  LIGHT  ASSOCIATIONS. 

(See  Capital  Issues  Committee.) 

ELECTRICAL  GOODS,  4r-310. 

Terms  of  sale,  6 — 262. 

(See  Acceptances,  trade.) 

ELECTRICAL  PRODUCTS. 

Terms  of  sale,  6 — 262. 

ELIGIBILITY,  CERTIFICATES  OF. 

Must  be  based  on  knowledge  of  bank  officer,  2 — 12. 

ELEGIBILITY,  TEST  OF. 

Paper  of  public  service  corporations,  3 — 527,  949. 

ELIGIBLE.  (See  also  Negotiable.) 

Collateral  notes  of  Federal  Land  Banks  and  joint- 
stock  land  banks  are  pure  finance  paper  and 
are  not,  6—609. 

Cotton  factors  paper  not,  5 — 1054;  6 — 162,  1176. 
Directors,  to  serve  out  balance  of  term  after  redis¬ 
tricting,  1 — 103. 

(See  Clayton  Act.) 

Equitable  interest.  A  certificate  of,  in  a  note  is 
not,  3 — 949. 

Federal  Reserve  Banks  have  discretion  as  to  the  dis¬ 
counting  of,  paper,  6 — 699,  1301  at  1303. 

Note  of  bank  discounted  by  another  bank,  proceeds 
to  be  used  to  replace  funds  withdrawn  by  cus¬ 
tomers  to  buy  Liberty  bonds  is  not,  3 — 954. 

Note  of  member  bank — - 
Not  eligible,  1 — 72. 

(Law  changed.  See  Member  bank  collateral  notes.) 
Discounted  by  another  member  bank,  secured 
by  war  obligations  is,  4r— 863. 

Notes  representing  permanent  investments,  are  not, 
6—699. 

Note  of  nonmember  bank — 

Indorsed  by  a  member  bank,  secured  by  Govern- 
obligations,  is,  4 — 743. 

Offered  and  indorsed  by  a  member  bank  contain¬ 
ing  indorsement  without  recourse,  of  a  non¬ 
member  bank,  is,  4 — 745. 

Offered  by  a  member  bank  is  eligible  if  not  in¬ 
tended  as  a  loan  to  nonmember  bank,  1 — 213. 
(See  Nonmember  bank.) 

Producer.  Note  of  owner  or,  for  materials  or  services 
is  technically  eligible,  but  undesirable  where 
ultimate  payment  depends  upon  success  of 
transaction,  6 — 699. 

Public  service  corporations.  Test  of  eligibility  of 
paper  of,  3 — 527,  949. 

Use  of  proceeds — 

Determines  whether  or  not  a  note  is,  1 — 268. 

Use  of  proceeds  in  the  first  instance  determines 
whether  or  not  a  note  is  eligible,  6 — 1176. 
(See  also  Acceptances;  Acceptor;  Agricultural  paper; 
Arrival  of  car;  Bills  of  exchange;  Collateral  trust 
notes;  Cotton  factors  paper;  Discount;  Equity  ex¬ 
changes;  Farm  land  loan;  Farm  loan  bonds; 
Finance  paper;  Live-stock  paper;  Meal  tickets; 
Mortgage  loans;  Mutual  savings  banks;  Negotiable; 
Nonmember  banks;  Ore  in  ground;  Permanent  in¬ 
vestment;  Producer;  Public  service  corporation; 
Renewal  notes;  Savings  banks;  Security;  State 


ELIGIBLE — Continued. 

banks;  Uncut  timber;  United  States  bonds; 
United  States  Treasury  certificates;  War  Depart¬ 
ment  vouchers;  War  paper;  Warehouse  receipts.) 

ELIGIBLE  COMMERCIAL  BANKS. 

Seventy-five  per  cent  of  resources  of  all,  in  United 
States  are  represented  in  Federal  Reserve  System, 
5 — 4. 

ELIGIBLE  FOR  MEMBERSHIP. 

Building  and  loan  associations  are  not,  1 — 212. 

Chain  of  banks  constituted  by  one  corporation  with 
branches  will  be,  if  capital  of  parent  bank  is  suffi¬ 
cient  to  entitle  it  to  become  a  national  bank  in 
place  where  head  office  is  located,  4 — 971. 

If  each  bank  is  a  separate  corporation,  each  must  file 
a  separate  petition  and  each  must  have  requisite 
capital  to  become  a  national  bank,  4 — 971. 
Mutual  savings  banks  are  not,  3 — 950. 

Private  bankers  axe  not,  3 — 693. 

State  banks.  (See  same.) 

ELLIOTT,  M.  C. 

Resigns  as  general  counsel,  Federal  Reserve  Board, 
5—201. 

Appointed  special  counsel,  5 — 201. 

EMBARGO,  GOLD. 

Argentina,  6 — 778. 

Sweden,  4 — 1091. 

United  States.  Act  June  15,  1917 — 

Executive  order,  4r— 499. 

Licenses  to  export  gold  to  Spain  during,  4 — 365. 
Purpose  of,  5 — 616. 

Regulations,  4 — 594. 

Removed  June  9,  1919,  except  as  to  rubles,  etc.; 
5—611,  615,  853. 

Gold  exports  since  removal  of,  6 — 1018. 

(See  Gold.) 

EMBEZZLEMENT. 

(See  Comptroller  of  Currency.) 

EMBROIDERIES. 

Terms  of  sale,  6 — 473. 

EMERGENCY  CURRENCY,  ALDRICH-VREELAND 
ACT. 

Amount  issued,  1 — 81. 

Discount  rates  lowered  to  help  retire,  1 — 47. 

History  of,  1 — 124. 

Outstanding,  1—29,  47,  50,  79,  80,  124. 

Retirement  of  all,  July  1,  1915,  1 — 124. 

Silver  certificates  may  be  deposited  to  retire,  1 — 13. 

EMERGENCY  FLEET  CORPORATION. 

Deposits  of,  in  national  banks  are  not  Government 
deposits  and  require  reserves,  5 — 1054. 

(See  United  States  Shipping  Board.) 

EMERSON,  R.  G. 

Appointed  assistant  secretary  Federal  Reserve  Board, 
5—918. 

Appointed  assistant  to  governor,  6 — 1134. 

EMPLOYEES. 

Federal  Reserve  Bank  of  New  York,  questionnaire  to, 
on  cost  of  living,  6 — 1294. 

Federal  Reserve  Banks — 

Annual  employment,  2 — 2,  13,  51,  64. 

Bonding  of.  (See  Comptroller  of  Currency.) 

Federal  Reserve  Banks  and  branches,  1915-1919, 
5—778. 


84 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


EMPLOYEES — Continued. 

Federal  Reserve  Banks — Continued. 

Group  insurance  for,  2 — 590;  3 — 28. 

Questionnaire  to,  6 — 55. 

Salary  readjustment;  6 — 1293. 

Federal  Reserve  Board,  1914-1919,  5 — 778. 

EMPLOYMENT  CONDITIONS,  6—791. 

ENDORSEMENT. 

(See  Indorsement.) 


ENEMIES,  ALIEN  OR  ALLY  OF. 

Acceptances.  Payment  of  acceptances  drawn  against 
funds  to  credit  of,  4 — 11. 

Checks  and  drafts,  4 — 171. 

Coupons  and  securities,  4 — 87,  172,  365. 

Federal  Reserve  Board.  Instructions  to  banks  deal¬ 
ing  with,  3 — 431,  655. 

Paper  of.  Protest,  4 — 87. 

Patents  owned  by.  Fees,  4 — 87. 

Regulations.  Trading  with,  4 — 171. 

Secretary  of  Treasury.  Licenses,  3  838. 

Trading  list,  4 — 172. 

Trading  with.  ( See  War  Trade  Board.) 

Transactions  of,  reports,  4 — 171. 

Transfers  of  funds  to.  Special  license,  War  Trade 
Board,  5 — 653. 

Travelers’  checks,  indorsed  by,  4 — 11. 

engines  and  boilers. 

Terms  of  sale,  6 — 156. 

ENGLAND.  ,  .  T  .  . 

(See  Bank  of  England;  Great  Britain;  London.) 

ENGLISH  EXPORT  CREDIT  PLAN. 

Government  aid,  5 — 1012. 

engraved  signatures. 

National  Bank  notes,  5 — 21. 

(See  Comptroller  of  Currency.) 

ENTRIES,  FALSE. 

(See  Comptroller  of  Currency.) 


ENTRY,  TRANSIT. 

(See  Acceptances.) 

equalization  of  reserves. 

By  Federal  Reserve  Bank  rediscounts,  4 — 361. 
(See  Rediscounts;  Reserves.) 


equipment. 

Cost  of,  2—58,  59;  4—103;  5—134. 

Charged  to  current  expense  account,  5 — 26. 

EQUITABLE  INTEREST. 

A  certificate  of,  in  a  note  is  not  eligible,  6- 


-949. 


EQUITABLE  TRUST  CO.,  NEW  YORK. 

Reasons  for  joining  Federal  Reserve  System,  3 — 836. 

EQUITY  COOPERATIVE  ASSOCIATIONS. 

Notes  of,  the  proceeds  of  which  are  to  be  used  for 
agricultural  purposes  are  eligible  as  agricultural 
paper,  3 — 456. 

If  proceeds  used  to  purchase  and  carry  grain  for 
speculative  purposes,  would  not  be  eligible, 
3—456. 


equity  exchanges. 

Can  not  deal  directly  with  Federal  Reserve  Banks, 
3—379. 


Paper  of,  is  eligible,  3 — 379. 


ERRATA,  1—394  (statistical);  3—925  (chart);  4—76 
(earnings,  Federal  Reserve  Banks);  5 — 563  (index 
numbers);  5 — 650  (liabilities);  5 — 852  (money,  per 
capita);  5 — 1050  (silver,  prices);  6 — 928  (July,  1920, 
Bulletin,  p.  667);  6—947  (August,  1920,  Bulletin, 
p.  871). 

ERROR,  WRIT  OF. 

(See  Fiduciary  powers.) 

ESCHEAT. 

Pennsylvania  law  of,  does  not  apply  to  deposits  in 
national  banks,  2 — 115,  121. 

(Attorney  General  of  United  States  contra,  1920.) 

ESSENTIAL  LOANS,  6—342,  446,  554,  665,  774,  897, 
904,927,1012. 

Federal  Reserve  Board  has  never  defined,  6 — 904. 

ESSENTIAL  PRODUCTION. 

Gov.  Harding  on,  6 — 927. 

ESTIMATES  AND  APPROPRIATIONS,  1920,  5— 
1105. 

EUROPE. 

Aid  to,  5—22;  6—7,  32,  114,  137,  140,  214,  343,  562, 
901,  957. 

(See  Allied  powers;  Foreign  trade  financing.) 
Economic  outlook,  6 — 218. 

Economic  situation,  5 — 815. 

Financial  conditions,  5 — 1015. 

Food  relief,  6 — 114. 

Reconstruction  needs  overestimated,  5 — 819. 

EUROPEAN. 

Acceptance  credits.  Gov.  Harding  on,  2 — 587. 

British  exchequer  notes.  (See  same.) 

Central  banks — 

Condition,  1913-1920,  2—659;  3—234,  329,  500, 
681,  942;  4—243,  267,  269,  375,  996,  1057, 
1167;  5—140,  197,  294,  463,  648,  849,  1008, 
1200;  6—485,  487,  488,  909,  1044.  1047,  1049, 
1295. 

Gold  reserves,  1910-1920,  6 — 144,  909,  1295. 
Countries — 

Balance  sheet  of  war,  4 — 1057. 

Exchange  rates,  4—1199. 

Funding  of  international  obligations,  6 — 7. 

Gold  reserves  and  notes,  3 — 331;  6 — 144,  909, 1295. 
Internal  war  loans,  4 — 1070. 

Public  debts  of ,  3 — 10,18,  331.  349;  4 — 268,275, 
375,  1057,  1072;  6—1070,  1165,  1199,  1312. 

War  debts.  (See  supra,  Public  debts.) 

War  finance,  1914—1918,  4 — 267,  269,  375,  1057. 
War  taxation,  4 — 1067. 

Credits  held  in  United  States,  1914-1916,  2 — 592;  3— 
10,  424,  731;  4—21,  279,  1057,  1059,  1166;  5—33, 
820,  845,  957;  6—7,  114,  137,  140,  214,  343,  562, 
688,  901. 

Demand  for  credits  should  be  classified,  5 — 1013. 
Financial  situation.  (See  International  financial  sit¬ 
uation.) 

Obligations  held  in  United  States,  1914—1916.  (See 
supra,  Credits  held,  etc.) 

Payments  to  United  States,  1914—1916,  2 — 592. 
Transfers  of  American  securities,  2 — 592. 

EVASION  OF  UNITED  STATES  REVISED  STAT¬ 
UTES,  SECTION  5200. 

Acceptances  given  in,  5 — 254,  256,  415,  858;  6 — 66, 
277,  1301. 

(See  Acceptances.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


85 


EVIDENCES  OF  DEBT,  EXPORTATION  OF. 

( See  President;  Proclamation.) 

EXAMINATION. 

Division  of.  ( See  same.) 

National  banks — 

By  clearing  house  examiner,  1 — 307. 

Cost,  new  and  old  system,  2 — 122,  213. 

Payment  for,  3 — 374. 

State  banks — 

Admission,  3 — 592. 

Federal  Reserve  Board  suggests  that  State  bank¬ 
ing  departments  use  forms  of  Federal  Reserve 
Board  examination  division,  4 — 310. 
Instructions  as  to  examination  of  State  banks  for 
admission,  4 — 1079. 

(State  banks  are  subject  to  examination  only  by 
Federal  Reserve  Board  and  Federal  Reserve 
Banks.  Act  June  21,  1917,  amending  sec¬ 
tion  9,  Federal  Reserve  Act.) 

EXAMINERS. 

Chief  Federal  Reserve.  ( See  same.) 

Directors  of  Federal  Reserve  Banks  instructed  by 
Federal  Reserve  Board  to  read  and  initial  all 
reports  of  examiners  of  their  Federal  Reserve 
Bank,  2 — 206. 

National  bank  examiners,  chief.  Conference,  1 — 217. 
National  bank  examiners  henceforth  not  to  be  ap¬ 
pointed  deputy  Federal  Reserve  Agents,  2 — 2. 

EXCESS  LOANS. 

Deposits  of  member  with  nonmember  banks  in  excess 
of  limitation  of  section  19  must  be  reported  as, 
1—126. 

EXCESS  PROFITS  TAX. 

Computation  of  interest  and  discount,  5 — 249. 

Deposit  of  public  moneys  in  connection  with,  4 — 194. 
Gold  production.  Should  not  be  applicable  to, 
5—125. 

Great  Britain,  5 — 123. 

Income  from  Liberty  bonds  I  exempt  from,  3 — 459. 
Installment  payments,  5 — 407. 

Secretary  of  Treasury  on,  4 — 600,  847;  6 — 341,  1253. 
Stock  dividends  not  subject  to,  in  hands  of  individual 
stockholders,  4 — 614. 

United  States  Treasury  certificates  receivable  for, 
4r—518. 

EXCESS  RESERVES,  FREE  GOLD. 

1917-1919,  4—226,  227;  5—774. 

1918,  5—137,  138,  774. 

Chart,  5 — 138. 

1919,  6—145. 

1920,  Fiscal'year,  6 — 724,  725. 

EXCESS  SERVICE  CHARGES,  4—103. 

EXCESSIVE  REDISCOUNTS  BY  MEMBER  BANKS, 
4—1169;  5—311,  524,  617,  1010, 1015, 1107. 

(See  Profit.) 

EXCHANGE. 

Currency  and.  Resolution,  International  Financial 
Conference,  Brussels,  6 — 1284. 

Drafts  payable  in,  not  negotiable,  2 — 457,  459;  3 — 
459,  763. 

Federal  Reserve  Banks  should  not  receive  them, 
3—459,  763. 

Trade  acceptance  payable  with,  probably  negotiable. 
Made  so  by  negotiable  instruments  act,  3 — 880. 


EXCHANGE  AND  COLLECTION  AGENT. 

Clearing  member  banks  may  use  in  their  title  the 
words,  4—1119,  1216. 

EXCHANGE  CHARGES,  SECTION  13. 

Acceptances.  Member  bank  can  not  deduct,  on  one 
of  its  own  acceptances  presented  to  it  for  collec¬ 
tion  by  the  Federal  Reserve  Bank,  as  bank  ac¬ 
ceptances  are  “drafts”  under  section  13,  6 — 162, 
699. 

American  Bankers’  Association.  Report  of  committee 
of  five  in  favor  of.  Suggested  amendment  speci- 
ficallv  fixing  amount  to  be  deducted,  4 — 962, 
963,  964. 

Attorney  General  of  United  States — 

Opinion.  Deduction  of  exchange  charges,  pro¬ 
hibited  by  section  13,  does  not  apply  to 
State  banks  not  members  or  clearing  mem¬ 
bers,  4 — 367. 

Supplementary  opinion.  The  prohibition  of 
exchange  charges  applies  to  all  checks  pre¬ 
sented  for  collection  by  Federal  Reserve 
Banks  and  not  simply  to  checks  owned  by 
said  banks,  4 — 370. 

Collection  plan  announced.  Exchange  charges  not 
permitted  on  checks,  2 — 262. 

Country  banker.  Says  he  believes  in  and  suffers 
from  loss  of,  but  that  majority  of  bankers  are 
opposed  and  the  minority  should  yield,  3 — 740. 

Deductions  which  may  be  made — 

On  checks  and  drafts  drawn  on  themselves  when 
sent  for  collection  direct  by  the  holding 
bank  and  not  through  the  Federal  Reserve 
Bank.  The  reasonableness  of  these  charges 
are  to  be  determined  by  the  Federal  Reserve 
Bank,  in  no  event  to  exceed  one-tenth  of  1 
per  cent,  3 — 657. 

On  checks  and  drafts  drawn  on  themselves  and 
received  from  another  bank — not  the  Federal 
Reserve  Bank — with  instructions  to  remit  in 
payment  to  the  Federal  Reserve  Bank.  In 
such  case,  the  charge  is  made  against  the 
forwarding  bank  and  not  against  the  Federal 
Reserve  Bank,  which  is  merely  a  depository 
of  the  proceeds  minus  the  exchange  charges, 
3—660;  6—494. 

On  collection  of  notes,  bills,  and  drafts  drawn  on 
individuals,  firms,  or  corporations,  other 
than  banks,  2—264;  3—656,  660,  661,  662, 
663;  5—964;  6—948. 

Even  though  payable  at  its  own  bank,  6 — 699. 

Federal  Reserve  Bank  of  New  York.  Banks  may 
deduct  exchange  charges  on  collection  items 
against  other  than  banks,  3 — 743  at  744. 

Harding,  Gov.  Explains  clearing  system  and  right  of 
Federal  Reserve  Banks  to  collect  over  the  counter 
from  nonmember  banks  refusing  to  remit  at  par, 
5—1113;  6—489. 

Hardwick  amendment — 

As  originally  introduced,  3 — 428. 

As  finally  enacted  in  act  of  June  21,  1917,  3 — 428. 

National  Association  of  Credit  Men  favors  new  clear¬ 
ing  system  including  prohibition  of  exchange 
charges,  2 — 600. 

Opinions  of  courts.  Federal  Reserve  Banks  may  law¬ 
fully  collect  over  counter  from  nonmember  banks 
refusing  to  remit  at  par — 

United  States  District  Court,  Georgia,  6 — 496. 
United  States  Circuit  Court  of  Appeals,  6 — 
1303. 

[Above  case  pending  before  United  States 
Supreme  Court.] 


86 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


EXCHANGE  CHARGES— Continued. 

Savings  accounts.  Member  banks  can  not  deduct  ex¬ 
change  charges  on  checks  drawn  against  their, 
sent  for  collection  by  Federal  Reserve  Banks, 
5—964. 

EXCHANGE,  DOLLAR. 

(See  Acceptances,  dollar  exchange.) 

EXCHANGE  DRAFTS. 

(See  Federal  Reserve  exchange  drafts.) 

EXCHANGE,  FOREIGN. 

(See  Foreign  exchange;  France;  Germany;  Great 
Britain;  Italian  Institute  of  Exchange;  Italy; 
Lira  exchange;  Sterling  exchange.) 

EXCHANGE  OF  UNITED  STATES  BONDS. 

Of  2  per  cent  bonds  for  3  per  cent  bonds  and  one-year 
Treasury  notes,  1 — 101,  102. 

(See  United  States  bonds.) 

EXCHANGE  ON  FEDERAL  RESERVE  CITIES,  2— 

315. 

(See  Clearing  system;  Federal  Reserve  exchange 
drafts.) 

EXCHANGE  OPERATIONS. 

(See  Balance  of  trade;  Earmarked  gold;  Credits.) 

EXCHANGE,  PAYABLE  IN. 

(See  supra,  Exchange.) 

EXCHANGE,  PEGGING  OF,  5—311,411,413,414,525, 
1038, 1039, 1110;  6—216, 1260. 

(See  Foreign  exchange.) 

EXCHANGE  RATES,  FOREIGN. 

(See  Foreign  exchange.) 

EXCHANGE  SITUATION,  3—77;  5—195;  6—115,  900. 
(See  Foreign  exchange.) 

EXCHANGE  TRANSACTIONS. 

Ruling,  Foreign  Exchange  Division,  4 — 1121. 

EXCHANGES,  EQUITY. 

(See  Equity  exchanges.) 

EXCHANGES  FOR  CLEARING  HOUSE,  3—692. 

(See  Reserves.) 

EXCHEQUER  NOTES,  BRITISH. 

Warning  of  Federal  Reserve  Board  against  overinvest¬ 
ment  in,  2—661;  3—2,  82,  236,  239,  652,  653. 
(See  British  exchequer  notes.) 

EXCESS  TAX. 

(See  Act,  April  24,  1917;  Bond  act.) 

EXECUTIVE  COMMITTEE. 

Class  C  directors  eligible  to  serve  on,  1 — 211,  212; 
2—65. 

Composition  of,  1 — 211. 

Persons  ineligible  to  serve  as  directors  can  not  serve  on. 
Clayton  Act,  2 — 679. 

EXECUTIVE  ORDERS. 

Act  June  15,  1917 — • 

Exports  council,  etc.,  3 — 582,  583. 

Proclamation,  4 — 23. 

Coin,  bullion,  etc.  Exportation,  3 — 736. 

Control  abrogated,  5—615,  652,  853. 

Control  vested  in  Federal  Reserve  Board,  4 — 499. 
Coupons,  5 — 172. 

Foreign  exchange  transactions,  4 — 81,  185;  5 — 653. 
Gold.  Exports  of — 

Control  continued,  2 — 833. 

Embargo,  4 — 499. 

Removal  of  restrictions,  5 — 615,  652,  853. 


EXECUTIVE  ORDERS— Continued. 

Imports,  4 — 172. 

Trading  with  the  enemy  act.  Regulations,  3 — 860. 
(See  Federal  Reserve  Board;  President;  Licenses; 
Secretary  of  Treasury.) 

EXECUTIVE  SECRETARY,  FEDERAL  RESERVE 
BOARD. 

Hoxton,  W.  W.,  appointed,  5 — 918. 

EXECUTOR. 

(See  Fiduciary  powers;  New  York;  Trustee  powers.) 

EXEMPTION. 

Homestead.  Negotiability  of  a  note  not  affected  by 
waiver  of,  2 — 226. 

Military  service.  Federal  Reserve  Board  will  not 
favor,  3 — 591. 

Taxation.  (See  United  States  bonds;  United  States 
Treasury  certificates.) 

EXISTING  VALUES,  ACTUALLY. 

(See  Acceptances;  Actually  existing  values;  Renewals; 
United  States  Revised  Statutes,  sec.  5200;  Trade 
Acceptances.) 

EXPANSION. 

Banking.  (See  same.) 

Credit,  4—70,  249,  928,  1046;  5—8,  102,  306,  409,  524, 
614,  699,  813,  913;  6—113,  116,  217,  221,  448,  553, 
555,  665,  774,  897,  1013,  1124. 

Currency.  Federal  Reserve  notes  and.  Gov.  Harding, 
5—699,  813. 

Federal  Reserve  Agents.  Report,  5 — 1017. 

Less  than  supposed,  5 — 102. 

Tide  has  changed,  6 — 774. 

(See  also  Inflation.) 

EXPEDITIONARY  FORCES. 

Remittances  to.  Ruling,  Foreign  Exchange  Division, 
4—866. 

EXPENDITURES. 

British  Committee  on  War,  4 — 179. 

Federal  Reserve  Board.  (See  same.) 

EXPENDITURES,  REVENUE  AND. 

Belgium,  6 — 1322. 

France,  6 — 1072. 

Great  Britain.  (See  same.) 

Italy,  6—1320. 

United  States.  (See  infra,  Expenses  of  United  States 
Government.) 

EXPENSE. 

(See  Current  expense  account.) 

EXPENSES. 

Federal  Advisory  Council.  (See  same.) 

Federal  Reserve  Agents.  (See  same.) 

Federal  Reserve  Board.  (See  same.) 

Federal  Reserve  branch  banks,  5 — 777. 

(See  Federal  Reserve  Banks.) 

Federal  Reserve  notes.  (See  same.) 

Fiscal  agency.  (See  Fiscal  operations.) 

Governors’  conferences.  (See  Governors’  conferences.) 
Organization,  2 — 12,  58,  59. 

Transfer  of  currency,  absorbed  by  Federal  Reserve 
Banks,  4 — 1093. 

(See  Currency.) 

(See  Earnings  and  expenses;  Federal  Reserve  Banks.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


87 


EXPENSES  OF  UNITED  STATES  GOVERNMENT. 

Declining,  5 — 189,  1009. 

Fiscal  year,  1919,  5—218,  304,  725. 

Fiscal  year,  1920,  5 — 218,  726. 

Income  will  equal  in  1920,  5 — 218,  726. 

Monthly  rate  of,  5 — 407,  521,  1009,  1105. 

Secretary  of  Treasury  on,  5 — 189,  218;  6 — 113,  769. 
War  expenses,  5 — 725. 

(See  War.) 

EXPIRATION  OF  TERM. 

Directors  do  not  hold  over  after,  3 — 290. 

EXPORT. 

Associations  under  Webb  law,  5 — 419. 

Banks,  6 — 46.  ( See  French  National  Bank  of  Com¬ 

merce.) 

Bills.  ( See  Acceptances.) 

Coin  and  bullion — 

Export,  3 — 736;  4 — 499,  50L 
(See  Gold;  Federal  Reserve  Board;  President; 
Secretary  of  Treasury.) 

Regulations,  3 — 736;  4 — 500,  594. 

Secretary  of  Treasury  delegates  issuing  of  licenses 
to  Federal  Reserve  Board,  4 — 23,  81,  499. 
Licenses  to  export,  5 — 640. 

Licenses  to  export  gold  to  Spain,  4 — 365. 
President  vests  control  of  exports  of,  in  Federal 
Reserve  Board,  4 — 23,  81,  499. 

Licenses  granted,  4 — 76,  81,  365,  499,  501,  807. 
Repeal  of  requirements,  5 — 615,  653,  853. 

(See  coin.) 

Corporations,  5 — 611,  612. 

Council,  appointed  by  President,  3 — 582,  583. 

Credit  plan — 

Great  Britain,  Government  aid,  5 — 1012;  6 — 1312. 
No  analogy  between  United  Sates  and  Great  Brit¬ 
ain,  5 — 1013. 

Credits,  6—4,  217,  218,  562,  563. 

British  Board  of  Trade,  5 — 1012;  6 — 1312. 

(See  Credits;  Edge  Act;  principal  heading.) 
Financing.  Conference,  Federal  Advisory  Council, 
5—618. 

Licenses — 

Executive  order,  3 — 582. 

Form  of  application,  3 — 674. 

Lists,  3—584,  673,  755,  864. 

Control  of  Federal  Reserve  Board  extended,  3 — 833. 
Spain,  gold  to,  4 — 365. 

W’ar  Trade  Board,  4 — 499,  1089. 

Licenses  granted,  4 — 76,  365,  499,  501,  807. 

Repeal  of  requirements,  5 — 615,  653,  853. 

(See  Federal  Reserve  Board;  President;  Procla¬ 
mations;  Secretary  of  Treasury;  War  Trade 
Board.) 

Problem.  Only  exists  because  exports  and  imports 
do  not  balance,  5 — 614. 

Trade — 

Actual  and  adjusted  values,  6 — 1257. 
Appreciation  of  American  dollar  cuts  down,  5 — 
1011. 

Balance  of,  5—194,  536,  614,  816;  6—1257. 

(See  Balance  of  trade.) 

Credits,  long-term,  5 — 611. 

Decrease  of,  6 — 562,  563. 


EXPO  RT — Continued . 

Trade — Continued . 

Discussion.  General,  5 — 193,  312,  412,  526,  612, 
816,  916,  1012,  1110. 

Domestic  needs.  Goods  shipped  in  export  trade 
are  a  deduction  from,  5—614. 

Edge  Act.  (See  same.) 

England — 

Adverse  trade  balance,  5 — 816. 

Export  credit  plan,  5 — 1012. 

Export  balances,  5 — 194,  536,  614,  816;  6 — 1257. 
European  demand  for  credits  in,  5 — 1013. 

(See  Europe.) 

Federal  Advisory  Council,  conference,  5 — 618. 
Financing  of,  6 — 5,  115,  449,  562,  775. 

Conference,  Federal  Advisory  Council,  5 — 
618. 

English  plan;  Government  aid,  5 — 1012. 
Foreign  demands  must  be  financed  promptly, 
5 — 615. 

Necessity  for,  may  involve  severe  strain,  but 
not  as  serious  as  supposed,  5—512,  526, 
615. 

Private  or  Government,  5 — 308,  528,  611, 

1012,  1110. 

Gov.  Harding  against  Government,  5 — 

1012,  1110. 

Prices,  higher.  Exports  cause,  5 — 613. 
Savings  balance  available  for,  not  large, 
5—613. 

Foreign  securities,  purchase  of,  if  not  limited,  will 
go  into  banks  and  cause  inflation,  5—614. 
Geddes,  Sir  A.,  on,  5 — 1011. 

Great  Britain.  Adverse  trade  balance,  5 — 816. 
Great  Britain,  250-million  loan,  5 — 1014. 

Harding,  Gov.,  on,  5 — 1012. 

Increase  of,  6 — 4,  217,  218. 

Investment  trusts,  5 — 413. 

Lloyd-George.  Adverse  trade  balance,  5 — 816. 
Long-term  credits,  5 — 611. 

Prices — 

Exports  cause  higher,  5 — 613. 

Growth  of,  has  kept  prices  from  falling,  5 — 
528. 

Lower,  necessary  to  enable  our  manufac¬ 
turers  to  compete  for,  5 — 191. 

Private  or  Government,  financing  of,  5 — 308,  528, 
611,  1012,  1110. 

Problems  of.  Difficult  to  maintain  present  vol¬ 
ume  of,  5—526,  527. 

Proportion  of  exports  to  domestic  products,  5 — 
952. 

Savings  balance  available  for.  Not  large,  5 — 613. 
Situation,  5 — 916;  6 — 1257. 

(See  Business  conditions.) 

War  Finance  Corporation.  Under  Victory  loan 
act  may  make  long-term  loans  for,  5 — 308. 

(See  War  Finance  Corporation.) 

Transactions.  (See  Acceptances.) 

EXPORT  LICENSES. 

(See  Export;  Licenses.) 

EXPORTATION. 

(See  Acceptances,  exportation  and  importation;  Gold; 
Licenses;  Russian  rubles;  Silver.) 


88 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


EXPORTERS’  CERTIFICATES. 

Ruling,  Foreign  Exchange  Division,  4 — 864;  6 — 482. 

EXPORTS.  ( See  also  Exports  and  imports.) 
Agricultural  products,  1914-1918,  5 — 636. 

Allies.  Exports  to  and  loans  compared,  1917-1919, 

5— 957. 

Bulk  and  values,  1910-1919,  5—849,  952;  6—899,  1082. 
Canada,  1910-1919,  5—1144. 

Chile,  6—1054. 

Coin,  etc.  ( See  Coin;  Gold.) 

Cotton.  ( See  Cotton  Export  Association.) 

Decline  of — 

July,  1919,  5—851. 

October,  1919,  5 — 952. 

Domestic  demands.  Goods  produced  for  export  in 
excess  of,  are  on  different  basis  from  export  of 
goods  normally  produced  abroad,  5 — 613. 
Domestic  products.  Ratio  of,  to  exports,  5 — 952,  955. 
Domestic  supply.  Excessive  exports  paid  for  by  long¬ 
term  credits  are  a  deduction  from,  5—612. 

Edge  bill.  Federal  charter  for  foreign  banking  cor¬ 
porations  in  aid  of,  5 — 705,  728,  820,  1056,  1109; 

6— 5,  379,  561,  908,  1190. 

Eleven  months  of  1919,  6 — 4. 

Exchange,  pegging  of.  Effect  on  exports  of  ceasing 
of,  5 — 411,  413,  414,  1038,  1039. 

Financing  of.  ( See  supra,  Export  trade.) 

Foods  and  raw  material.  Exports  consist  largely  of, 
5—104. 

Foreign  exchange.  Restrictions  on  transactions  in, 
removed  with  certain  exceptions,  5—653. 

( See  Foreign  exchange.) 

France.  ( See  infra.  Exports  and  imports.) 

Germany.  After  war,  4 — 1086. 

Gold.  ( See  Gold.) 

Great  Britain.  ( See  infra,  Exports  and  imports.) 
Inflation.  ( See  same.) 

International  guaranty  of.  International  Financial 
Conference,  Brussels,  6 — 1130. 

Manufactured  goods.  Exports  of,  must  await  normal 
level  of  prices,  5 — 104. 

Meat  products.  ( See  Physical  volume  of  trade.) 
Merchandise,  exports  and  imports — 

Fiscal  year  1919,  5 — 617,  1011. 

September,  1919,  5 — 1011. 

1919  to  October,  1920,  6—1257. 

(See  infra,  Exports  and  imports.) 

Production  and.  Selected  articles,  1910-1919,  5 — 955. 
Quantities  and  values.  Exports  and  imports,  5 — 849, 
952;  6—1316,  1317. 

Raw  materials  as  security  for.  International  Finan¬ 
cial  Conference,  Brussels,  6 — 1130. 

Silver.  (See  same.) 

Spain,  1914-1919,  5—1037. 

Stamp  tax  on,  5 — 467. 

United  States — 

1910-1919,  bulk  and  value,  5—849,  952;  6—899, 
1082,  1127. 

1912-1916,  2—592. 

1914-1919,  bulk  and  value,  5 — 849. 

1917- 1919,  5—617,  957. 

1918- 1920,  6—482. 

Before  and  after  war,  5 — 952. 


EXPORTS — Continued. 

United  States — Continued. 

Fiscal  year  1920,  6 — 669,  776. 

To  specified  countries,  1910-1919,  5 — 952. 

Proportion  of  exports  to  domestic  products,  1910- 
1919,  5—952,  955. 

Value — 

At  1913  prices,  6—841,  953,  1068,  1197,  1257, 
1309. 

Selected  commodities,  1913,  1919,  1920,  6 — 
695. 

(See  United  States.) 

War.  Exports  before  and  after,  5 — 952. 

War  Finance  Corporation.  Aid  to  exports,  5 — 308, 
966. 

(See  War  Finance  Corporation.) 

Webb  export  act.  Export  associations  under,  5 — 419. 

EXPORTS  ADMINISTRATIVE  BOARD. 

Export  licenses,  3 — 755. 

Powers  transferred  to  War  Trade  Board,  3 — 861. 

EXPORTS  AND  IMPORTS. 

Actual  and  adjusted  values  of,  6 — 695,  841,  953,  1068, 
1197,  1257. 

Agricultural  products,  1913-1920,  5 — 636;  G — 482. 
Allies,  to,  5 — 957. 

Before  and  after  war,  6 — 952. 

Brazil,  1910-1919,  6—815. 

Canada,  1910-1919,  bulk  and  value,  5 — 1144. 

Chile,  6—1054. 

Cuba,  6 — 1164. 

Denmark,  6 — 39. 

France,  6—218,  390,  508,  620,  669,  710,  847,  959, 
1075,  1205,  1317. 

France  and  Spain,  5 — 1038. 

Gold.  (See  same.) 

Great  Britain,  6—618,  669,  709,  843,  956,  1071,  1200, 
1313. 

Great  Britain,  France,  and  Italy,  6 — 218. 

Italy,  6—218,  508. 

Japan,  6^509,  849,  961. 

Meat  products,  6 — 75,  175,  289,  399,  517,  626,  715,  854, 
969,  1087,  1217,  1331. 

Merchandise- 

Actual  and  adjusted  values,  6 — 695,  841,  953, 
1068,  1197,  1257. 

By  countries,  2 — 592. 

Bulk  and  value,  5—849,  952;  6 — 899,  1082. 

Great  Britain  and  Spain,  1913-1919,  5 — 1037. 
Spain  and  France,  5 — 1038. 

Spain  and  United  States,  5 — 1038. 

United  States,  2—592;  5—617,  849,  952,  957; 

6—4,  482,  776,  841,  1068,  1082,  1127,  1257. 
1913-1920,  6—482. 

Norway,  6 — 39. 

Pig  tin.  (See  Physical  volume  of  trade.) 

Production  and,  5 — 955. 

Silver.  (See  same.) 

Spain,  5—1036,  1038. 

Sweden,  6 — 39. 

United  States — 

(See  supra,  Merchandise.) 

(See  United  States.) 


index-digest  of  federal  reserve  bulletin. 


89 


EXPRESS  CHARGES,  3—615. 

(See  Clearing  system.) 

EXPRESS  CHARGES. 

Federal  Reserve  Banks  not  subject  to  tax  on,  3 — 931. 

EXPRESS  RATES. 

American  Railway  Express  Co.  cancels  Government, 
on  and  after  January  1,  1919,  5 — 27. 

EXPRESS,  SECURITIES  FORWARDED  BY. 

Ruling,  Foreign  Exchange  Division,  4 — 1121. 

EXTENSION  OF  NOTE. 

If  not  extended  to  a  certain  future  date,  indorsement 
of  interest  payments  does  not  require  a  stamp, 
if  life  of  note  is  not  contingent  on  payment  of 
interest,  3 — 950. 

(See  Acceptances,  trade;  Commercial  paper.) 

F. 

FABRICS,  COTTON. 

(See  Cotton  fabrics;  National  Association  of  Finishers 
of  Cotton  Fabrics.) 

FACE  AMOUNT. 

(See  Like  face  amount.) 

FACILITIES. 

Warehouse,  for  cotton,  1 — 258. 

FACT,  QUESTION  OF. 

Reasonable  time  for  presentation  of  sight  draft  is  a, 
3—31;  4 — 1119. 

(See  infra,  Factor,  cotton.) 

Whether  rediscounts  for  member  bank  are  intended 
as  loans  to  nonmember  bank,  1 — 213. 

FACTOR,  COTTON. 

Paper  of  cotton  factors  is  pure  finance  paper  and  not 
eligible  even  when  to  be  loaned  for  commercial 
purposes,  5—1054;  6 — 162,  1176. 

Would  be  eligible  when  proceeds  are  to  be  used  to 
buy  goods  to  sell  to  another.  A  question  of  fact, 

5— 1054;  6—1176. 

Draft  of,  ineligible  for  acceptance  or  rediscount, 

6— 162. 

FAILURES,  BANK. 

National  banks.  Last  three  as  compared  with  last 
33  years,  3—939. 

Seattle  banks,  3 — 155. 

FAILURES,  COMMERCIAL,  2—216,  267,  327,  377,447, 
515,  601,  672;  3—19,  113  (year  1916),  167,  267,  374,  441, 
520,  604, 677.  747,  864, 940;  4—16, 89  (year  1917),  183,  295, 
403,  510,  609,  741,  856,  967,  1099,  1197;  5—30,  128  (year 
1918),  252,  359,  464,  563,  650,  736.  856,  960,  1051,  1152; 
6—63,  160  (year  1919),  274,  384,  493,  609,  697,  833,  945, 
946,  1064,  1175,  1300. 

German  failures,  6 — 1318. 

FAIRFIELD  COUNTY,  CONN. 

Banks  of,  transferred  from  Boston  to  New  York 
district,  2 — 154,  169. 

Change  in  allotment  for  purchase  of  United  States 
2  per  cent  bonds  from  banks  offering  them 
under  sec.  18,  because  of  such  change  in  district 
lines,  2 — 157. 

FAITH,  GOOD,  DRAWN  IN. 

(See  Acceptance;  Actually  existing  value.) 

FALSE  ENTRIES. 

(See  Comptroller  of  Currency.) 

FALSE  STATEMENTS,  LOANS. 

(See  Comptroller  of  Currency.) 


FARM  CREDIT  STATEMENTS. 

Department  of  Agriculture,  4 — 718. 

FARM  LAND  BANKS,  FEDERAL. 

Can  deposit  in  Federal  Reserve  Banks  for  purposes  of 
exchange  or  collection  or  for  payment  of  coupons 
on  Federal  land  bank  bonds,  3 — 379,  881;  4 — 435. 
Bonds  of.  are  not  Government  obligations  and  are 
not  eligible  as  collateral  for  member  bank  15-day 
notes,  4 — 33. 

Collateral  notes  of,  and  joint-stock  land  banks  are 
pure  finance  paper  and  not  eligible,  6 — 609. 
National  banks  may  discount  notes  secured  by, 
4—635. 

Federal  Reserve  Banks  can  purchase  bonds  of, 
subject  to  maturity,  etc.,  limitations  of  section 
14.  4—1216. 

(See  Farm  land  banks;  joint  stock.) 

FARM  LAND  BANKS,  JOINT  STOCK. 

Can  not  deposit  in  Federal  Reserve  Banks,  3 — 379. 
Collateral  notes  of,  are  not  eligible  for  rediscount, 
6—609. 

FARM  LAND  LOANS.  (See  also  Real  estate  loans.) 
Amendment  to  section  24,  Federal  Reserve  Act — 
Federal  Reserve  Board  on,  2 — 323. 

Passed  by  Congress,  2 — 441. 

Central  reserve  cities.  National  banks  in,  or  in  their 
outskirts,  if  within  city  limits,  can  not  make, 
2—272,  609. 

Certificates  of  eligibility  for  farm  mortgage  paper  to 
be  furnished  by  purchasing  bank  based  on  knowl¬ 
edge,  2 — 12. 

Federal  Advisory  Council  suggests  amendment  to 
section  24,  1 — 394. 

Federal  Reserve  Banks  can  not  discount  farm  land 
loans  made  under  section  24,  Federal  Reserve 
Act,  nor  loans  based  on  farm  land  security, 
2—272,  395. 

Improved  farm  lands.  Loans  on.  Construction,  3 — 
618. 

Improvements  form  part  of  value,  2 — 608. 
Instructions,  2 — 272. 

Limitations — 

One  year,  city  loans,  2 — 602,  606. 

Other  liability  of  borrower  on  personal  note  not 
to  be  included  in  maximum,  2—66. 

(See  infra,  United  States  Revised  Statutes,  sec¬ 
tion  5137.) 

Provisions  of  section  5200,  United  States  Revised 
Statutes,  apply  to  loans  made  under  section  24, 
2—66,  171. 

Maturity  of,  2 — 120,  226. 

National  banks — 

May  purchase  or  discount  farm  land  notes  under 
section  24,  whenever  payable,  if  maturity  is 
within  five  years, 2 — 120,  226. 

Can  not  make  renewals  of,  but  may  make  new 
loans  on  same  security,  2 — 602. 

Outskirts  of  city.  (See  Central  reserve  cities.) 
Regulation  G,  2—537,  606;  3—546  ;  6—1185. 
Regulation  I,  1 — 43. 

Renewals.  (See  supra.  National  banks.) 

Section  24,  Federal  Reserve  Act.  (See  Amendment; 
Federal  Advisory  Council;  United  States  Revised 
Statutes,  section  5137.) 

Undivided  interest.  Not  advisable  to  loan  on  a 
mortgage  of  an,  in  farm  land,  1 — 75. 


90 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FARM  LAND  LOANS— Continued. 

United  States  Revised  Statutes,  section  5137.  Loans 
under,  not  included  in  limitations  of  section  24, 
1—309;  2—607. 

United  States  Revised  Statutes,  section  5200.  Ap¬ 
plicable  to,  2 — 66,  171. 

( See  also  Real  estate  loans,  principal  heading.) 

FARM  LOAN  ACT. 

(See  Act  of  July  17,  1916.) 

FARM  LOAN  BOARD,  FEDERAL. 

( See  Federal  Farm  Loan  Board.) 

FARM  LOAN  BONDS,  FEDERAL. 

( See  Federal  farm  loan  bonds.) 

FARM  LOANS. 

(See  Farm  land  loans;  Farmers.) 

FARM  MORTGAGE  PAPER. 

Certificates  of  eligibility  to  be  furnished  by  officers  of 
purchasing  bank  based  on  knowledge,  2 — 12. 

FARM  PRODUCTS. 

As  bank  security.  Department  of  Agriculture,  4 — 404 . 

FARMERS. 

Credit  needs  of.  Department  of  Agriculture,  3 — 937. 

Direct  loans  to,  by  Treasury  and  Department  of  Agri¬ 
culture,  4— 807,  829. 

Eligibility  of  farmers’  paper.  (See  Agricultural  paper; 
Live-stock  paper.) 

Federal  Reserve  Act  and,  article,  1 — 442. 

Increased  credits  to,  by  Federal  Reserve  Banks  and 
member  banks,  6 — 1124. 

President  of  United  States  sets  aside  5  millions  for 
direct  aid  to,  4 — 830. 

Regulations,  direct  loans,  4 — 830. 

War  Finance  Corporation.  Loans  to  farmers,  4 — 691, 
806,  828,  950. 

FARNHAM,  T.  W. 

Elected  Class  A  director,  Boston,  3 — 7. 

FEDERAL. 

No  legal  prohibition  against  use  of  word  in  title  of  a 
bank,  1 — 361. 

Amendment  proposed  by  Federal  Reserve  Board 
limiting  use  of  word,  2 — 373. 

Use  of  word  discouraged  by  Federal  Reserve  Board, 
3—615;  4—521. 

FEDERAL  ADVISORY  COUNCIL. 

Acceptance  power.  Favors  additional,  3 — 109;  4 — 
1175,  1177. 

Act  September  7,  1916.  Favors  correction  of  error  in, 
3—106. 

Amendments — 

Suggested  by,  1 — 394;  2 — 668;  3 — 106,  340;  4 — 
1175,  1177;  5—200. 

Report  on  amendments  suggested  by  Federal 
Reserve  Board,  3 — 101,  340. 

Annual  election,  2 — 13,  53. 

Bank  acceptances.  Favors  immediate  credit  in 
member  banks’  reserve  account  for  proceeds  of, 
paid  to  any  Federal  Reserve  Bank,  5 — 200. 

Changes  in  personnel,  5 — 200. 

Clayton  Act.  Suggested  amendment,  1 — 394. 

Clearing  members,  favors,  3 — 106. 

Comptroller  of  Currency.  Office  should  be  absorbed 
in  Federal  Reserve  Board,  1 — 394. 

Credit  control.  Report  to  Federal  Reserve  Board  on, 
6 — 581,  583. 


FEDERAL  ADVISORY  COUNCIL— Continued. 
Collections.  More  direct,  favored,  5 — 200. 

Credit  situation  conference,  6 — 556,  579,  581,  583, 
Deposits.  (See  infra,  Guaranty.) 

Deposits,  interest  on  bank.  Discussion,  1 — 394. 
Deputy  Federal  Reserve  Agents.  Favors  abolishing, 
3—106. 

Discount  rates — 

Increase  in.  Favors,  3 — 922. 

Opposes,  4 — 491. 

Approves  policy  of  Federal  Reserve  Board,  4 — 
931. 

Preferential  rates,  war  paper,  should  be  continued 
until  Liberty  bonds  and  Victory  notes  are 
placed  with  ultimate  investors  and  paid  for, 
5—200. 

Recommendations  on,  6 — 224. 

Dollar  exchange.  Proposed  amendment,  4 — 1177. 
Expenses  of,  2 — 57;  5 — 132,  722. 

Farm  loan  bonds.  Opposes  Hollis  bill.  Farm-loan 
bonds  as  security  for  Federal  Reserve  Bank 
discounts  and  as  basis  for  member  bank  accept¬ 
ances,  1 — 394. 

Federal  Reserve  Banks — 

Governors  of,  should  not  serve  on,  2 — 3. 

Members  of,  should  attend  directors’  meeting  only 
when  invited,  2 — 112. 

Reduction  of  two-thirds  in  present  paid-in  capi¬ 
tal  favored,  1 — 391. 

Surplus.  Amendment,  4 — 1175,  1177. 

Federal  Reserve  Board — 

Approves  discount  rate  policy  of,  4 — 931. 
Financial  conference  with,  6 — 566. 

Gov.  Harding,  addresses,  6 — 579. 

Report,  6 — 581. 

Resolutions,  6 — 581. 

Federal  Reserve  notes — 

After  war  policy,  4 — 1177. 

Issue  of,  against  gold.  Favors,  3 — 106. 

Fees,  5—132,  722. 

Foreign  banking  corporations.  Holdings  of  stock  in, 
by  national  banks  favored,  1 — 394. 

Foreign  exchange  bank.  Opposes,  4 — 491. 

Free  gold  market,  4 — 1175,  1177. 

Guaranty  of  bank  deposits.  Opposes,  4 — 490. 

Harding,  Gov.,  address  to,  4 — 1175;  6 — 579. 

Interest  on  bank  deposits,  1 — 394. 

List  of  members,  2 — 53. 

Meetings  and  conferences,  1 — 35,  303,  394;  2 — 100, 
261,  438,  509,  667;  3—340,  921;  4—160,  490,  491, 
931,  1175;  5—200,  313,  618,  920,  1112;  6 — 224, 
556,  579,  581,  583,  1019,  1123,  1263. 

Member-bank  collateral  notes.  Advises  extension  of 
maturity  to  90  days  during  war,  5 — 200. 

Mutual  savings  banks  as  members.  Favors,  3 — 109. 
National  banks.  Branches  of,  favored,  1 — 394;  3 — 109. 
Press  statements,  1 — 394. 

Reserve  payment.  Final,  should  be  anticipated,  2 — 
668;  3—106. 

Reserves — 

Lowered.  Favors,  3 — 106. 

Power  in  Board  to  increase.  Opposes,  3 — 108. 
Rotation  in  office  favored  by  Federal  Reserve  Board, 
2—51. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


91 


FEDERAL  ADVISORY  COUNCIL— Continued. 
Section  22.  Favors  amendment  to,  3 — 108. 

United  States  Revised  Statutes,  section  5202.  Favors 
additional  exemption  to  100  per  cent,  etc.,  limita¬ 
tion;  liability  of  national  banks  as  indorser  on 
bills  actually  owned  and  discounted  at  home  or 
abroad,  5 — 200. 

Section  9.  Associate  members.  Amendment  favored, 
3—109. 

United  States  1-year  Treasury  notes.  Favors  abolish¬ 
ing,  3 — 109. 

United  States  bonds,  minimum  deposit.  Favors  abol¬ 
ishing,  3 — 109. 

War  paper.  Favors  preferential  rates  on,  until  Lib¬ 
erty  bonds  and  Victory  notes  have  been  placed 
with  and  paid  for  by  ultimate  investors,  5 — 200. 

FEDERAL  BUREAU  OF  PUBLIC  ROADS. 

(See  Capital  Issues  Committee.) 

FEDERAL  CHARTER. 

Corporations  engaged  in  foreign  banking.  Edge  bill, 
5—21,  229,  705,  725,  727,  728,  729,  820,  915,  1056, 
1109;  6—5,  56,  908. 

(See  Edge  bill.) 

FEDERAL  CONTROL  OF  RAILROADS. 

Act  of  March  21,  1918.  Text,  4 — 296. 

FEDERAL  EXCHANGE  DRAFTS. 

(See  Federal  Reserve  exchange  drafts.) 

FEDERAL  FARM  LAND  BANKS. 

(See  Farm  land  banks.) 

FEDERAL  FARM  LOAN  BOARD. 

Consolidated  statement  of  system,  4 — 1195. 

Norris,  G.  W.,  appointed  commissioner,  2 — 438. 
Second  annual  report,  5 — 129. 

FEDERAL  FARM  LOAN  BONDS. 

Federal  Advisory  Council  opposes  provisions  of  Hollis 
bill  making  valid  security  for  Federal  Reserve 
Bank  discounts  and  for  member-bank  acceptances, 
1—394. 

FEDERAL  RESERVE  ACT. 

Amendments.  (See  same.) 

Digest  of  Federal  Reserve  Act — 

By  C.  S.  Hamlin,  1 — 15. 

Second  edition,  3 — 826;  4 — 1. 

Edge  Act.  (See  same.) 

Federal  Reserve  Board — 

Amendment.  Two-year  limitation,  5 — 20,  228. 
Review  of  amendments,  2 — 508,  513. 

Ruling.  Reserve  amendment,  2 — 508. 

Opinions  on.  (See  Attorney  General  of  United  States; 
Opinions,  counsel.) 

Progressive  discount  rates,  6 — 448  ,  498,  777. 

Rulings  on.  (See  various  headings  of  this  digest.) 
Section  3.  (See  Branch  banks.) 

Section  7.  Surplus,  5 — 21,  228. 

Section  8.  (See  Conversion;  State  banks.) 

Section  9 — 

“Borrower”  defined,  4 — 638. 

Conversion,  3 — 690. 

Discount  limitations,  3 — 696,  950. 

State  banks,  3 — 336,  502. 

(See  State  banks.) 


FEDERAL  RESERVE  ACT— Continued. 

Section  9 — Continued. 

Ten  per  cent  limitation,  4 — 863. 

Extended.  5 — 228,  361. 

(See  Ten  per  cent  limitations.) 

United  States  Revised  Statutes,  section  5200. 
Amendment  of,  does  not  affect,  5 — 1056. 
Section  10.  Federal  Reserve  Board.  Amendment 
to  two-year  limitation,  5 — 20,  228. 

Section  11  (k).  Construction  of,  5 — 362,  363. 

(See  Fiduciary  powers;  Illinois;  United  States  Su¬ 
preme  Court.) 

Section  11  (m).  Extension  of  10  per  cent  limitation. 
Lapses  after  December  31,  1920.  (Enacted  to  be 
in  harmony  with  act  September  26,  1918,  giving 
increased  power  of  discount  of  war  paper  to 
national  banks),  4 — 1055;  5 — 21,  228,  361,  1055. 
Extended  with  qualifications  to  Oct.  31,  1921. 
Act  of  Feb.  27,  1921.  (See  volume  7,  Federal 
Reserve  Bulletin,  March,  1921,  p.  310.) 

Section  12.  (See  Federal  Advisory  Council.) 

Section  13 — 

Acceptances  not  subject  to  10  per  cent  limitation. 
(See  Acceptances.) 

Difference  between,  and  United  States  Revised 
Statutes,  section  5200,  3 — 195. 

Exceptions  to  10  per  cent  limitation.  (See  Ten 
per  cent  limitation.) 

Limitations  of.  (See  Limitations  on  discounts; 
Ten  per  cent  limitation.) 

Not  affected  by  amendment  to  United  States 
Revised  Statutes,  section  5200,  4 — 1055. 
Discounts  of  war  paper.  (See  War  paper.) 

(See  also  Acceptances;  Agricultural  paper;  At¬ 
tached;  Based  on;  Basic  rates;  Bills  of  ex¬ 
change;  Borrower;  Commercial  paper;  Dis¬ 
counts;  Dollar  exchange;  Exchange  charges; 
Gold  bars;  Live-stock  paper;  Member  bank 
collateral  notes;  Member  banks;  Nonmember 
banks;  Progressive  rates;  State  banks;  United 
States  Revised  Statutes,  section  5200.) 

Section  14.  (See  Acceptances;  Accounts;  Bills  of 
exchange;  Gold;  Discount  rates;  Foreign  corre¬ 
spondents;  Warrants.) 

Section  15.  (See  Government  deposits.) 

Section  16.  (See  Clearing  system;  Deposits;  Federal 
Reserve  notes;  Gold  settlement  fund;  Reserves.) 

Section  17.  (See  National  banks;  United  States 
bonds.) 

Section  18.  (See  Federal  Reserve  Bank  notes; 
United  States  bonds;  United  States  one-year 
Treasury  notes.) 

Section  19.  (See  Excess  reserves;  Foreign  branches; 
Reserves.) 

Section  21.  (See  Examinations.) 

Section  22.  Directors’  fees,  etc. — 

Interpretation,  1 — 16. 

Amendment,  3 — 100. 

Penal  statute,  3 — 30,  694. 

Form  for  directors’  resolution,  3 — 929. 

Kansas  State  bankers  favor  amendment  of,  4 — 515. 
Federal  Reserve  Board  declines  to  rule  whether 
indorsement  of  director  comes  within,  as 
amended,  3 — 763. 

(See  Directors.) 

Section  24.  (See  Farm  land  loans;  Real  estate  loans.) 


92 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  ACT— Continued. 

Section  25.  ( See  Foreign  banking  corporations;  Na¬ 

tional  banks;  Reserves.) 

Section  25  (a).  ( See  Edge  bill.) 

Section  26.  ( See  Gold  reserves.) 

Section  27.  ( See  Aldrich-Vreeland  Act.) 

Section  28 — 

( See  Capital  stock.) 

( See  also  Construction;  Opinions,  Attorney  Gen¬ 
eral  of  United  States;  Opinions  of  counsel.) 

FEDERAL  RESERVE  AGENTS. 

Acceptances.  To  prepare  circular  on,  5 — 415. 
Accounts,  1—171,  248,  296,  342,  389,  430;  2—48,  95, 
145,  199,  254,  303,  366,  429,  502,  581,  652,  722;’ 

3— 70,  148,  228,  325,  418,  494,  573,  647,  726,  822, 
913,  986;  4—146,  237,  351,  472,  559,  675,  786,  906, 
1034,  1152;  5—91,  175,  286,  398,  503,  599,  691,  801, 
895,  998,  1093,  1190;  6—100,  200,  317,  425,  540, 
649,  751,  880,  893,  993,  1111,  1240,  1356. 

( See  Federal  Reserve  notes.) 

Act  June  21,  1917.  Joint  custody,  3 — 615. 

Annual  designation  of,  2 — 51;  4 — 13. 

Bonds.  Reduction  in  amount  of,  because  of  joint  cus¬ 
tody,  3—615. 

Business  readjustment.  Report  on,  5 — 205. 

Clearing  system.  Report  on,  1 — 307,  369. 

Collection.  ( See  Federal  Reserve  Banks.) 
Compensation,  Deputy  Federal  Reserve  Agents,  1 — 
362. 

Conferences  of,  1—347,  395:  2—206,  262,  310;  3-^t; 

4— 160;  5—1015,  1017;  6—1123,  1263. 

Cost  of  unissued  notes,  3 — 93,  609. 

Cost  of  shipment,  unfit  notes,  3 — 82,  242. 

Deputy  Federal  Reserve  Agents.  Compensation,  1 — 
362. 

(See  infra,  National  bank  examiners.) 

Designation  of.  Yearly,  2 — 51;  4 — 13. 

Discount  rates.  Recommend  increase  in,  5 — 1017. 
Domestic  acceptances.  Report  on,  3 — 6. 

Duties,  4 — 373. 

Expenses,  2 — 17;  5 — 132,  722. 

Federal  Reserve  Banks  may  turn  over  to,  maturing 
notes  and  bills  for  collection.  Rider  may  be  at¬ 
tached  to  serve  notice  that  Federal  Reserve 
Banks  hold  them  for  collection  only,  3 — 351. 
Federal  Reserve  Board.  Letter  to.  Speculative  tend¬ 
encies,  5 — 1108. 

Gold  holdings,  1914-1916.  Chart,  3—233. 

Gold  settlement  fund— 

Accounts  with.  May  open,  1 — 303,  304. 

Federal  Reserve  Agents’  fund,  1 — 359,  403;  2 — 
11,  63,  110,  167,  222,  271,  322,  383,  455,  522, 
605,  676;  3—27,  97,  176,  269,  354,  455,  524, 
612,  680,  761,  841,  948;  4—27,  106,  224,  339, 
460,  548,  662,  772,  893,*  1019,  1239;  5—275, 
570,  877,  1179;  6—300,  633,  976,  1015,  1341. 
(See  Gold  settlement  fund.) 

Federal  Reserve  Board.  Resolution,  1 — 304. 
Federal  Reserve  Banks  may  reduce  liability  on 
Federal  Reserve  notes  by  transfers  on,  to 
credit  of  Federal  Reserve  Agents,  1 — 273. 
Federal  Reserve  notes.  Transfers  from  Federal 
Reserve  Agents’  deposit  in,  in  payment  of 
unfit  Federal  Reserve  notes,  1 — 404. 

Hardy,  C.,  appointed,  Richmond,  2 — 153. 

Heath,  W.  A.,  appointed,  Chicago,  3 — 7. 


FEDERAL  RESERVE  AGENTS— Continued. 

Indorsement.  Paper,  gold  order  certificates,  etc., 
pledged  with,  1 — 363. 

Jay,  Pierre,  designated,  New  York,  3 — 7. 

Joint  custody,  3 — 615,  691. 

List,  4—14. 

Meetings  of.  (See  supra,  Conferences.) 

Member  bank  rediscounts.  To  report  on  use  of  pro¬ 
ceeds,  5 — 617. 

Money  and  exchange.  Report,  Federal  Reserve  Agent 
of  New  York,  6—231. 

Money  held  by.  (See  Money.) 

Morgan,  S.,  appointed  assistant  to  Federal  Reserve 
Agent.  New  York,  5 — 530. 

National  bank  examiners,  no  longer  to  be  appointed 
Deputy  Federal  Reserve  Agents,  2—2. 

New  York.  Report,  housing  conditions,  5 — 632,  1049. 
Notes.  (See  Cost;  Federal  Reserve  Banks.) 

Ramsay,  A.  E.,  designated,  Kansas  City,  4 — 5. 
Reports — 

Business  readjustment,  5 — 205. 

Clearing  system,  1 — 307,  369. 

Domestic  acceptances,  3 — 6. 

Federal  Reserve  Board.  Weekly,  to,  1 — 13. 
Housing  conditions,  New  York,  5 — 632,  1049. 
Member  bank  rediscounts.  Use  of  proceeds,  5 — 
617. 

Speculative  tendencies,  5 — 1108. 

Trade  acceptances,  3 — 8. 

War  paper.  Policy  as  to  liquidation  of,  6 — 325. 
(See  Business  conditions.) 

Shipment  of  notes.  (See  Cost.) 

Trade  acceptances,  report  on,  3 — 8. 

Unfit  noteB.  Cost  of  shipment,  3 — 82,  242. 

Unissued  notes.  Cost  of,  3 — 93,  609. 

War  paper.  Report.  Policy  as  to  liquidation  of,  5 — 
325. 

FEDERAL  RESERVE  BANK  AND  MEMBER 

BANK  DEVELOPMENT. 

Fiscal  year,  1920,  6 — 723. 

FEDERAL  RESERVE  BANK  AGENCY. 

Memphis,  regulations,  3 — 168. 

FEDERAL  RESERVE  BANK  AND  BRANCH 

CITIES. 

Commercial  rates  in,  4 — 812,  1016,  1106,  1209;  5 — 74, 
265,  376,  482,  577,  667,  750,  864,  972,  1065,  1162; 
B— 72,  172,  286,  396,  514,  622,  713,  852,  967,  1085, 
1215,  1329. 

FEDERAL  RESERVE  BANK  CITIES. 

(See  Member  bank  condition  statements.) 

FEDERAL  RESERVE  BANK  HOLIDAYS. 

List,  by  districts,  2 — 68. 

FEDERAL  RESERVE  BANK  NOTES. 

Act  April  23,  1918.  Pittman  act.  Issue  of,  against 
United  States  2  per  cent  Treasury  certificates 
and  United  States  one-vear  gold  notes,  4 — 363, 
395  (text),  493;  5—5,  699;  6—563,  779. 
Apportionment  of,  4 — 492. 

Circulation.  (See  Money.) 

Circulation.  Reduction  of.  Federal  Reserve  Board, 
letter  to  governors,  5 — 699. 

Cost  of,  chargeable  to  current  expense  account,  5 — 26. 
Cost  of  transportation  of  unfit,  paid  by  Treasury,  3 — 
242. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


93 


FEDERAL  RESERVE  BANK  NOTES— Continued. 
Denominations  outstanding,  4 — 519. 

( See  Money.) 

Federal  Reserve  Board.  Letter  to  governors  on  reduc¬ 
tion  of  circulation  of,  5 — 699. 

Federal  Reserve  notes.  How  Federal  Reserve  Bank 
notes  differ  from,  2 — 273. 

Five  per  cent  redemption  fund.  Only  reserve  re¬ 
quired  against,  2 — 273. 

Instructions,  4 — 493. 

Outstanding  denominations,  4 — 519. 

{See  Money.) 

Pittman  silver  act,  act  April  23,  1918.  Issue  of, 
against  United  States  2  per  cent  Treasury  cer¬ 
tificates  and  United  States  one-year  Treasury 
notes,  4—363,  493,  595;  5—5,  699;  6—563,  779. 
Printing  of,  1 — 15;  4 — 487. 

Redemption  fund.  ( See  supra,  Five  per  cent  redemp¬ 
tion  fund.) 

Reserves.  None  required  except  5  per  cent  redemp¬ 
tion  fund,  2 — 273. 

Unfit.  Cost  of  transportation  to  Washington  paid  by 
Treasury,  3—242. 

United  States  one-year  Treasury  notes.  Issue  of  Fed¬ 
eral  Reserve  Bank  notes  against — 

Amendment  proposed,  3 — 100. 

Federal  Advisory  Council  opposes,  3—109. 
Pittman  act  authorizes  issue  of  Federal  Reserve 
Bank  notes  against,  4 — 363,  395,  493;  5 — 5, 
699;  6—563,  779. 

( See  United  States  one-year  Treasury  notes.) 

United  States  2  per  cent  Treasury  certificates.  Pitt¬ 
man  Act.  Issue  of  Federal  Reserve  Bank 
notes  against,  3 — 100, 104;  4 — 363,  395,  493;  5 — 5, 
699;  6—563,  779. 

Use  of,  1—15. 

( See  also  Money.) 

FEDERAL  RESERVE  BANK  OF  ATLANTA. 

Adelson,  L.  C.,  elected  deputy  governor,  5 — 201. 
Birmingham  branch,  4 — 597,  695. 

Branches  of — 

Birmingham,  4 — 597,  695. 

Jacksonville,  4 — 596,  695. 

New  Orleans,  4—10,  15,  597,  695,  817. 
Commercial  rates  in  district,  6 — 573. 

Crop  moving.  ( See  Government  deposits.) 

Directors  of.  ( See  Directors,  principal  heading.) 
Discount  rates,  increase  in,  2 — 261. 

Discounts.  Controversy  over  Tennessee  member 
banks  rediscounts  with,  2 — 4. 

Dividends,  2 — 373;  3 — 507. 

Government  deposits — 

To  move  cotton  crop,  1 — 301. 

Repaid,  2 — 371. 

Hamlin,  Gov.  Visits,  2 — 261. 

Jacksonville  branch,  4—596,  695. 

Louisiana  banks  transferred  from  Dallas  to  Atlanta  dis¬ 
trict,  2—153,  154,  158. 

McCord,  J.  A. —  * 

Resigns  as  governor,  5 — 201. 

Appointed  Federal  Reserve  Agent,  5 — 201. 
Member  banks.  Controversy  over  rediscounts,  2 — 4. 
New  Orleans  branch,  1 — 51,  123,  251,  298;  4 — 10,  15, 
597,  695,  817. 


FEDERAL  RESERVE  BANK  OF  ATLANTA— Contd. 
Redistricting— 

Change  in  northern  boundary  line,  Mississippi, 
6—59. 

Louisiana  banks  from  Texas  to  Atlanta  district, 
2—153,  154,  158. 

Transfers.  ( See  Redistricting.) 

United  States  bonds,  change  in  allotment  of,  for  pur¬ 
chase  under  section  18  because  of  transfer  to 
Atlanta  district  of  Louisiana  banks,  2 — 157,  158. 
Wellborn,  M.  B.,  elected  governor,  5 — 201. 

FEDERAL  RESERVE  BANK  OF  BOSTON. 

Aiken,  A.  L.  Resignation  as  governor,  4 — 5. 

Allen,  P.  R.,  elected  Class  B  director,  4 — 695,  817. 

Boston  Clearing  House — 

Takes  over  country  clearings  of,  2 — 315,  317;  3 — 
162. 

Admitted  as  member  of,  3—164. 

Clearings — 

Takes  over  country,  from  Boston  Clearing  House, 
2—315,  317;  3—162. 

Cost  of  handling  items,  3 — 164. 

Commercial  rates  in  district,  6 — 572. 

Country  clearings.  {See  Clearings.) 

Director.  Resident  of  Fairfield  County,  Conn.,  after 
transfer  to  New  York  can  not  be  elected  to  serve 
as  director  of,  2 — 607. 

Directors.  {See  same,  principal  heading.) 

Discount  rates — 

Increase,  3 — 4. 

Increase  favored  on  bond-secured  loans,  5 — 325. 
{See  Discount  rates.) 

Discounts.  Uses  365  days  in  computing,  3 — 951. 

Fairfield  County,  Conn. — 

Transferred  to  New  York,  2 — 154,  155,  169. 
Change  in  allotment  of  United  States  bonds  for 
purchase  under  section  18  because  of  trans¬ 
fer,  2—157. 

Resident  of,  after  transfer  can  not  be  elected 
director  of,  2—607. 

Federal  Reserve  System.  Statement.  Reasons  why 
banks  should  join,  4 — 1081. 

Member  banks.  List,  4—1081. 

Metcalf,  J.  Appointed  Class  C  director,  4 — 817. 
Morss,  C.  A.  Elected  governor,  4—5. 

Redistricting.  {See  Fairfield  County.) 

United  States  bonds.  Change  in  allotment  for  pur¬ 
chase  under  section  18  because  of  transfer  of  Fair- 
field  County,  2 — 157. 

FEDERAL  RESERVE  BANK  OF  CHICAGO. 

Clearing  system.  Circular,  2 — 312. 

Commercial  rates  in  district,  6 — 573. 

Detroit  branch,  4 — 10,  256. 

Directors.  {See  same,  principal  heading.) 

Dividends,  2 — 373;  3 — 507. 

Liberty  loans,  Circular,  3 — 437. 

FEDERAL  RESERVE  BANK  OF  CLEVELAND. 

Cincinnati  Branch,  3 — 923;  4 — 10,  14. 

Commercial  rates  in  district,  6—572. 

Directors.  {See  same,  principal  heading.) 

Dividends,  3 — 507. 

Liberty  bonds.  Only  few  agreements  to  carry  cus¬ 
tomers  beyond  90  days,  5 — 326. 


94 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERYE  BANK  OF  CLEVELAND— Con. 
Member  bank  collateral  notes.  One  renewal  only  at 
original  rate,  5 — 326. 

Pittsburgh  branch,  3 — 923;  4 — 10,  15. 

FEDERAL  RESERYE  BANK  OF  DALLAS. 

Accrued  dividends  due  Oklahoma  banks  after  trans¬ 
fer  to  Kansas  City,  2 — 678. 

Class  C  directors,  appointment  of,  2 — 107. 

Clearing  plan,  2 — 315. 

Commercial  rates  in  district,  '6 — 574. 

Crop  moving.  (See  Government  deposits.) 

Directors.  (See  same,  principal  heading.) 

Dividends,  2 — 373,  508. 

(See  supra,  Accrued  dividends.) 

El  Paso  branch,  4 — 256,  365,  597. 

Government  deposits — 

To  move  crops,  1 — 301. 

Repaid,  2 — 371. 

Houston  branch,  5 — 619. 

Live-stock  paper,  loans  on,  2 — 395. 

Martinez,  F.  Death  of,  director,  2 — 152. 

Newsome,  W.  B.,  appointed  Deputy  Federal  Reserve 
Agent,  2 — 100. 

Oklahoma  banks.  Transfer  to  Kansas  City.  Accrued 
dividends,  2 — 678. 

Redistricting — 

Louisiana  banks  to  Atlanta,  2 — 153. 

Oklahoma  banks  to  Kansas  City,  2 — 678. 

(See  Redistricting,  principal  heading.) 

Tenison,  E.  O.,  resigns  as  Federal  Reserve  Agent,  1 — 
312. 

United  States  bonds.  Change  in  allotment  for  pur¬ 
chase  under  section  18  because  of  transfer  of 
Louisiana  banks,  2 — 158. 

Van  Zandt,  R.  L.,  elected  governor,  1 — 50. 

FEDERAL  RESERVE  BANK  OF  KANSAS  CITY. 

Accrued  dividends  to  Oklahoma  banks  transferred 
from  Dallas,  2 — 678. 

Commercial  rates  in  district,  6 — 573. 

Directors.  (See  same,  principal  heading.) 

Discount  rates — 

Increase,  2 — 205;  4 — 487. 

Increase  favored,  5 — 325. 

Dividends,  2 — 373;  3 — 507. 

Government  deposits,  crop  moving.  Refused,  1 — 302. 
Live-stock  paper,  loans  on,  2 — 395. 

Oklahoma  branch,  5 — 1017,  1018,  6 — 63,  159,  782. 
Omaha  branch,  3 — 586. 

Ramsay,  A.  E.,  appointed  Federal  Reserve  Agent, 
4—5. 

FEDERAL  RESERYE  BANK  OF  MINNEAPOLIS. 

Commercial  rates  in  district,  6 — 573. 

Directors.  (See  same,  principal  heading.) 

Discount  rates,  increase,  2 — 261. 

Dividends,  3 — 507. 

Government  deposits,  crop  moving.  Refused,  1 — 302. 
Miller,  Dr.  A.  C.,  visits,  2 — 438. 

Wold,  T.,  resigns  as  governor,  5—919. 

Young,  R.  A.,  elected  governor,  5 — 919. 

FEDERAL  RESERVE  BANK  OF  NEW  YORK. 

Acceptances.  Increases  rates,  3 — 4. 

Accrued  dividends  due  Philadelphia  banks  transferred 
to  New  York,  2 — 678. 


FEDERAL  RESERVE  BANK  OF  NEW  YORK— Con. 

Argentine  credits,  4 — 941. 

Bank  of  England.  Foreign  agent  for,  3 — 4,  5. 

Bank  of  France.  Foreign  agent  for,  3 — 175. 

Bankers’  acceptances.  Will  receive,  for  collection 
except  those  payable  at  New  York  Clearing 
House  banks.  Schedule  of  availability,  5 — 245. 

Buffalo  branch,  5 — 530. 

Circular.  Vault  reserves,  2 — 669. 

Collection  charges.  New  York  Clearing  House  rule. 
Members  shall  not  pay  a  higher  charge  for  col¬ 
lection  of  items  on  the  Federal  Reserve  par  list 
than  would  be  incurred  in  collecting  such  items 
through  the  Federal  Reserve  Bank  of  New  York, 
4—1056. 

Commercial  rates  in  district,  6 — 572. 

Conservation  of  credit.  Statement,  4 — 741. 

Cost  of  living,  5—632,  1049. 

Coupons.  Will  cash,  on  Federal  farm  loan  bonds, 
4 — —435. 

Credit,  conservation  of.  Statement,  4 — 741. 
Curtailment  of  loans.  Statement,  4 — 935. 

Delano,  F.,  visits,  2 — 309. 

Directors.  (See  same,  principal  heading.) 

Discount  rates — 

Increases  rates  on  acceptances,  3 — 4. 

Increase  in,  4 — 7. 

Discounts — 

Ratio  of,  to  total;  chart  5 — 276,  277. 

Uses  365  days  in  computing,  3 — 951. 

Dividends,  3 — 507. 

Fairfield  County,  Conn.,  transferred  to  New  York,  2 — 
153,  155,  169. 

Farm  oan  bonds,  Federal.  Will  cash  coupons  on, 

4— 135. 

Federal  Reserve  System.  Reasons  why  banks  should 
join,  4—615. 

Housing  conditions.  Report,  Federal  Reserve  Agent, 

5— 632,  1049. 

Immediate  credit  at  par.  Drafts  on  Federal  Reserve 
Bank  of  Richmond,  1 — 367. 

Outlying  districts.  Reserves,  4 — 1086. 

Questionnaire  to  employees  on  cost  of  living,  6 — 1294. 
Redistricting — 

Accrued  dividends  due  New  Jersey  banks,  2 — 
678. 

(See  Redistricting,  principal  heading.) 
Speculative  activity.  Gov.  Strong.  Letter,  4 — 935. 
Statements — 

Conservation  of  credit,  4 — 741. 

Curtailment  of  loans,  4-935. 

Speculative  activity.  Gov.  Strong,  4 — 935. 

Strong,  Gov. — 

Leave  of  absence,  2 — 315. 

Letter  to  New  York  Stock  Exchange.  Specula¬ 
tive  activity,  4 — 935. 

Treman,  R.  H.,  resigns  as  deputy  governor,  5 — 1018. 
United  States  bonds.  Change  in  allotment  for  pur¬ 
chase  under  section  18  because  of  transfer  of  Fair- 
field  County,  Conn.,  to,  2 — 157. 

Vault  reserves.  Circular,  2 — 669. 

Warburg,  P.,  visits,  2 — 309. 

FEDERAL  RESERVE  BANK  OF  PHILADELPHIA. 

Accrued  dividends.  Due  New  Jersey  banks,  trans¬ 
ferred  to  New  York  settlement,  2 — 678. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


95 


FEDERAL  RESERVE  BANK  OF  PHILADELPHIA— 

Continued. 

Coin  counting  machines.  Deprecates  use  of,  3 — 140. 
Commercial  rates  in  district,  6 — 572. 

Directors.  ( See  same,  principal  heading.) 

Dividends,  3 — 507. 

Governor.  Norris,  G.  W.,  elected,  6 — 341. 

FEDERAL  RESERVE  BANK  OF  RICHMOND. 

Agricultural  paper.  Lower  rates  on,  2 — 437. 
Baltimore  branch,  3 — 440;  4 — 10,  256. 

Capital  payments,  2 — 5. 

Circular.  Clearing  system,  2 — 598. 

Class  C  directors,  appointment  of,  4 — 491. 

Clearing  system.  Circular,  2 — 598. 

Commodity  paper.  Rates,  2 — 205,  437. 

Directors.  (See  same,  principal  heading.) 

Discount  rates — 

Increase,  2 — 205;  4 — 487. 

Lower,  on  agricultural  and  commodity  paper,  2 — 
437. 

Dividends,  2—5,  205,  373;  3—507. 

Earnings,  2 — 5,  373. 

Government  deposits— 

Crop  moving,  1 — 301. 

Repaid,  2 — 371. 

Immediate  credit  at  par.  Federal  Reserve  Bank,  N ew 
York,  gives,  to  drafts  on,  1 — 367. 

Reserve  payment.  Favors  anticipation  of  final,  2 — 5. 
Tennessee  banks.  Rediscounts,  2 — 5. 

FEDERAL  RESERVE  BANK  OF  SAN  FRANCISCO. 

KrQ  TIGn  ow _ 

Portland,  3—339;  4—10,  15. 

Salt  Lake  City,  4 — 256,  365. 

Seattle,  3—339;  4—10,  15. 

Spokane,  3—339,  585;  4—10,  15. 

Calkins,  J.  U.,  elected  governor,  5 — 530. 

Commercial  rates  in  district,  6—574. 

Directors.  ( See  same,  principal  heading.) 

Dividends,  2 — 508;  3 — 507. 

Foreign  agent,  Philippine  National  Bank,  3 — 239. 
Kains,  A.  Resigns  as  governor,  3 — 633. 

Los  Angeles  branch,  5 — 821. 

Lynch,  J.  K. — 

Elected  governor,  3 — 713;  4 — 5. 

Death  of,  5 — 530. 

Philippine  National  Bank.  Foreign  agent  of,  3 — 239. 
Portland  branch,  3—339;  4 — 10,  15. 

Salt  Lake  City  branch,  4 — 256,  365. 

Seattle  branch,  3 — 339;  4 — 10,  15. 

Spokane  branch,  3 — 339,  585;  4 — 10,  15. 

FEDERAL  RESERVE  BANK  OF  ST.  LOUIS. 

Biggs,  D.  C.,  elected  governor,  5 — 201. 

Branches — 

Little  Rock,  4 — 1056. 

Louisville,  4 — 10,  14. 

Memphis,  4 — 597,  817. 

Directors.  ( See  same,  principal  heading.) 

Discount  rates.  Increase,  3 — 4. 

Dividends,  3 — 507. 

Federal  Reserv'd  Bank  agency,  Memphis,  3 — 168. 
Government  deposits.  Crop  moving,  refused,  1 — 302. 


FEDERAL  RESERVE  BANK  OF  ST.  LOUIS— Con. 

Little  Rock  branch,  4—1056. 

Louisville  branch,  4 — 10,  14. 

Member  banks,  Tennessee.  Controversy  as  to  redis¬ 
counts  of,  2 — 4. 

Memphis  agency,  3 — 168. 

Memphis  branch,  4 — 597,  817. 

Redistricting.  Humphreys  County,  Miss.,  trans¬ 
ferred  from  Atlanta  district  to,  6 — 59. 

Wells,  Rolla,  resigns  as  governor,  5 — 201. 

FEDERAL  RESERVE  BANK  ORGANIZATION  COM¬ 
MITTEE. 

Appeals  from  decisions  of.  (See  Redistricting.) 

FEDERAL  RESERVE  BANK  STATEMENTS. 

(See  Earnings  and  expenditures;  Federal  Reserve 
Agent,  accounts;  Resources  and  liabilities.) 

FEDERAL  RESERVE  BANK  STOCK. 

Surrender  of,  by  liquidating  bank,  5 — 53. 

(See  Capital  stock.) 

FEDERAL  RESERVE  BANKING.  Review  of.  (See 
Review.) 

FEDERAL  RESERVE  BANKS. 

Absorption  of  cost.  (See  Cost;  Currency  shipments; 

Federal  Reserve  notes.) 

Acceptances — 

Hold  60  per  cent  of  member  bank,  5 — 105. 

(See  Acceptances;  Rediscounts.) 

Accounts.  Adjustment  of,  after  redistricting,  1 — 144. 
Act  June  21,  1917.  New  form,  weekly  statements, 
3—506. 

Agency,  Memphis,  3 — 168. 

Agricultural  paper — 

Limit  fixed  at  99  per  cent,  2 — 67  at  68. 

(See  Agricultural  and  live-stock  paper.) 

Alaska.  (See  same.) 

American  Bankers  Association,  membership  of,  in, 

1— 15. 

Annual.  (See  infra,  Tenure  of  office.) 

Assessments  on,  by  Federal  Reserve  Board,  1 — 118; 

2— 7,  8,  318,  319;  3—23,  24,  525,  526;  4—24,  608; 
5—132,  722;  6—132,  829. 

Assets  and  liabilities.  (See  Resources  and  liabilities, 
principal  heading.) 

Assets,  changes  in,  3 — 758. 

Average  time  of  destination  between,  1 — 83. 

Bank  of  England.  Earmarked  gold  in,  3 — 504. 

Bank  premises.  Cost,  5 — 134,  723. 

Banks  of  issue.  Comparison  with  leading  European. 

(See  Banks  of  issue.) 

Bill  of  lading  drafts — 

Collection  of,  3 — 114. 

(See  infra.  Immediate  credit.) 

Bills  receivable.  Can  not  discount  notes  secured  by, 
2—66. 

Borrower.  Any  one — 

(See  Borrower.) 

(See  infra,  Discount.) 

Branch  banks.  (See  same,  principal  heading.) 
Branches,  foreign — 

Secretary  of  Treasury  favors  establishment  of, 
in  South  America,  1 — 313. 

Federal  Reserve  Board  disapproves  except  in 
part,  1 — 348. 

Canal  Zone.  (See  same.) 


96 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  BANKS— Continued. 

Cancellation  of  stock  certificates.  Regulation  I,  1920. 
6—1187. 

Capital.  Minimum,  is  4  millions  but  may  be  decreased 
after  opening,  2 — 207. 

Capital  stock — 

Circulars  and  regulations,  1 — 42,  148;  2 — 541. 
Deduction  of  value  of.  State  taxation  of  shares 
in  member  banks,  1 — 315;  3 — 955. 

Paid  in,  2 — 98,  123. 

Payment,  third  installment,  1 — 14. 

Surrender  of.  Need  not  demand,  proportional 
part  of  capital  stock  because  of  reduction  of 
surplus,  1 — 218. 

Tax,  State,  exemption  from,  1 — 13. 

( See  Capital  stock.) 

Chart,  organization,  4 — 374. 

Circulars  and  regulations.  ( See  Circulars  and  regula¬ 
tions;  Regulations.) 

Clearing  and  collection  service,  5 — 467. 

Clearing  system.  ( See  Clearing  system,  principal 
heading.) 

Closing  of  books  for  dividend  purposes,  2 — 12,  511; 
4—521. 

Collecting  agents,  1—104. 

Collection,  bill  of  lading  drafts,  3 — 114. 

Collection  services — 

Checks  and  drafts  for  member  banks  outside  dis¬ 
trict,  6—276. 

Collection  of  maturing  notes  and  bills  when  sent 
by  member  banks  outside  district  for  account 
of  Federal  Reserve  Bank,  6 — 276. 

Commodity  paper,  discounts.  ( See  Commodity  pa¬ 
per;  Discount  and  open-market  operations.) 
Comparison  with  leading  foreign  banks.  (See  Banks 
of  issue.) 

Condition.  ( See  Condition;  Resources  and  liabilities.) 
Contingent  liability  on  rediscounts  with  other  Federal 
Reserve  Banks.  ( See  same,  principal  heading.) 
Cost — 

Bank  premises,  5 — 134,  723. 

Furniture  and  equipment,  2 — 58,  219,  387;  3 — 93, 
608;  5—134,  723. 

( See  Federal  Reserve  notes.) 

Coupons.  Will  cash,  of  Federal  land  banks,  4 — 435. 
Credit  information.  Divulging  of,  1 — 347. 

Currency  shipments.  No  tax  on  charges  for,  4 — 1215. 
Current  expense  account.  Charges  to,  5 — 26. 
Deposits.  ( See  Deposits,  principal  heading;  Federal 
land  banks;  Government  deposits;  Net  deposits.) 
Direct  discounts  not  permissible  for  individuals  save 
through  member  banks,  2 — 112,  272,  679;  3 — 379, 
457,  763. 

Directors — 

Election  of.  ( See  Directors,  principal  heading.) 
May  require  guaranty  or  indorsement  of,  on  dis¬ 
counted  paper  of  a  suspended  national  bank, 
2—66. 

Discount  and  open-market  operations.  ( See  same.) 
Discount  policy.  ( See  Discount  rates.) 

Discount  power — 

Not  affected  by  act  October  22,  1919,  amending 
section  11  (m)  of  Federal  Reserve  Act,  5 — 
1055,  1056. 

May  refuse  to  discount  paper  of  any  borrower 
which  it  has  already  discounted  in  sufficient 
amounts  for  other  member  banks,  6 — 276. 


FEDERAL  RESERVE  BANKS— Continued. 

Discount  power — Continued. 

No  obligation  to  discount  paper  although  eligible, 
6—1301  at  1303. 

Discount  rates — 

During  war,  5 — 943. 

( See  Discount  rates,  principal  heading.) 

(See  infra,  United  States  Revised  Statutes,  section 
5198.) 

Discounts — 

Bills  receivable.  Notes  secured  by,  are  eligible, 
1—112,  127. 

Commodity  paper,  f See  same;  Discount  and 
open-market  operations.) 

Computation  of — 

Boston  and  New  York  use  365  days;  all  other 
Federal  Reserve  Banks  360  days,  3 — 951. 
Method,  1—74;  2—272,  456,  461;  3—951; 
5—249. 

Direct.  (See  supra,  Direct  discounts.) 

Farm  loan  paper  not  permissible,  2 — 272. 

Finance  bills  not  permissible,  4 — 1120. 

(See  Finance  paper.) 

Discount  and  open-market  operations.  (See 
same,  principal  heading.) 

Limitation  on  amount  of.  None  except  section 
13,  2—112,  274,  457. 

Nonmember  bank — • 

Indorsement  of,  on  paper  offered  and  indorsed 
by  member  bank  does  not  make  non¬ 
member  bank  a  borrower  subject  to 
limitation  of  section  13,  4 — 520. 

(See  Nonmember  banks.) 

Purchases  and,  by  groups,  6 — 777. 

Section  13 — 

Only  limitation  on  rediscounts,  2 — 112,  274, 
457. 

Borrowers  under  section  13.  (See  Borrowers.) 
Speculative  purposes,  rediscounts  for,  5 — 1107. 

(See  Profit.) 

War  paper — 

1917-1919,  5—428. 

1914-1919,  5—771. 

(See  Discounts,  principal  heading.) 

(See  Preferential  rates;  War  paper.) 

Dividends.  (See  same,  principal  heading.) 

Double  liability  of  State  member  banks  on  stock  of, 
1—273. 

Draft,  military.  Employees’  exemption,  3 — 591. 
Drafts  of  member  banks,  3 — 78. 

(See  Federal  Reserve  exchange  drafts;  Federal 
Reserve  transfer  drafts.) 

Due  from.  (See  same,  principal  heading.) 

Duty  of  officers,  4 — 373. 

Earmarked  gold — 

In  Bank  of  England,  3 — 504. 

(See  Earmarked  gold.) 

Earning  assets — 

Comparison,  1914  and  1919,  5 — 771. 

Fiscal  year  1920,  classification  of,  6 — 723,  725. 
(See  Classification;  Earning  assets,  principal  head¬ 
ing;  Resources  and  liabilities,  principal 
heading.) 

Earnings.  Items  charged  against,  2 — 12. 

Earnings  and  expenses.  (See  same,  principal  head¬ 
ing.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


97 


FEDERAL  RESERVE  BANKS— Continued. 

Emplovees — 

1915-1917,  5—778. 

Draft  exemption,  3 — 591. 

Group  insurance,  3 — 28. 

List  to  be  submitted  annually  to  Federal  Reserve 
Board,  2 — 13. 

(See  Employees.) 

Equipment.  ( See  supra.  Cost.) 

Examinations  of.  Directors  to  read  and  initial  re¬ 
ports,  2 — 206. 

Exchange.  Can  not  receive  checks  payable  in,  at 
current  rates,  3 — 763. 

(See  Exchange.) 

Exchange  charges.  (See  same.) 

Executive  committee,  composition  of,  1 — 211. 
Expenses.  (See  Earnings  and  expenses,  principal 
heading;  Organization  expenses,  principal  head¬ 
ing.) 

Farm  land.  Can  not  rediscount  loans  on,  made  un¬ 
der  section  24,  2 — 272. 

Farmers’  paper.  Increased  holdings,  6 — 1124. 

Federal  land  bank  bonds.  Can  not  purchase,  matur¬ 
ing  in  1938,  4—1216. 

Federal  land  banks.  Can  receive  deposits  from,  only 
for  payment  of  coupons  or  for  exchange  or  col¬ 
lection  purposes,  3 — 379  ,  881;  4 — 135. 

Federal  Reserve  agents  may  indorse  collateral  for 
Federal  Reserve  notes  to  Federal  Reserve  Banks 
for  collection,  3 — 351. 

Federal  Reserve  Bank  notes.  (See  Federal  Reserve 
Bank  notes,  principal  heading.) 

Federal  Reserve  Board  can  not  abolish  nor  change 
location  of,  1 — 396;  2 — 207. 

(See  Opinions  of  Attorney  General;  Opinions  of 
counsel.) 

Federal  Reserve  notes — 

Must  pay  expense  of  issue  and  of  retirement  of 
own,  2 — 71. 

Must  pay  transportation  charges  on  own,  returned 
by  Treasury  or  Federal  Reserve  Banks  for 
redemption,  2 — 71. 

Must  reimburse  cost  of  shipping  unfit,  from  sub 
treasuries  to  Washington,  5 — 28. 

Will  absorb  cost  of  transportation  of  new,  4 — 931, 
1093. 

Will  absorb  cost  of  transportation  of  currency, 
4—1093. 

Issue  power,  3 — 155. 

Stationery.  Can  not  use  emblem  of,  on  stationery 
without  consent  of  Secretary  of  Treasury, 
3—194. 

Use  of,  in  meeting  currency  demands,  2 — 512. 
(See  Federal  Reserve  agents.) 

(See  same,  principal  heading.) 

Finance  bills.  Can  not  discount,  4 — 1120. 

(See  Finance  paper.) 

Finance  paper.  (See  same.) 

Fiscal  agents — 

Will  be  designated  as,  on  January  1,  1916.  Secre¬ 
tary  of  Treasury.  Letter,  1 — 395. 
Designated,  May  14,  1917,  3 — 423. 

Expenses,  6 — 135,  726,  830. 

Operations,  5—134,  723,  777;  6 — 135,  726,  830. 
(See  Fiscal  agents,  principal  heading.) 

37599°—  21 - 7 


FEDERAL  RESERVE  BANKS— Continued. 

Fiscal  year,  1920.  (See  same.) 

Foreign  banks.  Comparison  with.  (See  Banks  of 
issue.) 

Foreign  branches  of — 

Secretary  of  Treasury  favors,  in  South  America, 
1—313. 

Federal  Reserve  Board  dissents,  1 — 348. 
Franchise  tax,  4 — 6,  12.  593;  6 — 135,  830. 

(See  same,  principal  heading.) 

Frank.  Can  not  use  Treasury,  for  Liberty  bond 
correspondence,  3 — 439. 

Furniture.  (See  supra.  Cost.) 

Gold- 

Control,  Federal  Reserve  Bank  of  New  York, 
3—659. 

Earmarked,  Bank  of  England,  3 — 504. 

(See  Gold,  principal  heading.) 

Free  gold,  1919,  6—145,  146,  147. 

(See  Gold,  principal  heading.! 

Gold  reserve — 

1900-1919,  6—144. 

(See  Reserves;  Resources  and  liabilities.) 
Government  deposits — 

Reserves  against,  3 — 458. 

(See  Government  deposits,  principal  heading.) 
Governors’  conferences.  (See  same,  principal  head¬ 
ing.) 

Group  insurance,  employees,  3 — 28. 

Hawaii.  (See  same.) 

Hines,  Director  General  of  Railroads.  Addresses 
governors,  5 — 307. 

Holidays.  List  of  Federal  Reserve  Bank,  2 — 68. 
Immediate  credit  at  par.  (See  Bill  of  lading  drafts.) 
Implied  powers,  section  4,  1 — 104. 

Increase  and  decrease  of  stock.  Regulation  I,  1920, 
6—1187. 

Insurance,  group,  employees,  3 — 28. 

Interdistrict  time  schedule,  4 — 1175;  6 — 746,  987. 
Interest — 

One  day  to  be  added  in  purchasing  acceptances 
not  payable  by  check  on  Federal  Reserve 
Bank  or  through  clearings,  for  loss  of,  4 — 521. 
(See  infra,  Rediscounts.) 

Issue  of  stock.  Regulation  I,  1920,  6 — 1187. 

Interest  rates.  (See  infra,  United  States  Revised 
Statutes,  section  5198.) 

Investment  operations.  (See  Discount  and  open- 
market  operations;  Investment  operations,  prin¬ 
cipal  heading;  Open-market  operations;  Total 
investment  operations.) 

Joint  custody.  Notes,  gold,  and  lawful  money. 
Act  June  21,  1917.  Ruling  of  Federal  Reserve 
Board,  3 — 691. 

Leading  banks  of  issue,  comparison  with.  (See  Banks 
of  issue.) 

Liabilities.  (See  Resources  and  liabilities,  principal 
heading.) 

Liability.  Double,  of  member  banks  on  stock  in, 
1—273. 

Liberty  loans — 

I  and  II— 

Assistance  of,  3 — 497,  577  ,  580,  588. 

Telegrams  may  be  charged  to  Treasury, 
3—439. 


98 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  BANKS— Continued. 

Liberty  loans — Continued. 

III.  Federal  Reserve  Banks  and,  4 — 587. 

IV.  Condition  of  Federal  Reserve  Banks  at 
beginning  and  end  of,  5 — 324. 

Can  not  use  Treasury  frank  in  connection  with 
Liberty  loans,  3—439. 

(See  same,  principal  heading.) 

( See  Victory  Liberty  loan.) 

Limitation  on  rediscount.  ( See  supra,  Discounts.) 
Liquidation,  January  1,  1918,  4 — 9. 

Liquidity  of,  3 — 651,  831. 

Location  of.  Federal  Reserve  Board  can  not  change, 
2—207. 

Member  banks — 

List  of,  rediscounting.  (See  Discount  and  open- 
market  operations,  number  of  banks  accom¬ 
modated.) 

Reserves,  deficient.  Checks  of  member  banks 
on,  must  be  paid,  although  reserve  balances 
are  deficient,  1 — 12. 

Securities.  Can  not  buy  securities  for,  1 — 346. 
Services  performed  for,  1 — 346;  6 — 276. 
Speculative  purposes,  rediscounts  for,  5 — 311,  524, 
617,  1010,  1015,  1107. 

(See  Profit;  Speculative  purposes.) 

Member  banks’  collateral  notes — 

May  give  preferential  rates  to,  secured  by  war 
paper,  6 — 162. 

May  decline  to  make  advances  on,  secured  by 
war  paper  unless  the  collateral  is  owned  by 
member  banks  and  unless  war  paper  securing 
Government  deposits  is  actually  owned  by, 
6—162. 

Minimum  capital.  Four  millions  requirement  may 
be  decreased  after  opening,  2 — 209. 

Money  in.  (See  Money,  principal  heading.) 
National-bank  examiners,  relations  with,  1 — 15. 
National  banks — 

Holdings  of  war  paper,  5 — 428. 

Due  to,  1915-1917,  3-^84. 

Net  deposits,  1919,  6 — 146. 

Nonmember  banks,  acceptances  of,  held.  (See  Dis¬ 
count  and  open-market  operations,  principal 
heading;  Nonmember  banks.) 

Norris,  G.  W.,  appointed  governor  of  Federal  Reserve 
Bank  of  Philadelphia,  6 — 348. 

Notes.  (See  infra,  Promissory  notes.) 

Officers — 

Changes  in  personnel,  6 — 778. 

Duties,  4 — 373. 

List  to  be  submitted  annually  to  Federal  Reserve 
Board,  2 — 13. 

Officers  and  employees,  list,  5 — 778. 

Open  market.  May  buy  United  States  bonds  in,  free 
from  limitations  of  section  18,  1 — 268. 

(See  infra,  Promissory  notes.) 

Operations  of — 

Federal  Reserve  Bulletin.  Comments.  (See 
Review  of  month.) 

(See  Discount  and  open-market  operations.) 
Organization  chart,  4 — 374. 

Organization  expenses,  2 — 12,  58,  59. 

Paper.  Single  name.  (See  infra,  Promissory  notes.) 
Par,  immediate  availability  at.  (See  Clearing  system ; 
Federal  Reserve  exchange  drafts;  Federal  Re¬ 
serve  transfer  drafts.) 


FEDERAL  RESERVE  BANKS— Continued. 

Par  points.  Map,  6 — 644. 

(See  Clearing  system.) 

Parcels-post  packages  subject  to  stamp  tax,  4 — 17. 
Payment.  (See  Capital  stock.) 

Personnel.  Changes  in,  5 — 530. 

Philippine*.  (See  same.) 

Political  office.  Holding  of,  2 — 2,  16;  6 — 10. 

Porto  Rico.  (See  same.) 

Powers.  Implied,  section  4,  1 — 104. 

Preferential  rates.  (See  supra,  Member  bank  col¬ 
lateral  notes.) 

Profit  and  loss  account,  3 — 92;  4 — 102;  5 — 132,  723; 
6—135,  830. 

Promissory  notes.  Can  not  purchase  in  open  market, 
1—347,  360,  365,  406. 

Rediscounts — 

Between  Federal  Reserve  Banks — 

Equalization  of  reserves  by,  4 — 361. 

Fiscal  year  1920,  6—730,  1041. 

Interest,  computed  on  365-day  basis,  4 — 109. 
Rediscounts  and  sales  of  acceptances  between, 
4 — 590,  777,  778,  1147;  5—169,  495,  794, 
1085;  6—192,  531,  730,  871,  911,  1014, 
1019,  1041,  1044,  1133,  1232. 

Weekly  statements.  To  appear  in,  5 — 310, 
311. 

Commercial  or  business  paper  for  member  State 
banks,  6 — 1157. 

Cotton  factors  paper,  5 — 1054;  6 — 162,  1176. 

(See  same,  principal  heading.) 

Drafts  eligible  for  acceptance  bv  member  banks, 
5—253,  254. 

Limitations,  State  member  banks,  3  —696; 
4r— 638;  5—361,  1055,  1157  ;  6—495. 

(See  Borrower.) 

Power  of  Federal  Reserve  Banks  not  affected  by 
amendment  of  United  States  Revised  Stat¬ 
utes,  section  5200,  5 — 1055. 

Speculative  purposes,  i — 311,  523,  617,  1009, 
1015, 1107. 

(See  same.) 

War  paper  in  excess  of  10  per  cent.  Act  March 
3,  1919.  (See  act  of  March  3,  1919.) 

(See  Discounts;  Rediscounts.) 

Reduction  of  surplus.  (See  infra,  Surplus.) 
Regulations.  (See  Circulars  and  regulations;  Regu¬ 
lations.) 

Reserve  balances.  Can  not  refuse  payment  of  draft 
of  member  bank  because,  deficient,  1 — 12. 
Reserve  payments,  2 — 598. 

Reserves — 

Government  deposits,  3 — 458. 

(See  same,  principal  heading.) 

Resources  and  liabilities.  (See  Resources  and  liabili¬ 
ties,  principal  heading.) 

Review,  5—3,  771;  6—11,  662,  664,  1253. 

Salaries.  Adjustment  of,  6 — 54,  1293. 

Sales  of  acceptances.  (See  supra,  Rediscounts 
between.) 

Secretary  of  Treasury — 

Favors  foreign  branches  of,  1 — 313. 

Federal  Reserve  Board  dissents,  1 — 348. 

Section  11  (m).  (See  Ten  per  cent  limitation,  section 

ll(m).) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


99 


FEDERAL  RESERVE  BANKS— Continued. 

Section  13.  ( See  Ten  per  cent  limitation,  section  13.) 

Section  18,  Federal  Reserve  Act.  ( See  United  States 
bonds.) 

Section  19.  ( See  Ten  per  cent  limitation,  section  19.) 

Services  performed  for  member  banks,  1 — 346. 
Settlement  between,  1 — 15. 

Single  name  paper.  ( See  supra,  Promissory  notes.) 
Speculative  purposes.  Member  bank  rediscounts 
for,  5—311,  523,  617,  1009,  1015, 1107. 

Stamp  tax.  Parcels-post  packages  subject  to,  4 — 17. 
State  banks.  ( See  Clearing  system.) 

State  banks.  Membership,  1 — 15. 

(See  State  banks.) 

Statement,  weekly,  new  form  of,  3 — 506. 

Statements.  ( See  infra,  Uniform  statements.) 

States,  taxation.  National  banks  can  not  deduct 
value  of  stock  in  Federal  Reserve  Banks  to  avoid 
taxation  of  their  stockholders  on  value  of  their 
stock,  1—315;  3 — 955. 

Stock  certificates.  (See  Tax.) 

Surplus  profits,  4—593. 

(See  same,  principal  heading.) 

Surplus,  reduction  of.  Need  not  order  reduction 
of  capital  stock  in,  because  of  reduction  of  sur¬ 
plus,  1 — 218. 

Surrender  of  stock.  (See  supra,  Surplus.) 

Tax — 

Capital  stock.  (See  same.) 

Federal  Reserve  Banks  pay  no  tax  on  charges  for 
currency  shipments  absorbed  by  them,  4: — 
1215. 

Franchise.  (See  same,  principal  heading.) 
Parcels-post  packages  subject  to,  4 — 17. 

State.  Exemption  from  taxation  of,  1 — 13. 

Ten  per  cent  limitation.  (See  Discounts;  Limitation; 

Rediscounts;  Ten  per  cent  limitation.) 

Tenure  of  office,  annual,  officers  and  employees,  2 — 13, 
64. 

Trade  acceptances.  (See  Acceptances.) 

Uniform  statements  between,  1 — 15. 

United  States  bonds — 

May  purchase,  in  open  market  free  from  limita¬ 
tions  of  section  18,  1 — 268. 

( See  United  States  bonds,  principal  heading.) 
United  States  one-year  Treasury  notes.  (See  same, 
principal  heading.) 

United  States  Revised  Statutes,  section  5198.  Pro¬ 
visions  of,  limiting  loan  rates  of  national  banks  by 
the  law  of  the  State,  do  not  apply  to,  1 — 24. 

(See  Ten  per  cent  limitation;  United  States  Revised 
Statutes,  section  5200.) 

United  States  securities.  (See  same,  principal  head¬ 
ing-) 

United  States  subtreasuries — 

Secretary  of  Treasury  opposes  abolishment  of, 
3—110. 

United  States  Bureau  of  Efficiency  recommends 
,  abolishment  of,  4 — 172. 

[The  act  of  May  29,  1920,  abolishes,  from  and 
after  July  1,  1921,  and  authorizes  the  Secre¬ 
tary  of  the  Treasury  to  transfer  all  their  func¬ 
tions  to  the  Federal  Reserve  Banks.] 

United  States  Treasury  certificates — 

Federal  Reserve  Banks  take  entire  issue,  50  mil¬ 
lions,  of  2  per  cent,  3 — 240,  337. 

( See  United  States  Treasury  certificates.) 


FEDERAL  RESERVE  BANKS— Continued. 

Value  of  national  bank  stock.  Value  of  stock  in 
Federal  Reserve  Banks  may  be  included  by  State 
in  taxing  shares  in  national  banks  on  stockholders, 
1—315;  3—955. 

Victory  loan.  Will  be  relieved  of  war  paper  eight  or 
nine  months  after  conclusion  of,  5 — 310. 

Virgin  Islands.  (See  same.) 

War — 

Discount  rates  during,  5 — 943. 

Preparation  for,  3 — 335. 

(See  War.) 

War  Finance  Corporation  has  no  jurisdiction  over, 
4—1216. 

War  paper — 

Discounts  of,  1917-1919,  5 — 428. 

Holdings,  5 — 306;  6 — 1124. 

Comparison,  1914  and  1919,  5 — 771. 

Relieved  of,  eight  or  nine  months  after  conclusion 
of  Victory  loan,  5 — 310.) 

(See  supra,  Member  banks  collateral  notes.) 

(See  Preferential  rates;  War  paper,  principal  head¬ 
ing-) 

Weekly  statement — 

New  form,  3 — 506. 

Rediscounts  between  Federal  Reserve  Banks  to 
appear  in,  5 — 310. 

(See  also  Acceptances;  Agricultural  paper;  Annual 
election;  Attorney  General  of  United  States;  Bills 
of  exchange;  Checks;  Commercial  paper;  Cotton; 
Cotton  factors  paper;  Directors;  Discounts;  Fed¬ 
eral  Advisory  Council;  Federal  Reserve  exchange 
drafts;  Federal  Reserve  transfer  drafts;  Law  De¬ 
partment;  Opinions  of  counsel;  Rediscounts;  Rul¬ 
ings,  Federal  Reserve  Board;  Salaries;  Tennessee; 
United  States  bonds;  United  States  one-year  notes; 
United  States  Treasury  notes.) 

FEDERAL  RESERVE  BOARD. 

Acceptance  credits.  Foreign,  2 — 587. 

Acceptances — 

Food  products.  Control  of,  4 — 255. 

One  hundred  per  cent.  (See  Acceptances,  prin¬ 
cipal  heading.) 

Own.  Purchase  of,  4 — 257. 

(See  Acceptances,  principal  heading.) 

Policy,  4 — 257  ;  5 — 309. 

Relaxation  during  war,  5 — 309. 

Renewal,  policy,  4 — 257;  5 — 309. 

Accounts,  uniform,  3 — 270. 

Adelson,  L.  C.,  appointed  assistant  secretary,  4 — 365. 
Agricultural  paper.  Limit  fixed  at  99  per  cent,  2 — 68. 
Alien  enemies.  (See  infra,  Enemies.) 

Allen,  S.  P.  Resigns  as  assistant  secretary,  4 — 365. 
Allies,  future  loans  to,  4 — 1166. 

Allotment.  (See  United  States  bonds.) 

Ally  of  enemy.  (See  infra,  Enemies.) 

Amendment,  section  10  Two-year  limitation,  5 — 21 
Amendments  favored  by.  (See  Amendments,  Fed¬ 
eral  Reserve  Act;  Federal  Reserve  Act,  amend¬ 
ments.) 

American  Bankers’  Association — 

Hearing,  2 — 6,  262. 

Conference,  Committee  of  Five.  Exchange 
charge,  4 — 962. 

Annual  report,  4 — 69  ,  79;  o — 529. 


100 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  BOARD— Continued. 

Appeals.  ( See  Redistricting.) 

Architect,  consulting,  5 — 313. 

Assessments  on  Federal  Reserve  Banks,  1 — 118,  307; 

2—7,  8,  318.  319;  3—23,  24,  525,  526;  4—24,  608; 
5—130,  722;  6—132,  828. 

Associations,  export.  Against  Government  participa¬ 
tion  in,  5 — 611. 

Attorney  General  of  United  States — 

No  power  to  abolish  districts  or  Federal  Reserve 
Banks.  1 — 396. 

Nor  to  change  location  of  Federal  Reserve  Banks, 

2— 207. 

Bank  clerks.  Status  under  draft  laws,  4 — 957. 

Bank  deposits.  ( See  infra,  Guaranty.) 

Bank  loans — 

Classification  of,  4 — 261. 

Conservation  of,  4 — 935. 

(, See  infra,  Conservation.) 

Bank  profits,  inquiry  as  to.  from  foreign  exchange,  4 — 
626,  627,  833,  834, 835. 

Bankers’  meetings.  Members  attend,  2 — 261,  309, 
510. 

Banking  laws — 

Classification  of,  4 — 260. 

( See  State  banks;  Laws  of  States.) 

British  exchequer  notes — 

Caution  against  over  investment  in,  2-661 ;  3 — 2, 
82,  236,  239. 

Subsequent  placing  of  150  millions  approved  as 
not  inconsistent  with  previous  caution, 

3— 653. 

Broderick,  J.  A.,  appointed  secretary,  4 — 817. 

Call  money  rates.  To  Senate  in  response  to  resolu¬ 
tion,  6—345,  368. 

Canners.  Credits  to,  4 — 607. 

Capital  Issues  Committee — 

Statement  as  to  voluntary  committee,  4 — 77. 
Report  of,  to  Federal  Reserve  Board,  4 — 696,  704 _ 
Resolution,  Federal  Reserve  Board,  4 — 697. 

( See  same,  principal  heading.) 

Capital  stock.  May  approve  action  of  Federal  Re¬ 
serve  Banks  in  not  ordering  reduction  of  capital 
stock,  because  of  reduction  of  surplus,  1 — 218. 
(See  Capital  stock.) 

Chapman,  W.  T.  Resignation  as  secretary,  6 — 1134. 
Circulars.  (See  same.) 

Classification — 

Bank  laws,  4 — 620. 

Bank  loans,  4 — 261. 

(See  Classification;  State  banks;  Laws  of  States.) 
Clayton  act.  (See  same.) 

Clearing-house  balances.  (See  same.) 

Clearing-house  bank  debits.  New  statement  as  to, 

4—809,  821. 

(See  Clearing-house  debit  statements.) 

Clerks.  (See  supra,  Bank  clerks.) 

Coin  and  bullion.  (See  same,  principal  heading; 
Executive  orders;  President;  Gold;  Proclama¬ 
tions.) 

Committees  of — 

List,  1—77,  400;  2—448. 

Report  on  redistricting,  1 — 407. 

(See  Redistricting.) 


FEDERAL  RESERVE  BOARD — Continued. 

Commercial  paper — 

Short  term  favored,  3 — 733. 

Four  months  favored  for  member  banks,  3 — 739. 
(See  same,  principal  heading.) 

Commodity  paper — 

Special  rates,  statement,  1 — 301. 

(See  same,  principal  heading.) 

Conferences — * 

Acceptance  credits,  6 — 559. 

Clearing-house  representatives.  Interest  rates, 
6—3,  157. 

(See  Federal  Advisory  Council;  Federal  Reserve 
Agents;  Governors.) 

Cotton.  4 — 691. 

Congress.  Reports  to.  (See  Congress.) 

(See  Conferences,  principal  heading.) 
Conservation — 

Bank  loans,  4 — 935. 

Capital,  4 — 73. 

Credits,  4—2,  249,  260,  685,  688,  741,  924,  1046, 
1163. 

Gold,  4 — 3,  694. 

(See  Credit.) 

Consulting  Architect.  Appointment  of,  5 — 313. 
Cotton  conference,  4 — 691. 

Cotton.  Hoarding  of;  warning,  5 — 1109. 

(See  Cotton.) 

Coupons,  for  foreign  account,  4 — 172. 

Credit  expansion,  4 — 1048. 

Credits — 

Conservation  of,  4 — 2,  249,  260,  685,  688,  741,  924. 
1046.  1163. 

Crop  moving,  6 — 1012,  1016,  1124. 

(See  Credit,  principal  heading.) 

Credits,  long-term.  A  capital  and  not  a  banking 
problem,  5 — 611. 

Credits  for  canners,  4 — 606. 

Curtailment.  (See  supra,  Conservation.) 

Debits,  clearing-house  bank.  New  statement  as  to, 
4—809,  821. 

(See  Clearing-house  debit  statements.) 

Delano,  F.  A.,  resigns  as  member,  4 — 587,  697. 
Depositors — 

Withdrawals  by  foreign,  3 — 154,  340. 

Returned,  5 — 102,  205,  616. 

Deposits,  bank.  (See  Guaranty;  Interest.) 

Digest  of  rulings  of  Council,  4 — 571. 

Disbursements.  ( See  Receipts  and  disbursements.) 

Discount  policy — 

During  war,  4 — 1175. 

(See  War.) 

Reply  to  Senate  resolution,  6 — 558,  582. 

(See  Federal  Advisory  Council.) 

(See  infra,  Policy.) 

Discount  rates — 

Effective  control  through,  only  at  end  of  1916  and 
first  quarter  of  1917,  5 — 2. 

Policy  still  governed  by  Treasury  needs,  5 — 196. 
Speculative  activity  can  not  be  checked  by, 
while  preferential  rates  on  war  paper  con¬ 
tinue,  5—524. 

(See  Discount  rates,  principal  heading.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


101 


FEDERAL  RESERVE  BOARD — Continued. 

Districts.  ( See  Redistricting.) 

Draft  exemption,  employees,  3 — 591. 

Draft  law.  Status  of  bank  clerks  under,  4 — 957. 
Drafts,  rupee.  Will  furnish,  3 — 924. 

Eddy,  W.  L.,  appointed  assistant  secretary,  6 — 1134. 
Edge  Act.  Regulations,  6 — 379,  1190. 

( See  Edge  Act.) 

Elliott,  M.  C. — 

Resigns  as  general  counsel,  5 — 201. 

Appointed  special  counsel,  5 — 201. 

Embargo,  gold — 

Removed,  June  9,  1919,  5—615. 

Ruble  notes  excepted,  5—615. 

( See  Foreign  exchange.) 

Emerson,  R.  G. — 

Appointed  assistant  secretary,  5 — 918. 

Appointed  assistant  to  governor,  6 — 1134. 
Employees — 

1914-1919,  5—778. 

Draft  exemption,  3 — 591. 

Enemies,  alien.  Dealings  with,  3 — 431,  655. 

(, See  Alien  enemies.) 

Essential  loans.  Have  not  defined,  6 — 904,  927. 
Examinations — 

Forms.  State  bank  officers  should  use  forms  of 
Federal  Reserve  Examination  Division,  4 — 
310. 

State  member  banks,  4 — 1079. 

Excessive  rediscounts.  (/See  infra.,  Rediscounts.) 
Exchange  charges — 

Interpretation  of  Hardwick  amendment,  3—661. 
(See  Clearing  system;  Exchange  charges.) 
Exchange.  Lira.  Suspension  of  restrictions  on,  5 — 
311. 

Executive  secretary.  Hoxton,  W.  W.,  appointed, 
5—918. 

Expansion.  Federal  Reserve  notes  and.  Gov.  Hard¬ 
ing,  5 — 699. 

Expansion  of  Federal  Reserve  notes,  4 — 927,  1046, 
1047,  1167,  1170. 

Expansion  of  prices  and  credit,  4 — 1048. 
Expenditures,  1918,  4 — 24,  608. 

(See  Earnings  and  expenses.) 

Expenses.  (See  Assessment;  Earnings  and  expenses.) 
Export  associations.  Against  Government  participa¬ 
tion  in,  5 — 611. 

Export  licenses.  (See  infra,  Gold.) 

Exportation  of  gold.  (See  infra,  gold.) 

Federal  Advisory  Council.  (See  same;  Conferences, 
principal  heading.) 

Federal  Reserve  Agents — 

To  report  as  to  use  of  rediscounts  by  member 
banks,  5 — 617. 

Warning  to,  against  loans  for  speculative  uses, 
5—1108. 

(See  Speculative  purposes.) 

(See  Federal  Reserve  Agents,  principal  heading; 
Conferences,  principal  heading.) 

Federal  Reserve  Bank  notes.  (See  same,  principal 
heading.) 

Federal  Reserve  Banks — 

No  power  to  abolish,  1 — 396;  2 — 20, 25. 

No  power  to  change  location  of,  2 — 207. 


FEDERAL  RESERVE  BOARD— Continued. 

Federal  Reserve  Banks — Continued. 

Liberty  loans,  and,  4 — 587. 

Officers,  duties,  4 — 373. 

(See  Federal  Reserve  Banks.) 

Federal  Reserve  districts.  Can  not  reduce  number 
of,  2—20,  25,  207. 

Federal  Reserve  exchange  and  transfer  drafts — 
Approval  of  plan  for,  3 — 78,  347. 

Limit  raised  from  $250  to  $5,000,  4 — 806. 

Federal  Reserve  notes.  Expansion  of,  4 — 927,  1047, 
1168,  1170. 

Federal  Reserve  notes  and  expansion.  Gov.  Harding, 
5 — 699. 

Federal  Reserve  System.  Strength  of,  4 — 1168. 
Federal  Trade  Commission.  Accounting  plan.  Co¬ 
operation  with,  3 — 21,  270. 

Fiduciary  powers.  (See  Fiduciary  powers,  principal 
heading.) 

Financial  conference — 

With  Class  A  directors  and  Federal  Advisory 
Council,  6 — 566. 

Gov.  Harding.  Address,  6 — 579. 
Recommendation  to  Interstate  Commerce  Com¬ 
mission  and  United  States  Shipping  Board, 
6—581. 

Report,  6 — 581. 

Resolutions,  6 — 5S1. 

Food  products.  Control  over  acceptances  to  finance, 
4—255. 

Foreign  acceptance  credits.  Gov.  Harding,  2 — 587. 
Foreign  branches.  Opposes  suggestion  of  Secretary  of 
Treasury  favoring,  of  Federal  Reserve  Banks, 
in  South  America,  1 — 348. 

Foreign  exchange — 

Bank  profits  from,  4 — 626,  627,  833,  834. 

Control  of.  (See  Coin  and  bullion,  principal 
heading;  Executive  orders,  principal  heading; 
President,  principal  heading;  Proclamation, 
principal  heading.) 

Rupee  exchange,  4—  -625. 

Foreign  exchange  adviser,  Kent,  F.  I.,  appointed, 
4—11. 

Foreign  exchange  bank.  Governor  Harding  opposes, 
4—724. 

Foreign  Exchange  Division.  Rulings,  4 — 864,  973, 
1121,  1217;  5—469,  652. 

Foreign  Government  obligations.  (See  British  ex¬ 
chequer  notes.) 

Foreign  payments.  Regulations,  War  Trade  Board, 
4 — 625. 

Foreign  trade,  restriction  of,  4- — 1053. 

Free  gold  market,  4 — 1165. 

(See  Gold.) 

Funds.  (See  infra,  Transfer  of  funds.) 

General  counsel — 

Elliott,  M.  C.,  resigns  as,  5 — 201. 

Harrison,  G.  L. — 

Appointed,  5 — 201. 

Resigns,  6 — 782. 

Logan,  W.  S.,  appointed,  6 — 782. 

Gold- 

Conservation  of,  4 — 3,  694. 

(See  Conservation.) 

Embargo  removed,  June  9,  1919,  5 — 615. 


102 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  BOARD— Continued. 

Gold — Continued . 

Exports — 

Control  vested  in  Board  by  President,  4 — 23, 
81,  499. 

Licenses  granted,  4 — 76,  365,  499,  501,  807. 

Abrogated,  5 — 615,  653,  853. 

Regulations,  4: — 500,  594. 

Secretary  of  Treasury  asks  Board  to  scrutinize, 

3—655. 

Free  gold  market,  4 — 1165. 

Spain,  licenses  granted  for  exports  to,  4 — 365. 
Supply,  adjustment  of,  4 — 1165. 

( See  Gold.) 

Government  aid  to  export  associations  opposed, 
5—611. 

Governor.  Gov.  Harding  redesignated  until  August 
10,  1922,  6—782. 

(See  Governor.) 

Governor,  Vice.  Edmund  Platt  designated  as  vice 
governor  until  August  10,  1922  ,  6—782. 

Governors.  (See  Conferences,  principal  heading.) 
Guaranty  of  bank  deposits — 

No  plans  for,  1 — 51. 

Board  opposes,  4 — 595. 

Harding,  Gov.,  changes  dews  on,  4  —596. 

Hamlin,  C.  S.,  appointed  for  ten-year  term,  2 — 437. 
Harding,  Gov. — 

Discount  policy  during  war,  4 — 1175. 

Federal  Reserve  notes  and  expansion,  5—  699. 
Foreign  acceptance  credits,  2 — 587. 

Governor.  Designated  as,  2 — 437  ;  3 — 659  ;  4 — 
810;  5—821;  6—782. 

Guaranty  of  bank  deposits.  Changes  attitude  on, 

4 — 596. 

(See  Harding,  Gov.,  principal  heading.) 

Hardwick  amendment.  Interpretation  of,  3 — 660. 
Harrison,  G.  L. — 

Appointed  general  counsel,  5—201. 

Resignation  as,  6- — 782. 

Herson,  J.  F.,  appointed  chief,  Division  of  Examina¬ 
tion,  6 — 1134. 

Hoarding  of  cotton.  Warning  against,  5 — 1109. 

(See  Cotton.) 

Hoxton,  W.  W. — 

Appointed  executive  secretary,  4 — 918. 
Appointed  secretary,  6 — 1134. 

Index  numbers.  Difference  between,  of  Federal  Re¬ 
serve  Board  and  United  States  Bureau  of  Labor 
Statistics,  6 — 1211. 

Ineligibility.  Two-year,  section  10.  Amendment, 

5—21. 

Inflation.  (See  supra,  Expansion.) 

Interdistrict  time  schedule.  Approvals,  6 — 746,  987. 
Interest  on  bank  deposits.  (See  Interest,  principal 
heading.) 

Investments  in  foreign  obligations,  2 — 661;  3 — 2,  82, 
236,  239. 

(See  supra,  British  exchequer  notes.) 

Kent,  F.  I.,  appointed  foreign  exchange  adviser,  4 — 

11. 

Liberty  loans — 

Assistance  to,  3 — 497. 

Liberty  Loan  III  and  Federal  Reserve  Banks, 
4—587. 

(See  Liberty  loans.) 


FEDERAL  RESERVE  BOARD— Continued. 

Library  of.  Books  received,  6 — 834. 

Licenses.  (See  supra,  Export  licenses;  Gold.) 
Limitation.  Two-year,  section  10.  Amendment, 
5—21. 

Liquidation,  4 — 1164. 

liquidity.  (See  supra,  British  exchequer  notes.) 
lira  exchange,  4 — 624. 

Restrictions  on,  suspended,  5 — 311. 

(See  Institute  of  exchange,  principal  heading.) 
Loans,  bank — ■ 

Classification  of  bank,  4 — 261. 

Conservation  of,  4 — 935. 

Loans  to  Allies,  future,  4 — 1166. 

(See  Allied  powers.) 

Logan,  W.  S.  Appointed  general  counsel,  6 — 782. 

Long-term  credits.  A  capital  rather  than  a  banking 
problem.  Policy,  5—611. 

McAdoo,  Secretary.  Resolutions  on  resignation  of, 

4— 1173. 

Member  bank  condition  statements.  ( See  same,  prin¬ 
cipal  heading.) 

Member  banks — 

Ruling  as  to  political  and  public  officers  does  not 
apply  to,  2 — 168. 

Transfer  of,  under  redistricting,  decisions,  1 — 142. 
(See  Redistricting.) 

Moehlenpah,  H.  A. — 

Appointed  member  of,  5 — 918. 

Retirement  of,  6 — 911. 

National  Association  of  Credit  Men.  Cooperation 
with.  Statistics  as  to  collection  conditions, 

5— 547. 

National  banks.  Joint  stock  ownership  in  foreign 
banking  corporations  not  permitted,  1 — 308. 

(See  supra,  Member  banks.) 

Neutral  countries.  (See  infra,  Transfer  of  funds.) 
Nonmember  banks.  Rediscounting  privileges,  3 — 
426,  430. 

(See  Discounts,  Nonmember  banks.) 

Oklahoma  branch.  (See  Branch  banks.) 

Paddock,  W.  W.— 

Appointed  chief  of  Division  of  Operations  and 
Examinations,  5 — 919. 

Resignation  as,  6 — 1134. 

Platt,  Edmund — 

Appointed  a  member  of,  6 — 566. 

Designated  Vice  Governor,  6 — 782. 

Policy  of — 

Acceptances,  4 — 257  ;  5 — 309. 

(See  Acceptances.) 

Discount  rates,  6 — 558,  582. 

Placing  of  Government  securities,  3 — 424. 

Still  governed  by  Treasury  necessities,  5 — 
196. 

Long-term  credits,  5 — 611. 

Renewal  acceptances,  4 — 257 ;  5 — 309. 

War  paper,  4 — 1175. 

(See  supra,  Discount  rates.) 

Political  and  public  offices — 

Ruling  as  to,  does  not  apply  to  national  banks, 
2—168. 

Resignations  of  directors  of  Federal  Reserve 
Banks,  6 — 10. 


I  INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


103 


FEDERAL  RESERVE  BOARD— Continued. 

Power.  No  power  to  abolish  districts  nor  Federal 
Reserve  Banks,  nor  to  change  their  location,  1 — 
396;  2—20,  25,  207. 

Preferential  discount  rates.  ( See  infra,  War  paper.) 

President  of  United  States.  Appeal  to  State  banks 
to  join  Federal  Reserve  System,  3 — 827. 

Press  statements.  ( See  infra,  Statements.) 

Price  expansion,  4 — 1048. 

(See  Expansion;  Inflation.) 

Prices — 

Credit  currency,  and,  4 — 486. 

Wages  and,  4 — 1170. 

Wheat,  guaranty  of,  4 — 1088. 

Wholesale.  (See  Prices.) 

Production — ■ 

Restriction  of,  4 — 1052. 

(See  supra,  Conservation.) 

Profits,  bank,  inquiry  as  to,  from  foreign  exchange 
transactions,  4 — 626,  627  ,  833  ,  834. 

Rationing  of  industry,  4 — 923. 

(See  supra,  Conservation.) 

Receipts  and  expenditures.  1 — 176,  331,  349;  2 — 7, 
8,  54,  55,  318,  319  ;  3—23,  24,  87,  88,  525,  526; 
4—24,  608  ;  5—132,  722,  724;  6—132, 136,  726,  828. 
(See  Earnings.) 

Reconstruction,  4 — 1173. 

Rediscounts — 

Excessive,  4—1169;  5—311,  523,  617,  1010,  1015, 
1107. 

(See  Profit.) 

Federal  Reserve  Agents  to  report  on  uses  of,  by 
member  banks,  5 — 617. 

Warning  against,  for  speculative  purposes.  (See 
supra,  Excessive.) 

Redistricting.  (See  same,  principal  heading.) 
Reduction  of  surplus.  (See  supra,  Capital  stock.) 
Regrouping  of  banks,  4 — 1055. 

Regulations — 

Foreign  exchange  transactions,  4 — 622. 

Foreign  payments,  4 — 625. 

Gold  licenses,  4 — 500,  594. 

(See  supra,  Gold.) 

(See  Circulars  and  regulations.) 

Renewal  acceptances — 

Approval,  1 — 312. 

Opposed,  4 — 259. 

War  policy,  5 — 309. 

(See  Acceptances;  Renewal.) 

Report,  Annual — 

1917,  4—69,  79. 

1918,  5—529. 

Report,  British  currency,  4 — 1166,  1178. 

Reserves — 

Equalization  of,  by  rediscounts,  4 — 361. 

New  York  outlying  districts,  4 — 1086. 

Outlying  districts,  4 — 1055,  1124. 

Ruling  on  amendment,  2 — 508. 

Resolutions — 

Delano,  F.  A.,  4 — 697. 

McAdoo,  W.  G.,  4—1173. 

Warburg,  P.  M.,  4 — 810. 

(See  Statements.) 


FEDERAL  RESERVE  BOARD— Continued. 
Restriction  of  production,  4 — 1052. 

(See  supra,  Conservation.) 

Ruble  notes  excepted  from  embargo  repeal,  5 — 615. 
Rulings  of — 

Digest,  4 — 571. 

(See  various  headings  of  this  digest.) 

Rupee  drafts.  Will  furnish,  3 — 924. 

Rupee  exchange,  4 — 625. 

Salaries.  (See  same,  principal  heading.) 

Saving,  necessity  for,  4 — 485,  1047. 

(See  supra,  Conservation.) 

Secretary  of  Federal  Reserve  Board.  Chapman,  W. 
T.,  resigns;  Hoxton,  W.  W.,  appointed,  6 — 1134. 

Secretary  of  Treasury — 

Asks  Board  to  scrutinize  gold  exports,  3 — 655. 

Board  opposes  foreign  branches,  Federal  Reserve 
Banks,  suggested  by,  1 — 348. 

Delegates  export  licenses  for  coin,  bullion,  etc., 
to,  4 — 23,  81. 

Section  18,  Federal  Reserve  Act.  (See  United  States 
bonds.) 

Senate,  United  States.  (See  supra,  Congress.) 
Speculative  activity.  Can  not  be  checked  by  dis¬ 
count  rates  while  preferential  rates  on  war  paper 
continue,  5- — 524. 

Speculative  rediscounts.  Member  banks,  4 — 1169; 

5—311,  524,  617,  1009,  1015,  1107. 

Staff  of,  1—30. 

Standing  committees.  (See  Committees.) 

State  bank  examiners  should  use  forms  of  Federal 
Reserve  Board  Examination  Division,  4- — 310. 

State  banks — 

Examination  of  member,  4—1079. 

No  coercion  upon,  to  join  Federal  Reserve  clear¬ 
ing  system,  6 — 489. 

President  urges,  to  join  Federal  Reserve  System. 
3—827. 

Statements  of  Federal  Reserve  Board — 

Acceptances.  Policy,  4 — 257;  5—309. 

Accounts,  uniform,  3—270. 

Alien  enemies,  3 — 431,  655. 

Anonymous  circular,  2—53. 

Bankers’  acceptances,  1- — 312. 

British  exchequer  notes.  Warning  against  over¬ 
investment  in,  2 — 661;  3 — -2,  82,  236,  239. 
Capital  Issues  Committee,  voluntary,  4—77,  696. 
Clearing-house  bank  debits,  4 — 809,  821. 

Clearing  system.  Interdistrict,  2r — 259. 
Commodity  paper,  1—312. 

Conservation  of  credits,  4- — 2,  249,  260,  685,  688, 
741,  802,  924,  1046,  1163. 

Conservation  of  gold,  4 — 3,  694. 

Credits  to  canners,  4 — 607. 

Crop  movements,  1—258. 

Deposits.  Withdrawals  by  foreign  depositors, 
3—154,  5—102,  197,  205. 

Directors,  election  of,  1> — 407. 

Discount  rates.  Lower,  1 — 47. 

(See  Discount  rates.) 

Export  of  coin,  bullion,  etc.,  3 — 739. 

(See  Gold.) 

Federal  Reserve  Act.  The  farmer  and,  2 — 442. 
Federal  Reserve  note  policy,  2 — 512. 


104 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  BOARD— Continued. 

Statements  of  Federal  Reserve  Board — Continued. 
Federal  Reserve  notes  and  currency  expansion, 
5—699. 

Federal  Reserve  notes  in  lieu  of  emergency  cur¬ 
rency,  1—47,  50. 

Fiduciary  powers.  (Set  Fiduciary  powers,  prin¬ 
cipal  heading.) 

Foreign  depositors.  Withdrawals  by,  3- — 154,  155, 
340;  5—102,  205,  616. 

Gold  settlement  fund.  ( See  same.) 

Guaranty  of  bank  deposits,  1- — 51;  4' — 595,  596. 
Hardwick  amendment,  3' — 660,662. 

Interest  on  bank  deposits.  (See  Interest.) 
Intradistrict  clearing  system,  1- — 48. 

(See  Clearing  system,  principal  heading.) 
Kern  amendment.  Applications,  2 — 514. 
Member  banks  condition  statement,  4 — 61,  62. 
National  bank  examiner.  (.See  same.) 

North  Carolina  bankers.  Message  to,  3' — 159. 
Paish  Financial  Commission,  1- — 50. 
Pennsylvania  escheat  law,  2—115, 121. 

(See  same.) 

Rediscount  privileges.  (See  Rediscounts.) 
Redistricting  appeals,  1- — 407;  2—169. 

(See  Redistricting.) 

Reserve  situation,  2- — 664  ;  3 — 847;  4 — 768;  5 — 
1009,1106;  6—1263. 

(See  Reserves.) 

Resignations,  4- — 697,  810,  1173, 

Rupee  drafts,  3 — 924. 

(See  Rupees.) 

Services  for  member  banks,  1- — 346. 

Staff  salaries,  1—30. 

State  banks- — 

No  coercion  on,  to  join  clearing  system, 
6—489. 

President  urges,  to  join  Federal  Reserve  Sys¬ 
tem,  3- — 287. 

(See  State  banks,  etc.) 

State  legislation.  No  interference  with,  2- — 121. 
Suit  to  test  validity  of  clearing  system,  2- — 374. 

(See  Clearing  system.) 

Trade  acceptances,  1—259. 

(See  Trade  acceptances.) 

Unified  banking  system,  1—48. 

United  States  bonds — 

Effect  of  issue  of  3J  per  cent  bonds  on  3  per 
cent  bonds,  3- — 341,  342. 

Policy  of  placing,  3- — 424. 

Purchase  of,  under  section  18,  2—156,  316, 
512;  3—5. 

(See  United  States  bonds.) 

United  States  Treasury  certificates.  (See  same.) 
War  paper,  3 — 425,  429,  430. 

(See  War  paper.) 

Warehouse  facilities,  1 — 258. 

(See  also  Comptroller;  Federal  Advisory  Council; 
Secretary  of  Treasury.) 

Strauss,  Albert — 

Assumes  duties  as  a  member  of,  4- — 1056. 

Leave  of  absence  granted  to  represent  United 
States  Treasury  at  Paris,  5- — 108. 

Resignation  as  member  of,  6- — 348. 


FEDERAL  RESERVE  BOARD— Continued. 

Surplus,  reduction  of.  (See  supra,  Capital  stock.) 
Surrender  of  stock.  (See  supra,  Capital  stock.) 
Taxation,  system  of,  4- — 487. 

Trade  acceptances.  Approved  form  of,  1 — 259,  4 — 636. 
Transfer  of  funds  to  neutral  countries,  3 — 655. 

Trust  powers.  (See  Fiduciary  powers.) 

Two-year  limitation.  Employment  by  member 
banks.  Amendment,  5 — 21. 

Unified  banking  system,  1 — 48. 

United  States  bonds — 

Effect  of  issue  of  3£  per  cent  on  3  per  cent, 

3—341,  342. 

Policy  of  placing,  3 — 424. 

Purchase  of,  under  section  18.  (See  United 
States  bonds.) 

United  States  securities.  Placing  of.  Policy,  3 — 424. 
United  States  Senate.  (See  Congress.) 

United  States  Treasury  and,  6 — 213. 

United  States  Treasury  certificates — 

Banks  to  set  aside  weekly  1  per  cent  of  resources 
from,  4 — 260. 

Distribution  of,  4 — 72. 

(See  United  States  Treasury  certificates.) 

War.  Discount  policy  during,  4 — 1175. 

War  paper.  Preferential  rates  on,  prevent  control  of 
speculative  activity  through  discount  rates, 

4—1169;  5—311,  524,  617,  1010,  1015,  1107. 

(See  Speculative  activity.) 

Warburg,  P.  M. — 

Redesignated  as  vice  governor,  2 — 437;  3 — 659. 
Retirement  from  Federal  Reserve  Board;  resolu¬ 
tion,  4 — 810. 

Warehouse  facilities,  1 — 258. 

Warning  to  investors.  (See  British  exchequer  notes.) 
Willis,  H.  P.  Resigns  as  secretary,  4 — 810,  817. 

Wills,  D.  C.  Appointed  as  member  of,  6 — 1019. 

Work  of.  (See  Review  of  month.) 

FEDERAL  RESERVE  BRANCH  CITIES. 

(See  Federal  Reserve  Banks  and  branch  cities.) 

FEDERAL  RESERVE  BULLETIN. 

1915— 

May,  1 — 1;  June,  1 — 65;  July,  1 — 115;  Aug., 

1—173;  Sept.,  1—249;  Oct.,  1—297;  Nov., 

1— 345;  Dec.,  1—393. 

1916— 

Jan.,  2 — 1;  Feb.,  2 — 51;  Mar.,  2 — 99;  Apr., 

2— 151;  May,  2—205;  June,  2—261;  July, 

2—309;  Aug.,  2—371;  Sept.,  2—437;  Oct., 

2— 607;  Nov.,  2—587;  Dec.,  2—661. 

1917— 

Jan.,  3—1;  Feb.,  3—75;  Mar.,  3—153;  Apr., 

3 —  235;  May,  3 — 335;  June,  3 — 423;  July, 

3—497;  Aug.,  3—577;  Sept.,  3—651;  Oct., 

3— 729;  Nov.,  3—827;  Dec.,  3—917. 

1918 — 

Jan.,  4 — 1;  Feb.,  4 — 69;  Mar.,  4 — 153;  Apr., 

4 —  247;  May,  4 — 359;  June,  4 — 483;  July, 

4 — 587;  Aug.,  4 — 685;  Sept.,  4 — 801;  Oct., 

4— 921;  Nov.,  4 — 1045 ;  Dec.,  4r-U63. 

1919— 

Jan.,  5 — 1;  Feb.,  5 — 99;  Mar.,  5 — 189;  Apr., 

5 —  303;  May,  5 — 407;  June,  5 — 521;  July, 

5—611;  Aug.,  5—699;  Sept.,  5—813;  Oct., 

5—909;  Nov.,  5—1009;  Dec.,  5—1105. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


105 


FEDERAL  RESERVE  BULLETIN— Continued. 

1920— 

Jan.,  6 — 1;  Feb.,  6 — 113;  Mar.,  6—213;  Apr., 
6 — 339;  May,  6 — 445;  June,  6 — 553;  July, 
6—661;  Aug.,  6—679;  Sept.,  6—897;  Oct., 
6—1011;  Nov.,  6—1123;  Dec.,  6—1253. 
Bound  copies  of,  2 — 53. 

Copies  of  1916  Bulletins  for  sale,  3 — 158. 

Cost  to  directors,  2 — 52. 

Demand  for  back  numbers,  2 — 107. 

Elimination  of  certain  statistical  tables,  4 — 1142. 
January  number,  1916,  exhausted,  2—215. 

Two  editions  arranged  for  future,  6 — 672. 

FEDERAL  RESERVE  CITIES. 

Board  can  not  change  location  of,  2 — 207. 

FEDERAL  RESERVE  CLEARING  SYSTEM. 

( See  Clearing  system.) 

FEDERAL  RESERVE  DISTRICTS. 

Agricultural  acreage  and  production  by,  5 — 737,  962. 
Bank  failures  by.  ( See  Bank  failures.) 

Capital  Issues  Committee.  Committees  of,  by,  4 — 
167. 

Changes  in  lines  of.  ( See  Redistricting.) 

Classification  of  loans  and  discounts  by,  6 — 1107. 
Clearing  members  by,  4 — 75. 

Deposit  of  public  moneys  by,  3 — 435. 

Employees  of  Federal  Reserve  Banks  and  Federal  Re¬ 
serve  Board  by,  5 — 778. 

Federal  Reserve  Board  has  no  power  to  reduce  num¬ 
ber  of,  or  change  location,  1 — 396;  2 — 20,  207. 
Cotton.  J.  P.,  special  counsel,  contra,  2 — 25. 

(See  Redistricting.) 

Liberty  loan  committees  by,  3 — 437. 

Liberty  loans — 

Allotment  by,  5 — 787. 

Subscriptions  by,  3 — 506;  4 — 484,  509,  1045, 1173; 
5—521. 

Member  banks — 

Condition  by.  (See  Member  banks.) 

List  by.  (See  Member  banks.) 

Rediscounts  of.  (See  Member  banks.) 

Retail  trade.  Condition,  by,  6—1066. 

State  member  banks — 

Condition,  by  districts,  6 — 1007. 

(See  State  banks,  etc.) 

Resources,  by.  (See  State  banks.) 

(See  Redistricting.) 

FEDERAL  RESERVE  DRAFTS. 

(1)  Exchange  drafts  drawn  on  own  bank — 

Forms,  3—347,  348,  349. 

Immediately  available  at  par  at  any  Federal  Re¬ 
serve  Bank,  but  actually  payable  only 
at  Federal  Reserve  Bank  on  which 
drawn — 

Limited  to  sums  not  in  excess  of  $250,  3 — 348. 
Increased  to  $5,000,  4 — 806,  819. 
Postponement  to  June  1,  1917,  3 — 440. 

Progress,  3 — 591. 

Report  of  representatives  of  Federal  Reserve 
Banks  approved  by  Federal  Reserve  Board, 
4—819. 

(2)  Transfer  drafts  drawn  on  own  bank — 

Payable  on  advice  of  drawee  at  any  Federal  Re¬ 
serve  Bank  specified  in  draft,  3 — 348. 


FEDERAL  RESERVE  DRAFTS— Continued. 

(2)  Transfer  drafts  drawn  on  own  bank — Continued. 
To  be  drawn  only  in  amounts  over  $250,  3 — 348. 
Advice  by  mail  to  own  Federal  Reserve  Bank, 
3—348. 

Duplicate  by  mail  to  Federal  Reserve  Bank  at 
which  payable,  3 — 348. 

Drawee  Federal  Reserve  Bank  to  wire  Federal 
Reserve  Bank  at  which  payable,  3 — 348. 
Postponement  to  June  1,  1917,  3 — 440. 

Progress,  3 — 591. 

FEDERAL  RESERVE  EXAMINERS. 

Herson,  J.  F.,  eastern  district,  5 — 919. 

Appointed  chief  examiner,  6 — 1134. 

Will,  J.  A.,  western  district,  5 — 919. 

(See  Federal  Reserve  examiner.) 

FEDERAL  RESERVE  EXCHANGE  DRAFTS. 

(See  Federal  Reserve  drafts.) 

FEDERAL  RESERVE  LIBRARY. 

Books  received,  6 — 946. 

(See  Library.) 

FEDERAL  RESERVE  NOTE  AND  NET  DEPOSIT 
LIABILITIES. 

Fiscal  year,  1920,  6—724,  725. 

(See  Federal  Reserve  notes.) 

FEDERAL  RESERVE  NOTES. 

Absorption  of  cost  of  shipment.  (See  infra,  Cost.) 
Accounts— 

Separation  of  Federal  Reserve  note  accounts, 
1—14. 

(See  Federal  Reserve  Agents;  Accounts,  princi¬ 
pal  heading.) 

Accounts.  Note.  (See  Federal  Reserve  Agents;  Ac¬ 
counts.) 

Amendment,  section  16- 

Issue  against  gold,  2 — 325,  441;  3 — 98,  503. 

Large  denominations,  4 — 948. 

(See  Amendments,  principal  heading.) 

Amount  per  capita  in  circulation.  (See  Money,  prin¬ 
cipal  heading.) 

Assistant  Treasurer  of  United  States.  (See  infra, 
Cost;  Redemption;  Unfit  notes.) 

Certificates,  gold.  (See  infra,  Gold  certificates.) 

Charts — 

Circulation — 

1917,  3—849;  4—130,  132. 

1917-1919,  5—1044,  1045,  1046. 

By  geographical  districts,  5 — 1043,  1044. 

Gold  cover,  1917,  4—130,  132. 

Movement  of,  1917,  3 — 849. 

Circulation.  In,  1—341,  388,  429;  2^7,  94,  145,  199, 
254,  303,  366,  428,  501,  581,  652,  722;  3—69,  147, 
228,  324,  418,  492,  572,  647,  725,  822,  912,  985;  4r— 
60,  145,  146,  236,  350,  471,  562,  675,  769,  785,  795, 
905,  915,  927,  1033,  1042, 1151, 1160,  1247,  1253;  5— 
65,  67,  137,  670,  773,  767,  838,  1043,  1044,  1045, 
1046;  6—100,  200,  317,  425,  540,  649,  751,  880,  993, 
1111,  1240,  1356. 

Decrease  in,  5 — 139. 

Increase  in,  1917,  1918,  4 — 130,  912,  927. 

Price  changes.  Comparison  with,  1914-1919,  5— 

838. 

Reduction  in.  Would  affect  retail  but  not  whole¬ 
sale  prices,  5 — 913. 

Volume  of,  and  price  inflation,  5 — 699,  813,  913. 
(See  Money,  principal  heading.) 


106 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  NOTES— Continued. 

Collateral  for— 

Acceptances  indorsed  by  member  banks  of  othei 
districts,  1 — 98,  99. 

Amendment.  Issue  against  gold,  2 — 235, 441;  3 — 
98,  503. 

Federal  Reserve  Agents.  Holdings  o:,  3 — 610. 
Gold  cover,  1917,  3—233,  610;  4—130,  132. 

Gold  holdings,  1914-1916,  3—233,  610. 
Indorsement  of — 

To  Federal  Reserve  Agent,  1 — 363. 

To  Federal  Reserve  Banks,  3 — 351. 

Issue  to  full  amount  of,  2 — 272,  456. 

Substitution  of,  3 — 351. 

United  States  obligations.  Paper  for  carrying 
or  trading  in,  good  collateral  for,  3 — 459. 

Collection.  Federal  Reserve  Agents  may  indorse,  for 
collection  by  Federal  Reserve  Banks  as  his  agent. 
Rider  may  be  attached  as  notice,  3 — 351. 

Cost — 

Increased,  printing,  3 — 743. 

Chargeable  to  current  expense  account,  2 — 12; 
5—26. 

Issued  and  unissued  Federal  Reserve  notes,  2 — 
58,  59,  219,  387,  595;  3—93,  135,  609; 
4—104;  5—132,  133,  135,  723;  6—134,  830. 

( See  Federal  Reserve  Agents.) 

Of  transportation,  1 — 306. 

Absorbed  by  Federal  Reserve  Banks,  4 — 931. 
On  notes  returned  from  Treasury  or  other 
Federal  Reserve  Banks  for  redemption 
to  be  paid  by  Federal  Reserve  Banks 
issuing,  2 — 71,  111. 

Regulation  O,  amended,  2 — 111. 

Shipment  of,  for  clearings  paid  by  Federal 
Reserve  Banks,  2 — 314. 

Unfit  notes — 

Federal  Reserve  Banks  must  pay  cost  of 
transportation  of,  returned  to  Comptroller 
for  redemption,  2 — 71. 

Cost  of  unfit  notes  sent  to  Treasurer  at  Wash¬ 
ington  charges  collect,  to  be  paid  by 
Treasury,  3 — 242. 

Federal  Reserve  Banks  to  reimburse  Treas¬ 
urer  for  cost  of,  sent  to  Washington  for 
redemption  by  assistant  treasurers,  5 — 
27,  28. 

Cover,  gold — 

1917,  3—610;  4—130,  132. 

1914-1916,  3—233. 

Credit  or  redemption,  returned  for,  1 — 276,  351;  2 — 
258,  435,  657;  3-^20,  648,  667,  914,  941;  4—147, 
472,  786,  1153;  5—139,  176,  504,  802,  1094;  6— 
202,  542,  881,  1241. 

(See  infra,  Interdistrict  movement  of.) 

Credits.  High  prices  and,  exercise  a  controlling 
influence  over  expansion  of,  5—912. 

Crop  moving.  Increased  issue  for,  5 — 912. 

Currency  expansion  and,  5 — 699. 

Current  expense  account.  Cost  of,  charged  to, 

2— 12;  5—26. 

Decrease  in  circulation,  5 — 139. 

Denominations,  large,  4 — 948. 

Denominations.  Outstanding.  ( See  Money.) 
Distribution  to  mints  and  subtreasuries  expedited, 

3— 155,  237. 


FEDERAL  RESERVE  NOTES— Continued. 

Eligible  collateral.  ( See  Collateral.) 

Emblem  of,  can  not  be  placed  upon  bank  stationery 
without  consent  of  Secretary  of  Treasury,  3 — 194. 
Emergency  currency  issued  in  lieu  of,  1 — 50. 
Expansion  of — 

Expansion  of,  but  no  inflation.  Tables,  2 — 212. 
Real  test  is  volume  of  deposits  and  Federal 
Reserve  notes.  By  this  test  there  is  no 
inflation,  5 — 103. 

Federal  Reserve  notes  and  currency  expansion, 
5—699. 

The  effect  and  not  the  cause  of  high  prices, 
5—813. 

Credits  and  general  prices  exercise  a  fundamental 
influence  over,  5 — 912. 

Caused  by  seasonal  requirements  as  to  short 
periods,  5 — 912. 

Follows  but  does  not  precede  price  changes, 
5—913. 

Federal  Advisory  Council.  After-war  policy  as  to 
issue  of,  4 — 1177. 

Federal  Reserve  Bank  notes.  Difference  between, 
and  Federal  Reserve  notes,  2 — 273. 

Federal  Reserve  Banks — 

Cost  of  transportation  of — 

To  pay,  for  clearing,  2 — 314. 

To  absorb,  4 — 931. 

To  reimburse  Treasurer  of  United  States  for, 
of  notes  forwarded  to  Washington  for 
redemption  bv  assistant  treasurers,  5 — 27 
28. 

Holdings  of  Federal  Reserve  notes  by.  (See 
Money,  principal  heading.) 

Fiscal  year  1920,  6 — 724,  725. 

Franking  privilege  not  allowed  in  connection  with, 
1—355. 

Gold.  Issue  of  Federal  Reserve  notes  against,  2 — 235, 
441;  3—98,  503. 

Gold  certificates.  Issue  of  Federal  Reserve  notes 
favored  in  lieu  of,  gold  certificates,  2 — 512; 
5—102. 

Gold  cover  for — 

1914-1916,  3—233. 

1917,  3—610. 

Chart,  4—130,  132. 

Gold  settlement  fund — 

Federal  Reserve  Agent  may  deposit  in,  gold  re¬ 
ceived  in  reduction  of  liability  on,  1 — 273. 
(See  Gold  settlement  fund,  principal  heading.) 

Hoarded  Federal  Reserve  notes  returned  to  banks, 

5— 102,  197,  205. 

Increase  in  circulation,  2 — 212;  4 — 130,  927;  5 — 912; 

6— 904. 

Indorsement  of  collateral  for,  1 — 363;  3 — 351. 
Inflation — 

None.  Merely  expansion.  Tables,  2 — 212. 

By  test  of  deposit  and  note  liabilities  there  has 
been  no,  5 — 103. 

(See  supra,  Expansion.) 

Inflation  of  prices.  Federal  Reserve  notes  and,  5— 
699,  813,  913. 

Insurance  of  unfit,  1 — 306. 

Interdistrict  movement  of,  1 — 351,  276;  2 — 258, 
435,  657;  3-420,  648,  667,  849,  914,  941;  4—147, 
473,  787,  1153;  5—176,  504,  802,  1094  ;  6—202, 
542,  732,  881,  1241. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


107 


FEDERAL  RESERVE  NOTES— Continued. 

Interest.  No,  need  be  charged  on,  2 — 272  ,  273  ,  456. 

Issue  of — 

In  lieu  of  United  States  notes  and  gold  certifi¬ 
cates,  2 — 512;  5 — 102. 

Issue  against  gold,  2 — 325,  441;  3 — 98,  503. 

( See  Amendments,  principal  heading.) 

Issue  of,  and  redemption,  6 — 732. 

Regulation  O,  1 — 215;  2 — 111. 

( See  infra,  Redemption.) 

Issue  of.  Cost.  ( See  supra,  Cost,  issued  and  unissued.) 

Issue.  Note  issue  capacity,  3 — 155. 

Joint  custody  of,  3 — 691. 

Liabilities,  Federal  Reserve  note.  ( See  Resources 
and  liabilities,  principal  heading.) 

Liability.  ( See  infra,  Reduction  of  liability.) 

Liquidation  of,  5 — 102,  103. 

Mails,  United  States.  No  franking  privileges  for, 
1—355. 

Movement  of,  1917.  ( See  supra,  Interdistrict  move¬ 

ment.) 

Note  issue  capacity,  3 — 155. 

Notice.  ( See  supra,  Collateral.) 

Organization  expense.  Cost  of,  charged  to,  if  defi¬ 
ciency  in  current  earnings,  2 — 12. 

Outstanding,  denominations.  ( See  Money.) 

Payment.  Unfit  notes,  1 — 306,  404. 

Per  capita.  ( See  Money,  principal  heading.) 

Policy  as  to  issue,  after  •war.  Federal  Advisory 
Council,  4 — 1177. 

Power  of  attorney.  Each  Federal  Reserve  Bank  to 
give  to  other  a,  to  act  as  agent  in  forwarding  its 
unfit  notes  to  Treasurer  for  redemption,  3 — 82. 

Price  charges.  Circulation  of  Federal  Reserve  notes 
as  compared  with,  5 — 838. 

Prices — 

Volume  of  Federal  Reserve  notes  and  inflation  of, 
5—699,  813,  913. 

Expansion  of  Federal  Reserve  notes,  the  effect 
and  not  the  cause  of  high,  5 — 813,  913. 
Movement  of  Federal  Reserve  notes  and  general, 
1914-1919,  5—838. 

Reduction  in  circulation  of  Federal  Reserve 
notes  would  affect  retail  but  not  wholesale, 

5— 913. 

Credits  and  high,  exercise  fundamental  influence 
over  Federal  Reserve  notes,  5 — 912. 

Printing  of,  1 — 50;  3 — 743. 

Redemption — 

Federal  Reserve  Agents  returning  notes  of  other 
Federal  Reserve  Banks  to  Treasury  for, 
will  be  credited  with  amount  and  proper 
charge  made  against  bank  of  issue.  Can 
not  charge  account  of  issuing  bank  directly, 
1—306. 

Notes  sent  to  issuing  bank  for,  to  be  at  its  cost. 

Regulation  O  amended,  2 — 111. 

Federal  Reserve  Banks  may  forward  unfit  notes 
of  other  Federal  Reserve  Banks  direct  to 
Treasurer  for,  3 — 82. 

Fit  notes  should  not  be  sent  in  for  redemption, 
4—  310. 

Federal  Reserve  Banks  to  reimburse  Treasurer 
for  cost  of  Federal  Reserve  notes  forwarded 
to  Washington  for,  by  assistant  treasurer, 

6— 27,  28. 


FEDERAL  RESERVE  NOTES— Continued. 
Redemption — Continued. 

Federal  Reserve  notes  are  returned  automatically 
for,  when  redundant,  5 — 813. 

( See  supra,  Cost.) 

Redemption  or  credit.  Returned  for,  1 — 276,  351; 
2—258,  435,  657;  3—420,  648,  667,  914,  941;  4— 
147,  473,  787,  1153;  5—139,  176,  504,  802,  1094; 
6—202,  542,  732,  881,  1241. 

(See  supra,  Interdistrict  movement  of.) 

Reduction  of  liability — 

Silver  certificates  may  be  accepted  by  Federal 
Reserve  Agent,  in,  1 — 127. 

Gold  received  by  Federal  Reserve  Agent  in, 
mav  be  deposited  in  gold  settlement  fund, 
1—273. 

Regulation  O,  issue  and  redemption,  1 — 215. 

Amended.  Notes  may  be  sent  for  redemption  to 
issuing  bank  at  its  expense,  2 — -111. 

Regulations.  Joint  custody  of,  3 — 691. 

Reserve  money.  Member  State  banks  and  trust 
companies  maj  count  Federal  Reserve  notes  as 
reserves  if  laws  of  State  permit,  1 — 318. 

Reserves — 

Ratio  of  cash,  to  deposit  and  note  liabilities, 
5—64. 

(See  Ratio.) 

Required  reserves  and  excess  reserves  (free  gold) 
against  total  liabilities,  5 — 136;  6 — 145,  725. 
Review,  fiscal  year  1920,  6 — 664. 

Rider.  (See  supra,  Collateral.) 

Secretary  of  Treasury  must  consent  before  bank  can 
use  emblem  of  Federal  Reserve  notes  on  sta¬ 
tionery,  3 — 194. 

Section  16.  Amendment.  Federal  Reserve  notes 
against  gold,  2 — 325;  3 — 98,  503. 

Separation  of  note  accounts,  1 — 14. 

Shipment  of — 

Federal  Reserve  Banks  may  forward  unfit  notes 
of  other  Federal  Reserve  Banks  direct  to 
Treasurer  for  redemption,  3 — 82. 

(See  supra,  Cost.) 

(See  infra,  Unfit  notes.) 

Silver  certificates.  Federal  Reserve  Agents  may 
receive,  in  reduction  of  liability  on  Federal 
Reserve  notes,  1 — 127. 

State  banks  and  trust  companies  may  use  Federal 
Reserve  notes  as  lawful  reserve  if  State  laws 
permit,  1 — 318. 

Stock  of.  ( See  Money.'l 
Substitution  of  collateral,  3 — 351. 

Tax.  (See  supra,  Interest.) 

Test  of  inflation.  Volume  of  deposits  and  Federal 
Reserve  notes.  By  this  test,  no  inflation,  5 — 103. 
Transportation,  cost  of.  ( See  supra,  Cost.) 

Treasury,  in.  (See  Money,  principal  heading.) 

Unfit  notes — 

Insurance  on,  1 — 306. 

Payment  for,  1 — 306,  404. 

Cost  of  return  to  comptroller  must  be  paid  for  just 
as  an  original  issue,  2 — 71. 

Federal  Reserve  Banks  may  ship,  of  other  Fed¬ 
eral  Reserve  Banks,  direct  to  Treasurer  for 
redemption,  3 — 82. 

Federal  Reserve  Banks  may  send,  direct  to  Treas¬ 
urer,  charges  collect,  '3 — 242. 


108 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FEDERAL  RESERVE  NOTES— Continued. 

Unfit  notes — Continued. 

Federal  Reserve  Banks  to  reimburse  Treasurer  for 
cost  of,  forwarded  to  Washington  for  redemp¬ 
tion  by  assistant  treasurers,  5 — 27,  28. 
Unissued  Federal  Reserve  notes.  Cost  of,  4 — 104;  5 — 
133,  135. 

United  States  Mint.  ( See  supra,  Distribution.) 
United  States  notes.  Board  favors  use  of  Federal  Re¬ 
serve  notes  for  crop-moving  purposes  in  lieu  of 
gold  certificates  and,  2 — 512. 

United  States  obligations.  Paper  for  carrying  or  trad¬ 
ing  in,  eligible  as  collateral  for  Federal  Reserve 
notes,  3 — 459. 

United  States  Subtreasuries.  ( See  supra,  Distribu¬ 
tion.) 

War.  Policy  of  Federal  Reserve  note  issue  after. 

Federal  Advisory  Council,  4 — 1177. 

(See  Money.) 

FEDERAL  RESERVE  PAR  POINT  MAP,  6—644. 

(See  Maps.) 

FEDERAL  RESERVE  SYSTEM. 

Comparison  of  leading  banks  of  issue  with.  (See 
Banks  of  issue.) 

Comparative  statement — 

1914-1918,  4 — 1168. 

1914-1919,  5—771. 

Financial  review  of,  5 — 3. 

(See  infra,  Review.) 

Growth  of,  4 — 3. 

Harding,  Gov.  War  operations,  4 — 1175. 

History  of,  5 — 766. 

(See  infra,  Review.) 

Jones,  Breckinridge.  State  banks  and  Federal  Re¬ 
serve  System,  4 — 510. 

Member  banks  in,  5 — 84,  165,  279,  386,  388,  492,  589, 
680,  779,  782,  790,  882,  987,  1081;  6—1346. 

(See  Member  banks.) 

1914-1919,  5—779. 

New  England,  4 — 1081,  1082. 

Resources  and  liabilities,  4 — 798,  916,  917;  6 — 
729. 

National  banks.  Resources,  4—90;  5 — 782;  6 — 726. 
Peace  problems  of,  5 — 4. 

Private  banks.  Membership  of,  3 — 693. 

Reasons  for  joining — 

Federal  Reserve  Bank  of  Boston,  4 — 1081,  1082. 
Federal  Reserve  Bank  of  New  York,  4 — 615. 

(See  infra,  State  banks.) 

Resources  of.  Seventy-five  per  cent  of  resources  of 
all  eligible  banks  in  United  States  are  in,  5 — 4. 

Review.  Financial,  5 — 3. 

Review,  statistical — 

1914-1917, 

1917-1919,  5—3,  766,  771. 

Fiscal  year  1920,  6 — 662. 

(See  supra,  History.) 

Savings  banks  and,  5 — 50. 

State  banks  and  trust  companies — 

Admitted.  (See  State  banks;  Admission,  princi¬ 
pal  heading. ) 

Admission,  Pennsylvania  law,  3 — 666. 
Examination  of,  3 — 592. 


FEDERAL  RESERVE  SYSTEM— Continued. 

State  banks  and  trust  companies — Continued. 

Federal  Reserve  System  and.  Breckinridge 
Jones,  4 — 510. 

Questionnaire  to,  and  replies,  3 — 355. 

Reasons  for  joining  Federal  Reserve  System,  3 — 
356,  357,  358,  359,  360,  361,  362,  364,  365,  366, 
367,  368,  369,  370,  371,  372,  596,  599,  667,  834, 
836,  837. 

Resources  of  member,  3 — 829. 

Withdrawals  from  Federal  Reserve  System,  5 — 
649,  738,  855,  961,  1155;  6—159,  274,  383, 
697,  1063,  1299. 

(See  State  banks,  principal  heading.) 

State  laws,  as  to  purchase  of  stock  in,  1 — 218;  5 — 366, 
566,  658,  741,  743,  744,  745,  967. 

Statistical  review — 

1914-1917, 

1917-1919,  5—3,  766,  771. 

Fiscal  year  1920,  6 — 662. 

War  operations  of.  Gov.  Harding,  4 — 1175. 
Withdrawals  from.  (See  supra,  State  banks.) 

FEDERAL  RESERVE  TRANSFER  DRAFTS. 

(See  Federal  Reserve  drafts.) 

FEDERAL  STOCK  PUBLICITY  ACT. 

Secretary  of  Treasury  will  prepare  a  bill  to  regulate 
stock  and  bond  issues,  5 — 18. 

Capital  Issues  Committee  prepares  bill  for  Treasury, 
5—193. 

Secretary  of  Treasury  approves  its  general  principles, 
5 — 193. 

FEDERAL  TRADE  COMMISSION. 

Cooperation  with  Federal  Reserve  Board.  Standard 
forms  of  credit  statements,  3 — 21. 

Uniform  accounts,  3 — 270. 

FEES. 

Attorneys — 

Negotiability  of  note  not  affected  by  provision 
calling  for  payment  of  costs  of  collection 
and,  2 — 226. 

Paid  by  Federal  Reserve  Banks,  5 — 132. 
Directors— 

Amendment  to  section  22,  3 — 100,  106. 

Paid  by  Federal  Reserve  Banks,  5—132. 

May  receive  extra  fees  for  services  as  trustee 
under  foreclosure  proceedings,  5 — 253. 

Enemy  owned  patents,  4 — 87. 

Legal.  (See  supra,  Attorneys.) 

National  banks.  Fees  paid  to  directors  by.  Figures, 
2—514. 

FERTILIZER  NOTES. 

Farmers’  notes  for  commercial  fertilizers  held  to  be 
agricultural  paper  and  eligible,  1 — 75. 

FIDUCIARY  POWERS.  (See  also  Opinions  of  counsel.) 
Abstract  of  title  business,  6 — 385. 

Act  September  26,  1918.  Amendment.  Text,  4 — • 
948.  * 

Administration  of  trust  department,  6 — 699. 
Administrator — 

New  York  banks  can  not  act  as,  3 — 30. 

(See  infra,  New  York  national  banks.) 
Amendment  suggested  by  Federal  Reserve  Board, 
1—48. 

Act  September  26,  1918.  Text,  4 — 948. 
Regulation,  4 — 1086,  1215. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


109 


FIDUCIARY  POWERS— Continued. 

Amendment  suggested  by  Federal  Reserve  Board — 
Continued. 

Rulings,  5 — 362,  363. 

Statement  of  Federal  Reserve  Board,  4 — 10S6. 
Supplementary  applications  necessary,  4 — 1118. 
Applications — 

Recommendation  of  executive  committee  suf¬ 
ficient,  1 — 211. 

Supplementary,  under  amendment  advisable, 
4—1118. 

Applications  granted,  1 — 31,  83,  144,  214,  272,  320,  367, 
408;  2—14,  70,  122,  169,  225,  266,  328,  379,  447, 
601,  671;  3—20,  115,  167,  267,  375,  440,  507,  604, 
678,  746,  839,  941;  4—15,  80,  184,  296,  402,  492, 
607,  742,  856,  967,  1100;  5—30,  127,  251,  359, 
466,  563,  650,  739,  856,  960,  1052,  1155;  6—64, 
161,  274,  384,  493,  60S,  698,  834,  946,  1063,  1174, 
1300. 

Attorney  General  of  Missouri.  Superintendent  of 
State  banks  must  receive  from  national  banks 
authorized  to  exercise,  deposits  of  securities  in 
same  manner  as  from  trust  companies  and  with¬ 
out  bond,  5 — 655. 

Attorney  General  of  United  States — 

New  York  banks  can  act  as  registrar  but  not  as 
trustee,  executor,  or  administrator,  4—12. 
(See  infra,  New  York  national  banks.) 

Bank  v.  Fellows.  ( See  infra,  United  States  Supreme 
Court.) 

Bills  receivable.  (See  infra,  Trust  funds.) 

Bond.  (See  supra,  Attorney  General  of  Missouri.) 
Capital.  Surplus  is  not,  in  construing  capital  limita¬ 
tions  of  State  banks  as  to  exercise  of  fiduciary 
powers  under  State  laws,  4 — 1118. 

Circular  10.  Regulation  H,  1 — 42. 

(See  Regulation.) 

Commercial  Department.  (See  infra,  Security; 
Trust  funds.) 

Connecticut.  Supreme  court  of.  Decision  on  trust 
powers,  6 — 610. 

Constitutionality  of  section  11  (k) — 

Illinois  Supreme  Court,  2 — 28;  4 — 522,  524. 
Michigan  Supreme  Court,  3 — 32,  254,  504,  534. 
(See  United  States  Supreme  Court.) 

Courts — 

State.  Decisions  on — 

Connecticut,  6 — 610. 

Illinois,  2—28;  4—522,  524. 

Michigan,  3 — 32,  254,  504,  524. 

New  York,  5 — 1059. 

Wisconsin.  6 — 700. 

United  States  Supreme  Court.  3 — 32,  254,  504, 
524. 

Deposit  of  trust  funds — 

Not  necessary  to  deposit  in  another  bank  but 
should  be  segregated.  Governed  by  law  of 
State,  1 — 125. 

Subject  to  further  regulations  of  Federal  Reserve 
Board,  1 — 306. 

Executive  committee  may  apply  for  permission 
to  exercise.  Action  of  full  board  not  necessary, 
1—211. 

Executor — 

New  York  banks  can  not  act  as,  3 — 30. 

(See  infra,  New  York  national  banks.) 


FIDUCIARY  POWERS— Continued. 

Federal  Reserve  Board — 

Ruling  as  to  amendment,  5 — 362,  363. 

Statement  as  to  amendment,  4 — 1086. 

(See  Opinions  of  counsel.) 

Growth,  New  York  banks,  5 — 4. 

Guardian- 

No  power  to  act  as,  1 — 269;  4 — 744. 

(See  infra,  New  York  national  banks.) 

Hawaii,  right  of  national  banks  in,  to  exercise,  5 — 366. 
Illinois — ■ 

Lower  court  holds  section  11  (k)  unconstitu¬ 
tional,  2 — 28. 

Will  follow  decision  of  United  States  Supreme 
Court  that  section  11  (k)  is  constitutional, 

4— 522,  524. 

(See  United  States  Supreme  Court.) 

Instructions,  Federal  Reserve  Board,  1 — 33, 34, 125, 308. 
Investment  of  trust  funds— 

Funds  should  be  segregated  but  need  not  be 
deposited  in  another  bank,  1 — 125. 

National  banks  governed  by  law  of  State  subject 
to  future  regulations  of  Federal  Reserve 
Board,  1 — 306. 

Of  trust  funds  not  affected  by  provisions  of 
national  bank  act  or  Federal  Reserve  Act, 
as  to  investment  of  own  funds,  5 — 143. 

(See  infra,  Trust  funds.) 

Kentucky.  National  banks  not  forbidden  to  exercise 
in,  notwithstanding  adverse  opinion  of  attorney 
general  of  Kentucky,  2 — 678. 

Liberty  bonds.  (See  infra,  Security.) 

Michigan — 

Supreme  Court  holds  section  11  (k)  unconstitu¬ 
tional,  3—32,  254,  504,  534. 

(See  United  States  Supreme  Court.) 

Missouri — 

National  banks  authorized  to  exercise  fiduciary 
powers  in  Missouri  may  use  words  “Trust 
Company”  as  part  of  its  title,  6 — 197. 

(See  supra,  Attorney  general  of  Missouri.) 
National  Bank  Act.  (See  infra,  National  banks.) 
National  banks — 

Hawaii.  Right  to  exercise  in,  5 — 366. 
Investment  of  trust  funds  not  affected  by  national 
bank  act  or  Federal  Reserve  Act,  provisions 
as  to  investment  of  own  funds,  5 — 143. 

Must  have  capital  prescribed  by  State  laws,  5 — 53. 
State  courts.  Decisions,  2 — 28;  3—32,  254,  504, 
534;  4—522,524;  5—1059;  6—610,  700. 

*  State  laws — 

Power  of  national  banks  to  act  under,  1 — 150; 

2—523,  678;  3—30,  529,  697,  767. 

State  can  not  refuse  national  banks  when 
it  grants  right  to  competing  State  banks, 
5—1059;  6—610. 

(See  supra,  Missouri.) 

(See  infra,  Section  24;  Security.) 

New  York  national  banks  may  act  as  registrar  but  not 
as  trustee,  executor,  or  administrator.  At¬ 
torney  General  of  U.  S.,  3 — 30;  4 — 12. 
Growth,  5 — 4. 

Exercise  of,  in  New  York,  5 — -1059. 

Opinion  of  New  York  Supreme  Court.  National 
banks  may  exercise,  in  New  York  when  State 
permits  competing  State  institutions  to  act, 

5— 1059. 


110 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FIDUCIARY  POWERS— Continued. 

Nonfiduciary  powers.  Can  not  exercise,  merely 
because  State  laws  permit  competing  State  banks 
to  use  them,  6—949. 

Oregon  national  banks  not  prohibited  by  laws  of 
Oregon  from  exercising,  although  not  expressly 
authorized  by  State  law,  1 — 319. 

Paper  eligible  for  discount  is  not  a  readily  marketable 
security,  under  Regulation  F,  1919,  6 — 385. 

Power — 

( See  supra,  Executor;  Administrator;  Guardian; 
New  York  banks;  Kentucky  national  banks; 
Oregon  national  banks;  Transfer  agent.) 

(See  infra,  Receiver.) 

Real  estate  investments.  (See  infra,  Section  24.) 
Readily  marketable  securities.  (See  infra,  Trust 
funds.) 

Receiver.  No  power  to  act  as,  1 — 362. 

Registrar — 

New  York  banks  can  act  only  as,  3 — 30. 

(See  supra,  New  York  national  banks.) 
Regulation  F,  1916,  2—536. 

Regulation  F,  1917,  3 — 545. 

Amended,  4: — 1215. 

Superseded,  5 — 438. 

Regulation  F,  1920,  6 — 1184. 

Regulation  F,  1919,  supersedes  Regulation  F,  1917, 
5 — 438. 

Regulation  H,  1915,  1 — 43. 

Section  24.  National  banks  may  invest  trust  funds, 
not  their  own,  in  real  estate  in  accordance  with 
State  law,  free  from  limitations  of,  6 — 949. 

Securities — 

(See  supra,  Missouri.) 

(See  infra,  Trust  funds.) 

Security.  Receipt  covering  Liberty  loan  bonds  is¬ 
sued  by  Federal  Reserve  Bank  payable  on 
demand,  without  conditions,  to  trust  department 
of  a  national  bank  is  sufficient,  for  funds  deposited 
in  commercial  department  by  the  trust  depart¬ 
ment,  5—1156. 

State  laws — 

Capital  requirements  for  exercise  of  fiduciary 
powers,  5 — 53. 

Surplus  is  not  capital,  4 — 1118. 

National  banks  expressly  authorized.  List  of 
States,  1—150;  2—523,  678;  3—30,  528,  529, 
697,  767;  5—323. 

Granted  by  implication.  (See  supra,  Ken¬ 
tucky.) 

(See  supra,  National  banks.) 

Surplus.  (See  supra,  State  laws.) 

Title  of  bank.  (See  supra,  Missouri.) 

Transfer  agent,  no  power  to  act  as,  2—456. 

Trust  department.  (See  supra,  Missouri;  Security.) 
Trust  funds — 

Bills  receivable.  (See  infra,  Security.) 

By-laws.  Regulation  F,  1919,  section  3.  Fed¬ 
eral  Reserve  Board  has  formulated  no  specific 
by-laws  because  of  divergent  laws  of  States, 
6—699,  700. 

Discretion.  When  instrument  of  trust  gives 
officers  discretion,  trust  funds  may  be  in¬ 
vested  in  the  classes  of  securities  approved 
by  the  directors,  6—699,  700. 


FIDUCIARY  POWERS— Continued. 

Trust  funds — Continued. 

Investment  of — 

Banks  own  funds  affected  only  by  Federal  Re¬ 
serve  Act  or  national  bank  act,  5 — 143. 
Other  funds — 

Governed  by  State  law  subject  to  future 
regulations  of  Federal  Reserve  Board 
1—306. 

May  invest,  in  real  estate  free  from  limita¬ 
tions  of  section  24  ,  6 — 949, 950. 
Readily  marketable  securities.  Bills  receivable, 
loans,  discounted  paper  are  not,  under  Regu¬ 
lation  F,  1919,  6—385. 

Regulation  F,  1919,  section  5.  Deposit  of  securi¬ 
ties  with  State  banking  department  is  not  a 
compliance  with,  6 — 699,  700. 

(See  infra,  Trust  department.) 

Security.  Bills  receivable  are  not  valid  for 
deposit  of  trust  funds  in  commercial  depart¬ 
ment  of  a  national  bank,  6 — 385. 

Segregation.  Should  be  segregated  but  need 
not  be  deposited  in  another  bank,  1 — 125. 
Trust  department — 

Bills  receivable,  loans,  and  eligible  paper 
can  not  be  deposited  in  the,  by  the  com¬ 
mercial  department  of  a  national  bank, 
as  security  for  deposit  of  trust  funds  in 
the  commercial  department,  as  they  are 
not  readily  marketable  securities  under 
Regulation  F,  1919,  section  5,  6 — 385. 
(See  supra,  Discretion.) 

Trustee,  New  York  banks  can  not  act  as,  3 — 30; 
4—12. 

(See  supra,  New  York  national  banks.) 

United  States  Supreme  Court — 

Decision,  Bank  v.  Fellows.  Section  11  (k) 
held  constitutional;  3 — 32,  254,  504,  534 
(text). 

Illinois  Supreme  Court  will  follow  above 
decision.  First  National  Bank  of  Joliet 
v.  Russell,  4 — 522,  524. 

(See  supra,  Illinois;  Michigan.) 

Wisconsin  law,  limiting  exercise  of  fiduciary  powers 
to  Wisconsin  trust  companies.  Held  unconstitu¬ 
tional  by  Wisconsin  Supreme  Court,  6 — 700. 

(See  Opinions,  Attorney  General  of  United  States; 
Opinions,  counsel.) 

FINANCE. 

(See  Public  finance.) 

FINANCE  BILLS. 

Purchased  by  Federal  Reserve  Banks.  (See  Discount 
and  open-market  operations.) 

(See  infra,  Finance  paper.) 

FINANCE  COMPANIES. 

(See  Finance  paper.) 

FINANCE  CONDITIONS. 

(See  Business  conditions.) 

FINANCE  DRAFTS. 

(See  Finance  paper.) 

FINANCE  PAPER. 

Acceptance  house.  Paper  of  an,  secured  by  eligible 
paper,  is  not  eligible  unless  proceeds  are  used  for 
commercial  purposes,  4 — 108. 

Broker.  Note  of  a,  secured  by  eligible  paper  is  not 
eligible  unless  proceeds  are  used  for  commer¬ 
cial  purposes,  4 — 108. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


Ill 


FINANCE  PAPER— Continued. 

Cotton  factor.  Paper  of  a,  is  pure  finance  paper  and  is 
neither  eligible  for  acceptance  nor  for  discount, 
6— 1054;  6—162,  1176. 

Farm  land  bank.  Collateral  note  of  a,  is  pure  finance 
paper  and  is  not  eligible,  6—609. 

Finance  company — 

Note  of  a,  to  finance  an  industrial  concern  is  not 
eligible,  being  pure  finance  paper  even 
though  secured  by  eligible  paper,  1 — 72; 
4—197. 

Note  of  a,  issued  on  security  of  drafts,  drawn  by  it 
on  dealers,  held  in  trust  to  secure  its  note,  is 
not  eligible,  being  pure  finance  paper,  4 — 109. 
Finance  bills  of  exchange  are  not  eligible,  4 — 1120. 
Foreign  purchasers.  Drafts  drawn  to  finance  domestic 
concerns  in  giving  credit  to,  on  open  account, 
are  not  eligible,  5 — 253. 

Joint-stock  land  bank.  Collateral  note  of  a,  is  pure 
finance  paper  and  is  not  eligible,  6 — 609. 
Purchaser.  Bill  drawn  by  a,  secured  by  bill  of  lading, 
is  not  eligible,  as,  in  absence  of  proof  that  proceeds 
are  used  for  commercial  purposes,  it  is  pure 
finance  paper,  3 — 380;  6—65,  66,  1301. 

FINANCE,  PRIVATE  OR  GOVERNMENT,  5—308, 
528,  611,  1012,  1110. 

FINANCE,  PUBLIC. 

Brazil,  6 — 819. 

Cuba,  6—1165. 

Spain,  5 — 1036. 

Treasury,  6 — 1123. 

( See  Review  of  month.) 

FINANCIAL  CONDITION. 

Indorsing  bank  or  banker  must  give  a  satisfactory 
statement  of,  in  cases  where  bills  are  drawn  in 
foreign  countries,  and  such  statement  can  not  be 
obtained  from  drawer  or  acceptor,  2 — 111. 

FINANCIAL  CONDITIONS,  5—10,  20,  204,  304,  311, 
314,  416,  420,  525,  531,  620,  706,  1019,  1115,  1120;  6—13, 
122,  225,  349,  456,  567,  662,  673,  723,  912,  920, 1020, 1253, 
1264. 

1918-1920,  6—479. 

( See  Business  conditions.) 

(See  infra,  Financial  situation.) 

FINANCIAL  CONFERENCE.  INTERNATIONAL. 

(See  International  Financial  Conference.) 

FINANCIAL  CONGRESS,  PAN  AMERICAN. 

Address,  Gov.  Hamlin,  1 — 136. 

Address,  Vice  Gov.  Warburg,  1 — 132. 

Notice  of  meeting,  1 — 35. 

Participation  of  Federal  Reserve  Board,  1 — 131. 
Recommendations  of,  1 — 128. 

Report,  Secretary  of  Treasury  to  President,  1 — 313. 
Statement  as  to.  Federal  Reserve  Board,  1 — 348. 

FINANCIAL  DUTY. 

London  Economist,  3 — 518. 

FINANCIAL  NEEDS  OF  TRADE. 

After  war.  5 — 115. 

FINANCIAL  PROGRAMME. 

(See  Secretary  of  Treasury.) 

FINANCIAL  RECONSTRUCTION. 

Warburg.  Vice  Gov..  5 — 16. 

FINANCIAL  REMEDIES. 

International  Financial  Conference,  Brussels.  Re¬ 
port,  6 — 1288. 


FINANCIAL  REVIEW. 

Of  Federal  Reserve  System— 

1914-1917,  5—3,  771. 

1917-1919,  5—771. 

1920,  fiscal  year,  6 — 664. 

1920,  calendar  year,  6 — 1253. 

FINANCIAL  SITUATION,  FOREIGN. 

Argentina,  6 — 592. 

Brazil,  6 — 813. 

Chile,  6—1052. 

Cuba,  6—1162. 

Europe,  6 — 140. 

Foreign,  5—1015;  6—1132. 

France,  6 — 1073,  1203. 

Great  Britain,  5 — 115. 

Hoover,  H.,  on,  6 — 140. 

Secretary  of  Treasury  on,  6 — 137. 

FINANCIAL  SITUATION,  UNITED  STATES. 

(See  Federal  Reserve  Board;  Financial  condition; 
Review  of  month;  Secretary  of  Treasury.) 

FINANCING  OF  COTTON. 

Union  Discount  Co.  formed  for,  4 — 930,  939. 

(See  Cotton.) 

FINANCING  OF  EXPORTS. 

Appreciation  of  American  dollar  abroad  cuts  down 
our  export  trade,  5 — 1011. 

Balance  of  trade.  (See  same.) 

CreditB,  long-term,  5 — 611. 

Discussion  of,  5—193,  312,  412,  526,  612,  816,  916, 

1012,  1110. 

Domestic  needs.  Goods  shipped  in  export  trade  are 
a  deduction  from  domestic  needs,  5 — 614. 

Edge  bill.  (See  same,  principal  heading.) 

English  plan,  5 — 1012. 

Export  balance,  5 — 536. 

Federal  Advisory  Council.  Conference,  5 — 618. 
Foreign  necessities  must  be  financed  promptly,  5 — 
615. 

Foreign  securities.  Purchase  of,  if  not  limited  will 
get  into  banks  and  cause  inflation,  5 — 614. 
Geddes,  Sir  A.,  on,  5 — 1011. 

Great  Britain.  Export  credit  plan,  5 — 1012. 

Great  Britain,  250  million  loan,  5 — 1014. 

Harding,  Gov.  Against  Government  aid,  5 — 1012. 
Investment  trusts,  5 — 413. 

May  involve  severe  strain,  5 — 526. 

Necessity  for  American  investment  aid,  5 — 312. 
Prices.  (See  Export  trade;  Prices,  principal  head¬ 
ing.) 

Private  or  Government,  5 — 308,  528,  611,  1009,  1012, 

1110. 

Problem  of.  Serious,  but  not  as  serious  as  may  seem, 
5—615. 

Savings  balance  available  for — 

In  excess  of,  will  cause  higher  prices,  5 — 613. 

Not  large,  5 — 613. 

Situation,  5 — 916. 

War  Finance  Corporation.  Under  Victory  loan  act 
may  make  long  term  loans,  5 — 308. 

FINANCING  OF  GRAIN. 

Federal  Trade  Commission  on,  4 — 711. 

FINANCING,  RAILROAD,  5—307. 


112 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN 


FINISHED  COTTON  FABRICS. 

Report,  6—1027,  1145,  1276. 

FINISHERS  OF  COTTON  FABRICS. 

Reports,  6—1027,  1145,  1276. 

FINISHING  CREDITS. 

International  Financial  Conference,  Brussels,  6 — 1291. 

FIRE  INSURANCE. 

( See  National  banks,  principal  heading.) 

FIRM,  PRIVATE  BANKING,  2—394,  395;  6—948. 
(See  Clayton  Act.) 

FIRST  FEDERAL  FOREIGN  BANKING  CORPO¬ 
RATION. 

Organization.  Edge  Act,  6 — 449,  1299. 

FIRST  GUARANTY  STATE  BANK,  PITTSBURG, 
TEX. 

Reasons  for  joining  Federal  Reserve  System,  3 — 371. 

FIRST  NATIONAL  BANK,  BOSTON. 

Branch  in  Buenos  Aires,  3 — 78;  6 — 1298. 

Foreign  branches,  4 — 735,  1079;  5 — 357,  854,  1154; 

6—272,  606,  944,  1299. 

Owns  First  National  Corporation,  4 — 1080. 

FIRST  NATIONAL  BANK  OF  JOLIET  v.  RUSSELL. 

Illinois  Supreme  Court  will  follow  decision  of  United 
States  Supreme  Court,  on  fiduciary  powers,  in 
Bank  v.  Fellows,  4 — 522. 

FIRST  NATIONAL  CORPORATION,  BOSTON. 

Owned  by  First  National  Bank,  Boston,  4 — 1080. 
New  York  branch,  5 — 358,  855,  1155;  6 — 945,  1298. 

FIRST  STATE  BANK,  BONHAM,  TEX. 

Reasons  for  joining  Federal  Reserve  System,  3 — 364. 

FIRST  STATE  BANK,  DALLAS,  TEX. 

Reasons  for  joining  Federal  Reserve  System,  3 — 356. 

FIRST  STATE  BANK,  HAMLIN,  TEX. 

Reasons  for  joining  Federal  Reserve  System,  3 — 369. 

FISCAL  AGENCY  OPERATIONS. 

1917-1919,  2—671;  5—769. 

1918  5—130,  134. 

1919  5—723,  769,  777. 

1920  6—135,  726,  830. 

( See  Federal  Reserve  Banks.) 

FISCAL  AGENTS. 

Federal  Reserve  Banks  designated  by  Secretary  of 
Treasury  as,  1 — 395;  3 — 423. 

National  banks  to  assist  in  placing  Liberty  bonds  as, 
4—313. 

FISCAL  YEAR. 

Definition,  Clayton  Act,  2 — 523. 

Federal  Reserve  Banks,  closes  December  31,  2 — 12. 
Profits  not  to  be  carried  to  surplus  account  until  end 
of.  1—220. 

FISCAL  YEAR,  1920. 

Clearing  system,  6 — 724. 

Credit  and  investment,  6 — 669. 

Credit  control,  6 — 665. 

Currency  receipts  and  shipments,  6 — 731. 

Deposits,  6 — 664. 

Deposits,  net,  6 — 724,  725. 

Earning  assets,  6 — 723  ,  725. 

Earnings  and  expenditures,  6 — 726. 

Classification,  6 — 723,  725. 

Exports  and  imports,  6 — 669,  776. 


FISCAL  YEAR,  1920— Continued. 

Federal  Reserve  and  member  bank  development, 
6—723,  725. 

Federal  Reserve  Bank  notes,  6 — 724,  725. 

Federal  Reserve  notes — 

Deposit  and,  liabilities,  6 — 724. 

Movement,  6 — 664,  724. 

Fiscal  agency  disbursements,  6 — 726. 

Foreign  exchange  rates,  6 — 670. 

Gold,  free,  6—724,  725. 

Gold  settlement  fund,  6 — 724. 

Government  deposits,  6 — 724,  725. 

Prices  and  credits,  6 — 666. 

Receipts  and  disbursements,  6 — 661. 

Rediscounts  between  Federal  Reserve  Banks.  (See 
Rediscounts.) 

Reserve  ratio,  6 — 663,  724. 

Reserves,  6 — 724,  725. 

Review,  6 — 662. 

Securities,  new,  6—669. 

United  States  securities.  Bank  holdings,  6 — 723. 
War  paper,  6 — 665. 

FISH. 

Warehouse  requirements,  4 — 406. 

FIVE  PER  CENT  REDEMPTION  FUND. 

(See  Federal  Reserve  bank  notes;  Resources  and  lia¬ 
bilities.) 

FIXED  MATURITY,  3—930. 

(See  Commercial  paper.) 

FIXED  DISCOUNT. 

(See  Acceptances,  trade.) 

FIXED  INVESTMENT. 

(See  Permanent  investment.) 

FIXING  OF  RATES. 

(See  Discount  rates;  Rates.) 

FLEISHH  ACKER,  H. 

Retires  from  Federal  Advisory  Council.  5 — 201. 
FLEMING,  F.  W. 

Appointed  Class  C  director,  Kansas  City,  2 — 52. 

FLOAT. 

Report,  Federal  Reserve  Agents.  Clearing,  1 — 369. 
Conference  of  transit  managers  on,  4 — 1175. 

( See  Clearing  system.) 

FLOATING  DEBT. 

Great  Britain,  6—955,  1199,  1312. 

United  States.  (See  United  States.) 

FLORIDA. 

Warehouse  laws,  1 — 261. 

Acceptance  laws,  3 — 529. 

Reserve  laws,  3 — 770. 

List  of  State  member  banks  in,  4—92. 

Foreign  banking  corporations.  Laws,  5 — 55. 

FLOUR. 

Held  to  be  a  “staple”  under  Regulation  Q,  1915,  2 — 
523. 

Price,  1914-1920,  6—1214. 

(See  Commodity  paper;  Production;  Prices;  Physical 
volume  of  trade.) 

Sault  Ste.  Marie  Canal. 

FLOUR  MILLING. 

Terms  of  sale,  5 — 1131. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


113 


FLOWER,  H.  C. 

Appointed  a  member  of  the  Capital  Issues  Committee, 

4—73,  77,  364. 

FLUCTUATIONS. 

(See  Exchange  fluctuations.) 

FOOD  ADMINISTRATION  GRAIN  CORPORATION. 

Drafts  of,  are  eligible,  4 — 976. 

FOOD  ADMINISTRATOR. 

(See  Hoover,  H.) 

FOODSTUFFS. 

Laws  of  supply  and  demand  will  soon  operate.  Sec¬ 
retary  of  Treasury,  6 — 191. 

FOOD  PRODUCTS. 

Financing  of,  by  acceptances,  4 — 255. 

FOOTE,  F.  W. 

Elected  Class  A  director,  Atlanta,  3 — 7. 

FORBES,  A.  B. 

Appointed  a  member  of  the  Capital  Issues  Committee, 
4—73,  77. 

Declined  appointment  to  War  Finance  Corporation, 
4—364. 

FORECAST. 

Corn  production,  6 — 1175. 

FOREIGN  AGENCIES. 

Secretary  of  Treasury  favors,  of  Federal  Reserve 
Banks  in  South  America.  1 — 313. 

Federal  Reserve  Board  opposes  in  places,  at  least, 
where  national  banks  have  branches,  1 — 348. 

FOREIGN  AGENTS  OF  FEDERAL  RESERVE 
BANKS. 

Bank  of  England,  3 — 77. 

Bank  of  France,  3 — 175. 

Philippine  National  Bank,  3 — 239. 

FOREIGN  BALANCES. 

Large,  held  by  American  manufacturers,  6 — 1128. 

Effect  on  foreign  exchange,  6 — 1128. 

FOREIGN  BANK  ACCEPTANCES. 

Held  by  Federal  Reserve  Banks.  (See  Discount  and 
open-market  operations.) 

FOREIGN  BANK  BRANCHES  AND  AGENCIES. 

Acceptances  of,  held  by  Federal  Reserve  Banks. 
(See  Discount  and  open-market  operations.) 

FOREIGN  BANK  TRADE  ACCEPTANCES. 

Held  by  Federal  Reserve  Banks.  (See  Discount  and 
open-market  operations.) 

FOREIGN  BANKING  CORPORATIONS. 

Amendment.  Act  of  September  17,  1919.  Ownership 
of  stock  in,  by  national  banks,  2 — 441;  5 — 705, 
729,  965  (text). 

Edge  Act.  Act  of  December  24,  1919,  6 — 56  (text). 
(See  Edge  Act.) 

Regulation  K,  1920,  6—379,  1190. 

State  laws  as  to,  5 — 54. 

(See  State  banks;  Laws  of  States.) 

FOREIGN  BANKING  IN  JAMAICA. 

Canadian  banks,  6 — 1039. 

English  banks,  6 — 1039. 

Jamaica — 

Banking  law,  6 — 1039. 

Government  banks,  6 — 1039. 

FOREIGN  BANKING  DEVELOPMENT. 

Irving  National  Bank,  New  York,  on,  5—23. 

37599°— 21 - 8 


FOREIGN  BANKING  LAWS. 

(See  supra,  Foreign  banking  corporations;  Foreign 
banking  in  Jamaica.) 

(See  principal  countries,  by  name.) 

FOREIGN  BANKS. 

Balances,  of  member  banks  due  from,  can  not  be  de¬ 
ducted  from  balances  due  to, in  computing  required 
reserves,  against  bank  deposits,  5 — 963. 

Balances  due  to,  are  individual  and  not  bank  depos¬ 
its,  5 — 963. 

Bank  credits  in  war,  5 — 323. 

Banks  of  issue,  leading.  (See  same.) 

Comparison  with  Federal  Reserve  System,  3 — 681; 

5 — 463,  648,  848,  849,  1200. 

Condition  of  principal.  (See  Condition.) 

Deposits  in  not  within  10  per  cent  limitations  of  sec¬ 
tion  19,  5—1054. 

Gold  reserves,  6 — -144,  1295,  1297. 

Laws  as  to,  operating  in  United  States,  depend  on 
laws  of  individual  States,  2 — 224. 

Philippine  National  Bank,  4 — 1085. 

Spain.  Tax  legislation,  6 — 692. 

State  laws  as  to,  5 — 54,  55. 

(See  Reserves.) 

(See  also  principal  banks,  by  name.) 

FOREIGN  BILLS  OF  EXCHANGE. 

Federal  Reserve  Banks  should  be  cautious  as  to  buy¬ 
ing,  under  present  disturbed  conditions,  1 — 360. 
(See  Open-market  operations;  foreign  bills.) 

FOREIGN  BONDS. 

Yield  from,  6 — 450. 

FOREIGN  BRANCHES. 

National  banks  and  State  banks — 

Acceptances  of,  held  by  Federal  Reserve  Banks. 

(See  Discount  and  open-market  operations.) 
American  Foreign  Banking  Corporation,  New 
York,  6—272,  607. 

Application  to  establish,  of  national  banks,  1 — 51. 
Asia  Banking  Corporation,  New  York,  4-^818; 

6—272,  607. 

Creditors  of,  are  general  creditors  of  the  parent 
bank,  3 — 198. 

Difference  between  foreign  agencies  and,  3 — 952. 
Federal  Advisory  Council  on,  4 — 1177. 

First  National  Bank,  Boston,  Buenos  Aires 
branch,  3—78;  4—1079;  6—606. 

Foreign  bank  branches  and  agencies — 

Acceptances  of,  held  by  Federal  Reserve 
Banks.  (See  Discount  and  open-market 
operations.) 

Are  not  independent  corporations,  3 — 198. 
List  of,  4—735,  818,  938,  942,  1196;  5—23, 
357,  466,  562,  738,  854,  962,  1050,  1154; 
6 — 63,  159,  272,  382,  492,  606,  944,  1174, 
1298. 

Loans  by — 

May  loan,  under  section  24,  on  real  estate 
on  Isthmus  of  Panama,  if  within  100 
miles  of  branch,  3 — 952. 

May  loan  on  growing  sugar  crop  in  Cuba, 
5—362. 

Real  estate  loans  by,  3 — 952. 

Mercantile  Bank  of  Americas,  4 — 736;  6 — 
272,  382,  607. 

Venezuelan  bank  affiliated  with,  6 — 63. 


114 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FOREIGN  BRANCHES— Continued. 

National  banks  and  State  banks — Continued. 

Foreign  bank  branches  and  agencies — Continued. 
National  City  Bank,  New  York — 

Foreign  branches,  4 — 938,  942;  6 — 272, 
382,  492,  606. 

(See  National  City  Bank,  New  York.) 
National  and  other  banks.  ( See  supra,  List.) 
New  banks  to  form,  4 — 695. 

Park  Union  Foreign  Banking  Corporation. 

New  York,  6 — 272,  607. 

Real  estate  loans  by.  ( See  supra,  Loans.) 
Reserves  of.  Section  19  does  not  apply,  Fed¬ 
eral  Reserve  Board  determines,  4—1123. 

FOREIGN  BRANCHES  OF  AMERICAN  CON¬ 
CERNS. 

Report,  committee  of  experts,  5 — 637. 

FOREIGN  COMMERCE. 

Denmark,  1914-1919,  6—35. 

Norway,  1914-1919,  6 — 35. 

Spain,  5 — 1036. 

Sweden,  1914-1919,  6—35. 

(See  Government  aid  to;  Exports;  Imports.) 

(See  also  principal  countries,  by  name.) 

FOREIGN  CORPORATIONS. 

Dividend  checks.  Ruling,  Foreign  Exchange  Divi¬ 
sion,  4 — 1121. 

Loans  placed  in  United  States — 

1918-1920,  5—33,  101;  6—687,  901. 

(See  Foreign  loans.) 

FOREIGN  CORRESPONDENTS. 

Credits  to.  Ruling,  Foreign  Exchange  Division,  4 — 
1121;  5 — 469. 

Declarations  of.  Ruling,  Foreign  Exchange  Division, 
4 — 1121. 

FOREIGN  CORRESPONDENTS,  NATIONAL 
BANKS. 

(See  Acceptances;  Guaranty;  National  banks.) 

FOREIGN  CORRESPONDENTS  AND  AGENTS. 

(See  supra,  Foreign  agents.) 

FOREIGN  COUNTRIES. 

Acceptance  liabilities.  (See  Acceptances;  Accept¬ 
ance  liabilities.) 

Banks,  condition.  (See  Condition.) 

Branches  of  American  concerns  in,  5 — 637. 

Capital  rather  than  credit  needed  by,  5 — 1011. 
Condition  of  banks  in.  (See  Condition.) 

Credits  to,  6—7,  114,  214,  343,  562,  901. 

Hoover,  H.,  on,  6 — 114,  140. 

Secretary  of  Treasury  on,  6 — 137. 

Financial  conditions  in.  (See  Europe;  Financial 
conditions.) 

Foreign  exchange  rates  on  leading.  (See  Foreign 
exchange  rates.) 

Gold  in  transit.  (See  Gold,  transit.) 

Holding  of  bills  of  exchange  in.  (See  Bills  of  ex¬ 
change.) 

Hoover,  H.,  on  loans  to,  6-114,  140. 

Loans  placed  in  United  States,  5 — 33,  101,  845,  1014; 
6—687,  901. 

Loans  to,  5—101,  522,  528,  611,  819,  1012;  6—7,  114, 
214,  343,  562,  901. 

(See  Allied  powers.) 


FOREIGN  COUNTRIES— Continued. 

Price  movement  in.  (See  Prices.) 

Prices  in  United  States  and.  (See  Prices.) 

Reparation  payments,  5 — 525. 

Secretary  of  Treasury  to  Chamber  of  Commerce  ot 
United  States  on  loans  to,  6 — 137. 

Shipments  to.  Drafts  against,  not  subject  to  stamp 
tax,  5 — 467. 

Taxation.  Need  of  drastic,  5 — 1014. 

(See  Acceptances;  Branches;  Foreign  branches; 
Open-market  operations.) 

FOREIGN  CREDIT,  6—897. 

FOREIGN  CREDIT  CORPORATION,  N.  Y. 

Has  no  branches,  6 — 945,  1298. 

FOREIGN  CREDITS. 

A  capital  rather  than  a  banking  problem,  5 — 524. 

Edge  Act,  5—705,  728,  820,  965,  1056,  1109;  6—56 
(text). 

(See  Edge  Act;  Credits;  Exports;  War  Finance  Cor¬ 
poration.) 

FOREIGN  CURRENCY  CONDITIONS,  6—902. 

(See  Inflation.) 

FOREIGN  DEPOSITORS. 

State  Department.  No  intention  to  confiscate  de¬ 
posits  made  by,  3 — 155. 

Withdrawals  of  deposits  by,  3 — 154,  155,  340. 
Returned,  5—102,  197,  205,  616. 

FOREIGN  DISCOUNTS. 

Covering  of,  and  hedging,  5 — 527. 

FOREIGN  DIVIDEND  CHECKS. 

Ruling,  Foreign  Exchange  Division,  4 — 973,  1121. 

FOREIGN  DOCUMENTARY  DRAFTS.  (See  Accept¬ 
ances,  national  bank;  National  bank,  finance 
drafts.) 

FOREIGN  EXCHANGE. 

Adviser  to  Federal  Reserve  Board.  Kent.  F.  I., 

4 - 11. 

Agreements  to  stabilize.  (See  infra,  Stabilization.) 

American  dollar.  Stabilization  of.  (See  infra,  Sta¬ 
bilization.) 

American  Relief  Association.  Purchases  of,  through, 
5—470,  615,  652,  653. 

Amsterdam.  Rates  on  foreign  countries,  5 — 646. 

Analvsis  of,  situation.  League  of  Nations,  6 — 898, 
901,  902,  903,  909. 

Argentina.  Gold  deposit  in  Federal  Reserve  Bank  of 
New  York  for  furnishing,  4 — 75,  76,  594. 

(See  Buenos  Aires.) 

Balances,  foreign.  Effect  on  foreign  exchange  of 
large,  held  by  American  manufacturers,  6 — 1128. 

Bank,  Foreign  Exchange — 

Federal  Advisory  Council  opposes,  4 — 491. 
Harding,  Gov.,  opposes,  4 — 724. 

Questionnaire  to  banks.  Owen,  4 — 832. 

Text,  Owen  Bill,  4 — 722. 

Warburg,  P.  M.,  opposes,  5 — 16. 

Bank  of  Montreal.  (See  infra,  Rupee  exchange.) 

Belligerent  countries.  Rates  on,  3 — 405;  4 — 1199. 

Brazil.  Rates  on  foreign  countries,  1914-1919,  6 — 819. 

Buenos  Aires.  Rates  on  foreign  countries,  6 — 598. 

Cable  rates,  5 — 1111. 

Chile.  Rates  on  foreign  countries,  6 — 1055. 

China.  (See  infra,  Shanghai.) 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


115 


FOREIGN  EXCHANGE— Continued. 

Control  over,  4 — 81,  159. 

Control  over,  termination  of,  5 — 615,  652,  853. 
Copenhagen.  ( See  Denmark.) 

Correspondents.  (See  infra.  Domestic  correspondents; 
Foreign  correspondents.) 

Credits  to  United  States  from  abroad,  4 — 626,  940, 
941,  942. 

(See  Argentina;  Credits;  Spain;  Switzerland.) 
Cunliffe  Committee.  Report  on,  6 — 141. 

Dealers  in;  instructions,  4 — 185,  622. 

Decline  in,  5—311,  525,  703,  817,  917, 1011, 1015, 1110; 
6—216,  1260. 

Decline  in  French  franc.  5 — 312,  525,  703,  1110. 
Decline  in  German  mark,  5 — 1011. 

Decline  in,  checks  our  exports,  5 — 818. 

Decline  in  pesetas,  5 — 703. 

Denmark.  Rates  on  foreign  countries,  4 — 384  ;  6 — 44. 
Discussion  of,  3—156,  5—311,  413,  525,  703,  817,  917, 
1015, 1110;  6—4.  115,  216,  219,  343,  450,  563,  670, 
778,  900,  1128,  1260. 

Division  of  Foreign  Exchange — 

Regulations,  5 — 469,  652. 

Rulings,  4—864,  973,  1121,  1217;  5—469,  652, 
653,  853. 

Dollar  exchange.  (See  Acceptances;  Dollar  exchange.) 
Dollar  exchange  drafts,  2 — 534,  665;  3 — 156,  542,  582, 
683;  4—938. 

(See  Acceptances;  Dollar  exchange.) 

Domestic  correspondents.  Foreign  exchange  trans¬ 
actions  of  banks  through,  4 — 073. 

Earnings  from  transactions  in.  (See  infra,  Profits.) 
England.  (See  Great  Britain.) 

Executive  order,  4 — 81. 

Abrogating  control  of,  5 — 615,  653,  853. 

(See  Licenses.) 

Federal  Reserve  Banks.  Secretapr  of  Treasury  calls 
for  report  as  to  profits  in  foreign  exchange  trans¬ 
actions,  4 — 626,  835. 

Federal  Reserve  Board — 

Instructions  to  dealers  in,  4 — 185,  622. 

Licenses.  (See  infra,  Licenses.) 

Policy.  Control  of,  4 — 159,  185. 

Rupee  exchange.  Will  furnish,  3 — 924;  4 — 75, 
625. 

Stabilization.  Work  done,  3 — 833. 

Termination  of  control  over,  5 — 615,  652,  853. 
Transactions  in — 

Banks  to  scrutinize,  3 — 655,  656. 

Opposed  to  active  foreign  exchange  business 
at  present  time,  4 — 158,  159. 

Foreign  correspondents.  Change  in  regulations,  5 — 
469. 

Foreign  exchange  transactions.  Profit  of  Federal 
Reserve  Banks  from  purchase  and  sale  of,  4 — 626, 
835. 

Forms,  4 — 85,  185,  627. 

France — 

Reason  for  decline  in,  6 — 312. 

Decline  in  franc,  5—312,  525,  703,  1110;  6—709, 
1074,  1204,  1315. 

Pegging  of  exchange,  5 — 312,  525. 

Rates.  Spain  on  Paris,  1914-1919,  5 — 1041,  1042. 
(See  infra,  Rates;  France.) 


FOREIGN  EXCHANGE— Continued. 

Germany — 

Decline  in  mark,  5 — 1011;  6 — 1076,  1319. 

Rates  on  foreign  countries,  6 — 1319. 

Rates  on  neutral  countries,  4 — 1162. 

Transfer  of  funds  to,  5 — 470. 

Great  Britain — 

Rates,  6—843,  957,  1070,  1201. 

Rates.  Japan  on,  5 — 733. 

Rates.  Spain  on,  1913-1919,  5—1038,1041,1042. 
Sterling  exchange.  Pegging  of,  5 — 311,  411,  413, 
414,  525,  703,  1011,  1038,  1039,  1110;  6—216, 
1260. 

Pegging  of,  5 — 525,  1038. 

(See  Great  Britain.) 

Hamburg.  (See  infra,  Germany.) 

Harding,  Gov.  Opposes  foreign  exchange  bank,  4 — 
724. 

Holland.  (See  Amsterdam;  Netherlands.) 
Hongkong.  Rates,  London  on,  6 — 50,  52,  1161. 
Imports  into  foreign  countries  checked  by  decline  in, 
5—818. 

India.  (See  same.) 

Instructions  to  dealers,  4 — 185,  622. 

International  control  of.  International  Financial 
Conference,  Brussels,  6 — 1131. 

Credit,  currency,  and  exchange  fluctuations,  6 — 
1282. 

Italian  Institute  of  Exchange,  4 — 594. 

(See  same,  principal  heading;  Italy.) 

Italy.  Rates  on  London,  Paris,  and  New  York,  5 — 
846. 

(See  infra,  Lira.) 

Japan.  Rates  on  London,  New  York,  and  Shanghai, 
5—733. 

(See  Japan.) 

Kent,  F.  I.,  foreign  exchange  adviser,  4 — 11. 
Leffingwell,  Assistant  Secretary,  testimony  before 
congressional  committee,  4 — 940. 

Letters  of  credit,  restrictions  removed,  5 — 469. 
Licenses,  4—76,  499,  501;  5—615,  652,  853. 

Lira  exchange,  4 — 594,  624,  625;  5 — 311,  469. 

Decline  in,  5 — 525,  703,  1110. 

London.  Rates  on  foreign  countries,  6—901,  957, 
1070. 

Madrid.  (See  infra,  Rates;  Spain.) 

Mark.  (See  supra,  Germany.) 

Market,  foreign  exchange,  6 — 778. 

Money  and.  Federal  Reserve  Agent,  New  York,  6 — 
231. 

Monthly  ranges,  5 — 185,  512,  811,  1103,  1111. 
National  Institute  of  Exchange.  (See  supra,  Lira.) 
Netherlands.  Rates  in,  on  foreign  countries,  4 — 387, 
646. 

Neutral  countries — 

Decline  of  American  dollar  in,  3 — 582. 

Foreign  exchange  rates  in,  4 — 375. 

German  exchange  in,  4 — 1162. 

Profits  of  banks.  Dealings  with,  4 — 626,  835. 
Rates  on,  4 — 1199. 

Stabilization  agreements  with,  4 — 626,  627. 

(See  infra,  Rates.) 

New  York.  (See  infra,  Rates.) 


116 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FOREIGN  EXCHANGE— Continued. 

Norway.  Rates  in  Christiania  on  foreign  countries, 

4—383. 

1914-1919,  6 — 43. 

(See  Norway.) 

Owen  bill.  (See  supra,  Bank;  Foreign  exchange.) 
Pegging  of  French  exchange,  5 — 312,  525. 

Pegging  of  sterling  exchange.  (See  supra,  Great 
Britain.) 

Pegging  of  sterling,  ended  April  8,  1919,  5 — 525, 1038. 

(See  supra,  Great  Britain.) 

Pesetas,  decline  in,  5 — 703. 

(See  infra,  Spain.) 

Policy.  (See  Federal  Reserve  Board.) 

Profits  of  banks  dealing  in,  4 — 626,  833,  834,  835. 
Rates — 

Amsterdam,  on  foreign  countries,  4 — 387,  1119; 

5—646;  6—1160. 

Belligerent  countries.  (See  infra,  New  York.) 
Berlin,  on  foreign  countries,  1914-1919,  6 — 819. 
Berlin,  Switzerland  on,  4 — 838,  842. 

Buenos  Aires,  on  foreign  countries,  1914-1920,  6 — 
59S. 

Cable  rates,  5 — 1111. 

Changes  in.  Discussion  of,  4 — 836;  5 — 311,  413, 
512,  525,  703,  811,  813,  817,  917,  1015,  1103, 
1110,  1111;  6—4,  115,  216,  219,  343,  450,  563, 
670,  778,  900,  1128,  1260. 

Charts  on,  3—406,  688,  689;  4—841,  842,  843, 
1200,  1202;  6—40,  41,  51,  52,  1159,  1161. 
Chile.  On  foreign  countries,  6 — 1055. 

China — 

Japan,  on  Shanghai,  5 — 733. 

London,  on  Hongkong  and  Shanghai,  6 — 50. 
Christiania.  (See  infra,  Norway.) 

Copenhagen.  On  foreign  countries,  4 — 384;  6 — 
40,  44. 

Cunliffe  committee.  Report  on,  5 — 141. 
Denmark.  On  foreign  countries,  4 — 384;  6 — 
41,44. 

France,  Paris — 

On  foreign  countries,  6 — 709,  1074, 1204, 1315. 
Berlin  on,  6—1076,  1319. 

Chile  on,  6—1055. 

Copenhagen  on,  6 — 41,  44. 

Denmark  on,  4—384;  6 — 41,  44. 

Italy  on,  5 — 846. 

London  on,  6 — 1070. 

Pegging  of  exchange,  5 — 312,  525. 

New  York  on,  6—49,  1158. 

Stockholm  on,  6 — 40,  42. 

Germany,  Berlin — 

Copenhagen,  on  Hamburg,  6 — 40,  44. 

Foreign  countries  on,  6 — 1076. 

On  foreign  countries,  6 — 1076,  1319. 

On  neutral  countries,  4 — 1162. 

Stockholm  on  Berlin,  6 — 40,  42. 

Great  Britain,  London — 

Berlin  on,  6—957,  1070,  1201. 

Buenos  Aires  on,  6 — 598,  957,  1070,  1201. 
Italy  on,  5 — 846. 

Japan  on,  5 — 733. 

Low  levels  for  sterling,  5 — 525,  703,  1110; 

6—216,  1260. 


FOREIGN  EXCHANGE— Continued. 

Rates — Continued . 

Great  Britain,  London — Continued. 

Madrid  on,  5 — 1041. 

New  York  on,  4—1199;  5—1103;  6-49,  1158. 
On  foreign  countries,  5 — 1038;  6 — 843,  901, 
902,  903,  957. 

Paris  on,  6—843,  957,  1070,  1074,  1201. 
Pegging  of  sterling,  5 — 311,  411,  413,  414,  525, 
1038,  1039,  1110;  6—216,  1260. 
Stockholm  on,  6 — 40,  42. 

Hongkong.  London  on,  6—50,  52,  1161. 

Italy  on  foreign  countries,  5 — 846. 

Japan  on  foreign  countries,  5 — 733. 

League  of  Nations  on,  6 — 898,  901,  909. 

London.  (See  supra,  Great  Britain.) 

Madrid.  (See  infra,  Spain.) 

Netherlands  on  foreign  countries,  4 — 387;  5 — 
646;  6—1160. 

Neutral  countries.  (See  infra,  New  York.) 

New  York — 

On  belligerent  countries,  3 — 405;  4 — 837, 

841,  1198,  1200;  6—49,  1158. 

On  foreign  countries,  2 — 727 ;  3 — 156, 328, 404, 
576;  4 — 67,  358,  684,  836,  1162,  1199; 

5— 1103;  6—111,  216,  437,  763,  1122, 1260. 
On  neutral  countries,  3 — 405;  4 — 839,  843, 

1199,  1202;  6—50,  1160. 

On  silver  standard  countries,  3 — 406;  4 — 
840,  844,  1198,  1199,  1202;  6—49,  50,  52, 
1158, 1161. 

Norway.  Christiania  on  foreign  countries,  4 — 
383;  6 — 43. 

Prices  and,  6 — 119,  905. 

Production  and,  6 — 908,  1260. 

Profits  from  transactions  in,  4 — 625,  626,  833, 
835. 

Report,  Cunliffe  committee,  6 — 141. 

Review,  1920,  6 — 670,  1260. 

Rio  de  Janeiro.  (See  supra,  Brazil.) 

Shanghai.  (See  supra,  China.) 

Silver  standard  countries.  (See  supra,  New  York. ) 
Situation,  January,  1920,  6 — 115. 

Spain — 

Buenos  Aires  on,  1914,  1919,  6 — 598. 

Madrid  on  foreign  countries,  1913-1919,  4 — 
393;  5—1038,  1041,  1042. 

New  York  on.  3—156;  5—703;  6—50. 

On  New  York,  London,  and  Paris,  5 — 1041, 
1042. 

Sterling  exchange,  5 — 311,  525,  703,  1011,  1038, 
1110;  6—216,  1260. 

Pegging  of,  ended  April  8,  1919,  5 — 525. 
Stockholm.  (See  infra,  Sweden.) 

Sweden — 

New  York  on.  (See  supra,  New  York,  on  for¬ 
eign  countries.) 

Stockholm  on  foreign  countries,  1914-1919, 

6— 40,  42. 

Switzerland — 

Italy  on,  5 — 846. 

On  Berlin  and  Vienna,  4 — 838. 

Chart,  4 — 842. 

On  foreign  countries,  4 — 390,  552,  835,  838, 

842,  1198;  5—552. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


117 


FOREIGN  EXCHANGE— Continued. 

Regulation  of,  4 — 81,159. 

Regulations,  4 — 11,  185,  622;  5 — 469,  652. 

Reports  from  dealers  in,  4 — 76,  625. 

Reports  on,  4 — 185;  6 — 141. 

Review  of,  situation,  4 — 1198;  6 — 4, 115, 119, 215, 450, 
563,  670,  900,  1132,  1260. 

Rubles — 

Restrictions  on,  5 — 469,  652,  853. 

Exportation  permitted,  5 — 853. 

(See  Russian  rubles,  principal  heading.) 

Rulings,  Division  of  Foreign  Exchange,  4 — 864,  973, 
1121,  1217;  5 — 469,  652,  653,  853. 

Rupee  credits,  3 — 924;  4 — 75,  625. 

Rupee  exchange — 

Bank  of  Montreal  to  sell,  5 — 1015. 

Federal  Reserve  Board  to  furnish,  3 — 924;  4 — 75, 
625. 

Secretary  of  Treasury — 

Foreign  exchange  situation,  4 — 626. 

Power  to  investigate  transactions  in,  3 — 861. 
Report  on  bank  profits  from  transactions  in 

4—625,  626,  833,  835. 

Shanghai — 

Rates  in  Japan  on,  5 — 733. 

Rates  in  London  on,  6 — 50,  52,  1161. 

(See  supra,  China.) 

Silver  standard  countries.  Rates,  New  York  on,  4 — 
840,  844,  1198,  1199,  1202;  6 — 49,  50,  52,  1158,  1161. 
Situation,  4—626,1198;  6—4,  115,  119,  215,  450,  563, 
900,  1132,  1260. 

South  America.  Stabilization  agreements,  4 — 626, 
941,  942. 

Spain — 

Decline  in  pesetas,  5 — 703. 

Peseta  credits  to  United  States  banks,  4 — 626,  940. 
Rates,  New  York  on,  3 — 156;  5 — 703;  6—50. 
Rates  in,  on  foreign  countries,  4 — 393,  394;  5 — 
1038,  1041,  1042. 

Rates  in,  on  Great  Britain,  1913-1919,  5 — 1038. 
Rates  in,  on  New  York,  London,  and  Paris,  1914- 
1919,  5—1041,  1042. 

(See  Spain.) 

Stabilization  of,  4 — 23,  75,  76,  594,  626,  1198. 

Rupee  exchange,  3 — 924;  4 — 75,  625. 

Work  of  Federal  Reserve  Board,  3 — 833. 

Sterling  exchange.  Pegging  of,  5 — 311,  525  ,  703, 
1110,  1260. 

Sweden — 

Rates,  Stockholm  on  foreign  countries,  1914-1919, 
6 — 40,  42. 

Rates,  New  York  on.  (See  supra,  New  York  on 
foreign  countries.) 

Gold  policy,  4 — 377. 

Switzerland — 

Italy  on,  5 — 846. 

Rates  in,  on  foreign  countries,  4 — 390;  5 — 552. 

On  Berlin  and  Vienna,  4 — 838. 

Chart,  4 — 842. 

Trading  with  enemy  act,  3 — 853,  861. 

Transfer  of  funds  to  Germany,  5 — 469,  470. 
Transactions  in — 

Control  over,  abrogated,  5 — 615,  853. 

Control  initiated  January  26,  1918.  Control 
ceased,  June  9,  1919,  5 — 616. 


FOREIGN  EXCHANGE— Continued. 

Transactions  in — Continued. 

Federal  Reserve  Board  opposed  to  active  deal¬ 
ings  in,  at  present  time,  4L— 158,  159. 
President  may  regulate,  3 — 853. 

Profits  from,  4 — 625,  626,  833,  835. 

Russian  rubles  may  be  exported,  5 — 853. 
Secretary  of  Treasury  to  regulate,  3 — 861. 

United  States.  Credits  to,  from  foreign  countries, 

4— 626,  940,  941,  942. 

Warburg,  P.  M.  Opposes  foreign  exchange  bank, 

5— 16. 

(See  Review  of  month.) 

FOREIGN  EXCHANGE  BANK. 

(See  supra,  Foreign  exchange,  bank.) 

FOREIGN  EXCHANGE  DIVISION,  FEDERAL  RE¬ 
SERVE  BOARD. 

(See  supra,  Foreign  Exchange,  Division  of.) 

FOREIGN  EXCHANGES. 

(See  Foreign  exchange;  Lira;  National  Institute  for 
Foreign  Exchanges.) 

FOREIGN  FINANCING. 

(See  Secretary  of  Treasury.) 

FOREIGN  GOLD  COIN. 

Issue  of  gold  certificates  against.  Act  June  12, 
1916,  2—311. 

FOREIGN  GOVERNMENT  OBLIGATIONS,  IN¬ 
VESTMENTS  IN. 

Federal  Reserve  Board — 

Warning  against  overinvestment  in,  2 — 661; 
3—2,  82,  236,  239.  653. 

(See  British  exchequer  notes.) 

Favors  issue  of  British  exchequer  notes,  3 — 653. 
Harding,  Gov.,  on,  3 — 2. 

National  banks,  holdings  of,  3 — 173;  4 — 263. 

Offerings  in  United  States  of,  3 — 237;  5 — 101. 

Policy  of  Federal  Reserve  Board,  2 — 661;  3 — 2 ,  82, 
236,  239,  653. 

FOREIGN  GOVERNMENTS. 

Loans  to,  3—10,  424,  731;  4—21,  279,  1057,  1059,  1166; 

5— 1,  33,  101,  845,  957,  1014;  6—688,  901. 

(See  Allied  Powers.) 

Public  debts  of.  (See  Public  debts.) 

Secretary  of  Treasury  favors  continuation  of  loans  to, 
up  to  limit  of  unexpended  balance,  5 — 22. 
Secretary  of  Treasury  on,  6 — 137. 

Securities  of,  held  by  national  banks,  4 — 263. 

War  debts  of.  (See  Public  debts;  War.) 

(See  Secretary  of  Treasury.) 

FOREIGN  INVESTMENTS. 

By  American  interests,  6 — 777,  7S0. 

FOREIGN  LOANS. 

Anglo-French,  6 — 1129. 

Corporation  and  municipal  foreign  loans  placed  in 
United  States,  5 — 33;  6 — 901. 

Discussion  of,  5—101,  528,  611,  819,  1012,  1110  ;  6 — 7, 
114,  214,  343,  562,  901. 

Hoover,  H.,  on,  6 — 114,  140. 

Offerings  in  United  States.  Morgan  syndicate,  5 — 101. 
Placed  in  United  States,  5 — 33,  101,  412,  845,  1014; 

6— 687,  901. 

Secretary  of  Treasury  on,  6 — 137. 

United  States  to  Allies,  3 — 10,  424,  731;  4 — 21,  279, 
1059;  5—33,  820,  845,  957,  1014;  6— 6S8,  901. 
(See  Allied  Powers.) 


118 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FOREIGN  MUNICIPAL  CORPORATIONS. 

Loans  placed  in  United  States,  6 — 33;  6 — 901. 

FOREIGN  NATIONS. 

Public  debts.  ( See  Public  debts.) 

FOREIGN  PAYMENTS. 

Regulations,  4 — 625. 

FOREIGN  SECURITIES. 

Establishing  a  market  for,  5 — 412. 

Flotations  of,  in  United  States.  ( See  supra,  Foreign 
loans.) 

Interest  on,  payable  in  United  States,  5 — 526. 
Maturing  in  United  States,  5 — 526. 

FOREIGN  TRADE. 

Banks  operating  in.  ( See  Foreign  branches.) 

Brazil,  6 — S15. 

Capital — 

Long-term  credits  take  capital  from,  5 — 524. 

Not  sufficient  for  domestic  and,  5 — 524. 

Chile,  6—1054. 

Clearance  of  vessels  in.  ( See  Physical  volume  of 
trade.) 

Conference,  Federal  Advisory  Council,  5 — 618. 
Denmark,  6 — 38,  39. 

Development  since  war,  5 — 194;  6 — 899. 

Discussion  of,  5—193,  312,  412,  526,  612,  817,  1011; 
6—4,  115,  217,  219,  451,  562,  775,  899,  908,  1127, 
1260. 

Edge  bill.  ( See  same.) 

European  demand  for  credits  in,  5 — 1013. 

Financing  of.  (See  Export  trade.) 

France,  6 — 1075,  1205. 

French  National  Bank  of  Foreign  Commerce,  organ¬ 
ized  to  promote,  6 — 46. 

Government  aid  to,  5 — 308,  528,  611,  1009,  1012,  1046, 
1047,  1048,  1110. 

Great  Britain — 

British  export  credit  plan,  5 — 1012. 

Foreign  trade,  6 — 956. 

Geddes,  Sir  A.,  on,  5 — 1011. 

Loan  of  250  millions  placed  in  United  States,  5 — 
1014. 

Value  of,  6—1313. 

(See  Great  Britain.) 

Index  of,  6—694,  841,  953,  1068,  1197,  1309. 

(See  Indexes.) 

Liquidation  of  credits  in,  necessary,  5 — 523. 
Long-term  credits  for,  takes  capital  and  goods  from 
domestic  trade,  5—524. 

Norway,  6 — 3^,  39. 

Outlook  for,  6 — 4,  115,  1127. 

Restriction  of,  4 — 1053. 

South  American,  6 — 1261. 

Vessels  cleared  in.  (See  Physical  volume  of  trade; 

United  States;  Vessels.) 

War  Finance  Corporation.  Aid  to,  5 — 30S. 

War  Trade  Board.  (See  same.) 

(See  Balance  of  trade;  Export  trade;  Review  of  month.) 

FOREIGN  TRADE  ACCEPTANCES. 

Holdings  by  Federal  Reserve  Banks.  (See  Discount 
and  open-market  operations.) 

FOREIGN  TRADE  BANKING,  6—908. 

(See  Edge  act;  Foreign  banking  corporations;  Foreign 
branches.) 


FOREIGN  TRADE  BANKS. 

(See  Edge  act;  Foreign  banking  corporations;  Foreign 
branches.) 

FOREIGN  TRADE  EXPORT  LICENSES. 

(See  Export  licenses;  Licenses.) 

FOREIGN  TRADE  FINANCING. 

(See  Export  trade. ) 

Foreign  trade  index,  6 — 694,  841,  953,  1068,  1197, 
1309. 

FOREIGN  WAR  LOANS. 

(See  Allied  powers;  Public  debts.) 

FOREIGNERS. 

Withdrawal  of  deposits  by,  3 — 154,  340. 

Returned,  5 — 102,  205,  616. 

FOREST  PRODUCTS. 

(See  Business  conditions;  Reports.) 

FORGAN,  J.  B. 

Elected  a  Class  A  director,  Chicago,  3 — 8. 

FORM. 

1  K  and  KA.  No  longer  required.  Ruling,  Foreign 
Exchange  Division,  5 — 469. 

F.  E.  No.  113.  Ruling,  Foreign  Exchange  Division, 
4—864. 

Federal  Reserve  Bank  statements.  Change  in,  3 — 
506. 

Trade  acceptances,  3 — 378;  4 — 636;  5 — 142. 

FORM  OF  REPORT. 

(See  State  banks  and  trust  companies.) 

FORMS. 

Applications  to  Capital  Issues  Committee,  4 — 631. 
Certificate  of  deposit,  6 — 495. 

Directors’  resolution.  Loans  to  officers,  3 — 614. 

Modification  of,  3 — 929. 

Discounts,  for  computing,  3 — 951. 

Examination  of  State  banks,  4 — 310. 

Export  licenses,  3 — 585,  674,  738. 

Farmers’  financial  statements,  4 — 720. 

Federal  Reserve  exchange  drafts,  3 — 349. 

Foreign  exchange  dealings  in,  4 — 185. 

Licenses,  gold  exports,  4 — 81,  85. 

Meal  ticket  orders,  4 — 938. 

Report  of  profits  from  foreign  exchange,  4 — 627. 

Sales  as  agent  of,  thrift  stamps  and  war  certificates 
4—87,  89. 

Trade  acceptances,  3 — 378  ;  4 — 636;  5 — 142. 

FORT  SCOTT  STATE  BANK,  FORT  SCOTT, 
KANS. 

Reasons  for  joining  Federal  Reserve  System,  3 — 366. 

FORWARD  DISCOUNT  RATES,  1—97,  98. 
FRANCE. 

Aid  to  foreign  commerce,  5 — 1047. 

Anglo-French  loan,  6 — 901,  1129. 

Annual  expenditures,  6 — 1072. 

Balance  of  trade,  6 — 959. 

Balance  of  trade  with  Spain,  5 — 1038. 

Bank  of  France.  (See  same.) 

Bank  of  Spain.  Credits  to  France,  5 — 1040. 

Banks  of.  Acceptance  liability,  5 — 561. 

Bills  of  exchange.  Handling  of,  5 — 354. 

British  exports  and  imports  to  and  from,  6 — 1200. 
Budget,  6—490,  958,  1072,  1315. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


119 


FRAN  CE — Continued. 

Buenos  Aires.  Foreign  exchange  rates  on,  6 — 598. 
Checks.  Use  of,  2 — 374. 

Coal,  6 — 619,  710,  846,  907,  959,  1074,  1205. 

Available,  6—619,  1205. 

Production,  6 — 846. 

Commercial  banks.  Condition,  1913-1920,  6 — 1314. 
Credit  Lyonnais.  Condition,  1914-1919,  6 — 1047. 
Crops,  6—1074. 

Debt.  Public,  6—958,  1073,  1203,  1315. 

( See  infra,  War  loans.) 

Dollar  loans  to,  4 — 940. 

Exchange,  foreign.  Reason  for  decline  in,  5 — 312. 
Expenditures,  annual,  6 — 1072,  1315. 

(See  supra,  Budget.) 

Exports  and  imports,  6 — 390,  508,  620,  669  (fiscal  year 
1920),  847,  959,  1075  (1913-1920),  1205,  1316  (bulk 
and  price). 

Financial  condition,  6 — 1073,  1203. 

Foreign  commerce,  Government  aid  to,  5 — 1047. 
Foreign  exchange.  Pegging  of,  5 — 312. 

Foreign  exchange  rates.  (See  Foreign  exchange; 
Rates.) 

Foreign  trade,  1913-1920,  6—1205,  1316. 

Franc.  Decline  in,  5 — 312,  525,  703,  1110. 

Germany.  Amount  recoverable  from,  6 — 1073. 

Gold  reserves,  central,  1913-1920,  6 — 1296. 

Great  Britain.  Prices  higher  in  France  than  in, 
5 — 544. 

Imports.  Removes  in  part  restrictions  on,  6 — 959. 
Imports  and  exports,  Spain,  5 — 1038. 

(See  supra,  Exports  and  imports.) 

Income  tax,  6 — 957. 

Loans  to  France — 

By  Bank  of  France,  3 — 943. 

By  Bank  of  Spain,  5 — 1040. 

By  United  States,  4 — 940;  5 — 33;  6 — 688,  1129. 
(See  Allied  Powers.) 

National  debt,  3—11;  4^-268,  274,  1057;  6—958,  1073, 
1203,  1315. 

Paris.  (See  same.) 

Pegging  of  French  exchange,  5 — 312. 

Per  capita  taxation,  6 — 955. 

Price  control,  1913-1919,  6 — 243,  246. 
pnCes _ 

1913-1920,  5 — 477,  544;  6—31,  166,  281,  389, 
506,  616,  619,  708,  710.  846,  905,  954,  957, 
959,  975,  1069,  1072,  1074,  1203,  1204,  1219, 
1310,  1313,  1316. 

Higher  than  in  Great  Britain,  but  did  not  rise 
so  soon,  5 — 544. 

Higher  than  in  United  States,  5 — 476. 

Production  increasing,  6 — 907. 

Rentes,  3  per  cent.  Price  of,  6 — 1073,  1203,  1315. 
Revenues,  Government,  6 — 1073,  1315. 

Societe  Generale,  etc.  Condition.  1914—1919, 6 — 1048. 
Spain — 

Balance  of  trade  with,  5 — 1038. 

Imports  and  exports  from  and  to,  5 — 1038. 

Loans  of  Bank  of  Spain  to,  5 — 1040. 

Sterling.  Value  of,  lowered  by  100  million  loan  in 
United  States,  6 — 1129. 


FRANCE — Continued. 

Taxation,  6 — 490,  957. 

Per  capita,  6 — 955. 

United  States — 

Loans  placed  in,  5 — 33;  6 — 688,  1129. 

Prices  higher  than  in,  5 — 476. 

Use  of  checks  in,  2 — 374. 

War  expenditures,  4 — 274,  1073;  6 — 958. 

War  loans,  3—349  ,  731,  943  ;  4—1072;  6—958,  1073, 
1203,  1315. 

War  profits  tax,  6 — 957. 

FRANCHISE  TAX. 

Paid  by  Federal  Reserve  Banks,  4 — 6,  12;  5 — 26, 
133;  6—135,  830. 

To  be  credited  to  account  “  Reserve  for  franchise  tax,” 
5—26. 

(See  Act  of  Apr.  24,  1917,  bond  act.) 

FRANCHISES. 

Included  in  term  “taxable  property”  in  Regulation 
F,  1915.  Warrants,  1 — 221. 

FRANKING  PRIVILEGE. 

Not  accorded  to  Federal  Reserve  note  transactions, 
1—355. 

Nor  to  Liberty  loan  correspondence,  3 — 439. 

FRAUDULENT  ISSUES. 

(See  Capital  Issues  Committee;  Federal  stock  pub¬ 
licity  act.) 

FREDERICK,  L. 

Acceptance  liabilities,  London  and  New  York,  5 — 21. 

FREE  GOLD. 

1917-1918,  4—226,  227. 

1914-1918,  5—136, 137,  138,  774. 

1919,  6—145. 

Fiscal  year  1920,  6—724,  725. 

(See  Gold.) 

FRENCH-AMERICAN  BANKING  CORPORATION. 

Has  opened  no  foreign  branches,  5 — 855;  6 — 945,  1299. 

FRENCH  NATIONAL  BANK  OF  FOREIGN  COM¬ 
MERCE. 

Export  bank  organized,  6 — 46. 

FRIENDLY  SUIT. 

Proposed  suit  to  test  legality  of  clearing  system  is  not 
a,  2—374. 

FROZEN  EGGS. 

Warehouse  requirements,  4 — 405. 

FRUITS,  SHIPMENT  OF. 

(See  Physical  volume  of  trade;  Prices.) 

FUND. 

Argentine  gold  conversion,  1900-1918,  5 — 140. 

Bond  purchase  fund.  Purchases  under,  5 — 225. 

Discontinued,  6 — 445. 

Chile.  Gold  conversion  fund,  6 — 1052. 

Gold  redemption.  (See  Gold;  Resources  and  liabili¬ 
ties.) 

Gold  settlement.  (See  same.) 

Redemption.  (See  Redemption  fund.) 

Sinking.  New  form  of.  Old  repealed,  act  of  March  3, 
1919,  5—227. 

FUNDING  OF  INTERNATIONAL  OBLIGATIONS. 

Due  from  foreign  countries,  6 — 7. 


120 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


FUNDS. 

Crop  moving,  1 — 260. 

(See  Government  deposits.) 

Failure  of  drawer  of  acceptance  to  furnish.  Section 
5200,  United  States  Revised  Statutes,  applies, 
2—64. 

(See  Ten  per  cent  limitation.) 

Indian.  (See  Indian  funds.) 

Overinvestment  of  bank  funds.  Warning,  Federal 
Reserve  Board.  (See  British  exchequer  notes.) 

Shifting  of.  Liberty  Loan  II,  4 — 7. 

Telegraphic  transfers  of.  Ruling,  Foreign  Exchange 
Division,  4: — 1122. 

Transfer  of,  gold  settlement  fund,  1 — 82. 

Uncollected,  not  available  as  required  reserves  with 
Federal  Reserve  Banks,  but  may  count  as  part 
of  optional  reserve  which  may  be  held  in  vaults 
or  with  approved  reserve  agents,  2 — 314. 

FUR  MANUFACTURING. 

Terms  of  sale,  6 — 807. 

FURNACE  COMPANY. 

Note  of  a,  secured  by  pig  iron  held  eligible  under  cir¬ 
cumstances,  1 — 127. 

FURNITURE. 

Cost  of,  2—58,  59;  4—103;  5—134,  723. 

Cost  of,  chargeable  to  current  expense  account, 
5—26. 

Net  sales  and  production,  6 — 1031. 

Terms  of  sale,  6 — 936. 

FUTURE  DATE. 

Sight  drafts  accepted  payable  at  a,  are  qualified 
acceptances  and  drawers  and  indorsers  are  re¬ 
leased,  5—565,  566. 

G. 

GARMENTS,  WOMEN’S. 

Terms  of  sale,  6 — 805. 

GAS  COMPANY,  4—435. 

(See  Acceptances,  trade.) 

GEDDES,  SIR  AUKLAND. 

Appreciation  of  American  dollar  cuts  down  our  ex¬ 
ports,  5 — 1011. 

GENERAL  ACCEPTANCE. 

Defined,  3 — 289. 

GENERAL  ACCEPTANCE  POLICY. 

Federal  Reserve  Board,  2 — 587;  4 — 257;  5 — 309. 

GENERAL  BUSINESS  CONDITIONS. 

(See  Business  conditions. ) 

GENERAL  COUNSEL,  FEDERAL  RESERVE  BOARD. 

(See  Federal  Reserve  Board,  general  counsel;  Opinions 
of  counsel.) 

GENERAL  STOCK  OF  MONEY. 

(See  Money.) 

GENUINENESS  OF  BILL  OF  LADING,  3—457. 

(See  Bills  of  lading.) 

GEOGRAPHICAL  LIMITS,  CHANGES  IN. 

(See  Changes  in  Federal  Reserve  district  lines;  Re¬ 
districting.) 

GEORGIA. 

Acceptance  laws,  3 — 530. 

Banking  laws,  new,  5 — 859. 

Examination  of  State  banks  by  Federal  Reserve 
examiners  authorized,  4—978. 


G  E  O  R  GI A — Continued. 

Examination  authorities  to  report  to  Federal  Re¬ 
serve  Board,  4 — 978. 

National  banks.  Fiduciary  powers,  3 — 767. 
Negotiable  instruments  act  not  adopted  by,  4 — 108, 
971. 

Notes  falling  due  on  Sundays  or  legal  holidays  payable 
on  next  succeeding  business  day  as  under  negoti¬ 
able  instruments  act,  4 — 108. 

Reserve  requirements.  Member  State  banks  subject 
to,  of  Federal  Reserve  Act,  4 — 978. 

Reserves.  Laws  as  to,  3 — 772. 

State  member  banks.  List,  4 — 92. 

Warehouse  laws,  1 — 260. 

GERMAN-AMERICAN  BANK,  MINNEAPOLIS, 
MINNESOTA. 

Reasons  for  joining  Federal  Reserve  System,  3 — 357. 

GERMAN  EXCHANGE. 

(See  Foreign  exchange;  Germany.) 

GERMAN  MARK. 

Decline  in,  5 — 1011;  6 — 1076,  1319. 

(See  Foreign  exchange;  Germany.) 

GERMAN  REICHSBANK. 

Acceptance  liabilities,  5 — 561. 

Assets  and  liabilities.  (See  Condition.) 

Condition — 

1913-1919,  3—15,  16,  234,  329,  330,  331,  500,  681, 
942,  944,  946;  4—244,  996,  998,  1001,  1167; 
5—197,  295,  430,  433,  463,  648,  847,  848, 
1008,  1200. 

1913-1920,  6—335,  486,  487,  894,  1076,  1317. 
Deposit  liability.  (See  Condition.) 

Discounts.  (See  Condition.) 

Dividends,  1914-1919,  5—432,  1200. 

Earnings.  Net,  1914-1919,  5 — 432,  1200. 

Federal  Reserve  System.  Comparison  with,  2 — 659; 
3—681;  4—996;  5—463,  648,  849,  1200. 

(See  Federal  Reserve  System.) 

Gold  holdings — 

1900-1919,  3—15,  16,  944,;  5—140,  197,  433,  648, 
848, 1200. 

1910-1920,  6—144,  1297. 

Government  securities.  Holdings,  1914-1918,  4 — 998, 

1001. 

Notes  in  circulation,  1914-1919,  3 — 15;  4 — 998,  1001; 
5—197,  433,  648,  848,  1200;  6—780,  847. 

(See  Condition.) 

Ratio,  reserves  to  liabilities,  1914-1919,  4 — 998,  1001; 
5—197,  648,  848,  1200. 

(See  Condition.) 

Report,  1919,  6—601. 

Reserves.  (See  Condition.) 

Silver  holdings,  5 — 197,  1200. 

(See  Conditions.) 

War  operations,  5 — 430. 

(See  Germany.) 

GERMANY. 

Acceptance  liabilities,  eight  credit  banks;  ratio  to 
capital  and  surplus,  5 — 561. 

After-war  preparation,  4 — 1086,  1087. 

American  capital.  Transfer  to,  6 — 777,  780. 

American  Relief  Association.  (See  infra,  Transfers 
of  funds.) 

Analysis  of  war  loans,  3 — 350. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


121 


GERMANY — Continued . 

Assets  and  liabilities,  three  largest  commercial  banks, 
o — /  35. 

Bank.  (See  Deutsche  Bank;  Disconto-Gesellschaft 
Bank.) 

Bank  policy.  Capital  issues,  5 — 122. 

Banking  in  Belgium  during  German  occupancy, 
6 — 43o. 

Banks.  Assets  and  liabilities.  Largest  commercial 
banks,  5—735;  6—375,  1049. 

Banks  of  issue.  Note  circulation,  3 — 15;  6 — 376,488, 

1049,  1076. 

( See  Notes.) 

Belgium.  (See  supra,  Banking  in  Belgium.) 

Berlin.  (See  same.) 

Berliner  Handelsgesellschaft.  Condition,  1914-1919, 
6—1051. 

Capital.  Ratio,  acceptance  liabilities  to,  and  surplus, 
eight  credit  banks,  before  and  after  war,  5 — 561. 
Capital  issues.  Bank  policy,  5 — 122. 

Central  banking  in  Belgium  during  German  occu¬ 
pancy,  5 — 435. 

Coal — 

Prices,  1914-1920,  6—1207. 

Production,  6 — 907,  1318. 

Commercial  banks.  Assets  and  liabilities,  three 
largest,  5 — 735. 

Credit  banks.  Ratio,  acceptance  liabilities  to  capital 
and  surplus,  eight  credit  banks,  5 — 561. 

Credits,  war,  4 — 280. 

Darmstadter  Bank,  condition,  1914-1919,  6 — 1050. 
Debt,  public,  6—1076,  1317. 

(See  infra,  War  debt.) 

Deutsche  Bank — 

Condition,  1913-1918,  5 — 736. 

Condition,  1914-1919,  6 — 1049. 

(See  same,  principal  heading.) 
Disconto-Gesellschaft  Bank — 

Condition,  1913-1918,  5—736. 

Condition,  191-4-1919,  6—1049. 

(See  same,  principal  heading.) 

Dresdner  Bank,  condition,  1913-1919,  5 — 736;  6 — , 

1050. 

Fiscal  condition,  6 — 780. 

Food  shipments  to.  ( See  infra,  Transfer  of  funds; 
United  States  Grain  Corporation.) 

Foreign  exchange  rates — 

On  neutral  countries,  4 — 1162. 

On  foreign  countries,  6 — 1076,  1319. 

Copenhagen  on  Hamburg,  6 — 40,  44. 

Stockholm  on  Berlin,  6 — 40,  42. 

(See  Foreign  exchange;  Germany.) 

France.  Amounts  recoverable  by  France  from, 
6—563,  1073. 

Funds,  transfer  of.  (See  infra,  Transfer  of  funds.) 
German  Reichsbank.  (See  same.) 

Gold.  (See  infra,  United  States  Grain  Corporation.) 
Gold,  reserves,  central,  1913-1920,  6 — 1296. 

Hamburg.  (See  supra,  Foreign  exchange  rates.) 
Indemnity,  6 — 563,  1073. 

Loans — 

Placed  in  United  States,  5 — 33. 

Subscriptions  to  first  five  war  loans,  3 — 14,  17,  350, 
351. 


GERMANY— Continued. 

Loans — Continued. 

War  credits,  4— 2S0. 

War  loans,  3—349;  4—280,  1062,  1074. 

Analysis  of,  3 — 350. 

_ 

Decline  in,  5—1011;  6—1076,  1319. 

Increase  in  value  of,  6—847. 

Mitteldeutsche  Creditbank.  Condition,  1914-1919, 
6—1051. 

National  bank  fur  Deutschland.  Condition,  1914-1919, 
6—1051. 

National  debt,  3—14;  4—280,  1062,  1074;  6—1076, 
1317. 

Note  circulation — 

Banks  of  issue,  3—15;  6—376,  488,  1049,  1076. 
(See  German  Reichsbank;  Darlehenskassens- 
cheine.) 

1917-1919,  5—848. 

Preparation.  After  war,  4 — 10S6. 

Price  fixing,  6 — 1207. 

Prices,  6—847,  1075;  6—1206  (cereals);  6—1318  (iron 
and  steely  6 — 1318  (metals). 

(See  Prices.) 

Ratio.  Acceptance  liabilities  to  capital  and  surplus, 
eight  credit  banks  of,  5 — 561. 

Ruhr  coal  production,  6 — 1318. 

Spa  conference.  Peace  treaty,  6 — 779. 

Subscriptions.  First  five  loans,  3 — 14,  17,  S50,  351. 
Taxes,  6—1317. 

Transfer  of  funds  to.  War  Trade  Board  authorizes, 
provided  proceeds  are  used,  for  purchase  of  food 
to  be  shipped  to,  through  American  Relief  Asso¬ 
ciation,  5—470. 

United  States.  Loans  placed  in,  5 — 33;  6 — 688. 
United  States  Grain  Corporation  sells  food  to,  payable 
in  gold,  5 — 821. 

War.  (See  supra,  Capital.) 

War  debt,  3—14;  349,  350,  351;  4—280,  1062,  1074; 
6—1076,  1317. 

(See  supra,  National  debt.) 

War  loans — 

1913-1916,  3—349,  350,  351. 

Analysis,  3 — 350. 

(See  supra,  Loans;  National  debt;  War  debt.) 
War.  Preparation  after,  4 — 1086,  1087. 

War  Trade  Board.  (See  supra,  Transfer  of  funds.) 

(See  also  Deutsche  Bank;  Dresdner  Bank;  Disconto- 
Gesellschaft  Bank;  German  Reichsbank.) 

GIBSON,  H.  W. 

Elected  Class  B  director,  Kansas  City,  3 — 8. 

GIDNEY,  R.  M.  ' 

Appointed  manager,  Buffalo  branch,  5 — 201. 

GIFTS,  CHRISTMAS. 

Use  of  war-savings  certificates  favored  for,  in  place  of 
gold  coins,  3 — 931,  951. 

Use  of  gold  coin  for,  deprecated,  3 — 931,  951;  4 — 1216. 

GIRARD  TRUST  CO.,  PHILADELPHIA. 

Reasons  for  joining  Federal  Reserve  System,  3 — 837. 

GLASS,  CARTER. 

Appointed  Secretary  of  Treasury,  5 — 2. 

Accepts  appointment  to  United  States  Senate,  5 — 
1113. 

Letter  to  President,  5 — 1113. 


122 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


GLASS,  CARTER— Continued. 

Reply  of  President,  5 — 1113. 

(See  Secretary  of  Treasury.) 

GLASSWARE. 

Terms  of  sale,  G — 938,  940. 

GLOVES. 

Terms  of  sale,  6 — 812. 

GOFF,  F.  H. 

Appointed  to  Capital  Issues  Committee,  Federal  Re¬ 
serve  Board,  4 — 73,  77. 

Appointed  to  permanent  Capital  Issues  Committee, 
4—364. 

GOLD. 

Abrasion  of — 

Conference  of  governors,  1 — 15. 

Use  of  coin-counting  machines  deprecated  as 
causing,  3 — 440. 

Adjustment  of  supply,  4 — 1165. 

(See  infra,  Supply.) 

Agreement.  Gold,  Argentina,  4 — 76. 

American  dollar  at  6  per  cent  discount  below  gold 
bullion  value  in  Spain,  5 — 1039. 

Argentina — 

Conversion  fund — 

1900-1918,  5—140. 

1910-1920,  6—145,  1297. 

Gold  agreement,  4 — 76. 

Terminated,  6 — 778. 

Gold  embargo,  6 — 778. 

Austro-Hungarian  bank;  gold  holdings,  5 — 197,  295, 
1200;  6—144,  1297. 

Bank  of  Denmark,  gold  holdings,  6 — 1297. 

Bank  of  Belgium,  gold  holdings,  5 — 140;  6 — 144,  1297. 
Bank  of  England,  gold  holdings,  5 — 140,  197,  294, 
849,  1200;  6—144,  488,  1296,  1297. 

Bank  of  France,  gold  holdings,  3 — 14;  5 — 140,  197, 
294,  849,  1200;  6—144,  372,  667,  1203,  1297. 

Bank  of  Italy,  gold  holdings,  5 — 140,  849,  1200;  6 — 
488,  1297. 

Bank  of  Japan,  gold  holdings,  5 — 140,  649,  849,  1201; 
6—145,  1297. 

Bank  of  Java,  gold  holdings,  5 — 1200  ;  6 — 145,  1297. 
Bank  of  Montreal.  Sale  of  rupees,  5 — 1015. 

Bank  of  Naples,  gold  holdings,  6 — 144,  1297. 

Bank  of  Netherlands,  gold  holdings,  5 — 644,  1200; 
6—145,  1297. 

Bank  of  Norway,  gold  holdings,  6 — 145,  1297. 

Bank  of  Roumania,  gold  holdings,  6 — 144,  1297. 

Bank  of  Sicily,  gold  holdings,  6 — 144,  1297. 

Bank  of  Spain — 

Gold  holdings,  5—1036,  1200  ;6— 145,  1297. 

Gold  policy,  5 — 1039. 

Gold  profit  dividend,  5 — 1040. 

Bank  of  Sweden,  gold  holdings,  6 — 145,  1297. 

Bank  of  Switzerland,  gold  holdings,  6 — 145,  1297. 
Banks  of  issue,  leading.  Gold  holdings,  3 — 14,  234, 
329,  331,  332,  500,  681;  5—140,  197  ,  294,  463,  648, 
849,  1008,  1200;  1913-1920,  6—488,  1296. 

Bars,  gold.  Are  “goods”  under  section  13,  3 — 29. 
Bonus.  (See  infra,  Subsidy.) 

British  Currency  Committee — 

Gold  standard  after  war,  4 — 1178. 

Recommends  substitution  of  notes  for  gold,  5 — 7. 
Brussels  conference,  6 — 1129. 


GOLD — Continued. 

Bullion,  gold.  Issue  of  gold  certificates  against  gold 
bullion  and  foreign  coin.  Act  June  12,  1916,  2 — 
311. 

Bullion  value.  American  dollar  in  Spain  at  a  dis¬ 
count  of  6  per  cent  under,  5 — 1039. 

Canada — 

Federal  Reserve  Board  to  release  25  millions  of 
gold  for,  prior  to  July  1,  1918,  3 — 924. 

Gold  reserve  of,  1900-1919,  6 — 144,  145. 

Central  banks  of  issue,  gold  holdings.  (See  supra, 
Banks  of  issue.) 

Certificates,  gold.  (See  Gold  certificates,  principal 
heading.) 

Certificates,  gold  order.  (See  Gold-order  certificates, 
principal  heading.) 

Charts — 

Free  gold,  5—137,  138. 

German  Reichsbank,  5 — 434. 

Chile,  gold-conversion  fund,  6 — 1052. 

Christmas  presents.  Use  of  gold  for,  deprecated,  3 — 
931,  951;  4—1216. 

Circulation.  Gold  disappearing  from,  5 — 7. 

Clearance  fund.  International  gold,  Pan  American 
Financial  Conference,  5 — 198. 

Coin  and  bullion.  (See  Money,  principal  heading.) 
Coin.  Gold — 

Is  “goods”  under  section  13,  3 — 29. 

Use  of,  in  pavment  of  Liberty  bond  coupons, 
6—454. 

(See  supra,  Christmas  presents.) 

Committee  reports.  (See  infra,  Reports.) 
Concentration  of,  4 — 694. 

Conservation  of,  2 — 661;  4 — 694. 

(See  Conservation,  principal  heading.) 

Conversion  fund,  gold — 

Argentina,  .1900-1918,  5 — 140;  6 — 145,  1297. 

Chile,  6—1052. 

Control  of,  by  wiping  out  fictitious  reserve  balances, 
3—2. 

Control  of  imports,  3 — 2. 

Control  of  supply,  3 — 1,  2,  659;  4 — 1165. 

Cooperation  of  State  banks,  3 — 659. 

Cost  of  production.  Reports  on — 

American  committee  report,  5 — 124. 

British  report,  5 — 123. 

Interior  Department,  5 — 124. 

Treasury  committee,  5 — 248. 

Counting  machines,  gold.  Use  of,  deprecated  as  caus¬ 
ing  abrasion,  3—440. 

Countries.  Leading,  1910-1920,  6 — 1296, 1297. 

Cover,  gold.  Federal  Reserve  notes.  ( See  Federal 
Reserve  Agents;  Federal  Reserve  notes.) 

Creditor  countries  need  only  limited  supply  of,  5 — 7. 
Currency.  When  paid  as,  6 — 454. 

Curtailment  of.  Necessary  in  gold  manufactures,  5 — 
126. 

Custody,  joint,  Federal  Reserve  Agents  and  Federal 
Reserve  Banks,  3 — 615,  691. 

Decrease  in  purchasing  power  of,  5 — 125. 

Denmark.  Gold  policy,  6 — 35. 

Discount — 

(See  supra,  American  dollar.) 

(See  infra,  Pound  sterling.) 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


123 


GOLD — Continued. 

Dividend.  Special  gold,  Bank  of  Spain,  5 — 1040. 
Dollar.  ( See  supra,  American  dollar.) 

Earmarked  gold — 

Bank  of  England,  for  Federal  Reserve  Bank, 
New  York,  3—504. 

Forms  of  earmarking,  4 — 85. 

Investigation  of.  Act  October  6,  1917.  Trading 
with  enemy,  3 — 853. 

No  more  to  be  earmarked  except  with  approval 
of  Federal  Reserve  Board,  3 — 734. 
Regulations,  3 — 853;  4 — 81. 

Report.  All  banks  asked  for,  3 — 734. 

South  American  account,  3 — 77. 

Embargo,  gold — 

Act  June  15,  1917 — 

Executive  order,  September  7,  1917,  4 — 499. 
Argentina,  6 — 778. 

Exports  and  imports  during  period  of,  5 — 616. 
Exports  since  removal  of,  6 — 1018. 

Inaugurated,  September  7,  1917,  5 — 616. 

Purpose  of,  5 — 616. 

Reexports  forbidden  except  to  country  of  origin, 
4—10. 

Rescinded,  June  9,  1919,  5 — 616. 

Sweden,  4 — 1091. 

Excess  profits  tax,  should  not  apply  to  gold  produc¬ 
tion,  5 — 125. 

Executive  order.  Act  of  June  15,  1917,  4 — 499. 
Exports — 

Embargo.  Since  removal  of,  6 — 1018. 

(See  supra,  Embargo.) 

Federal  Reserve  Board  asked  by  Secretary  of 
Treasury  to  scrutinize  gold,  3 — 655 
Foreign  indebtedness.  Most  important  function 
of,  to  meet  foreign  indebtedness,  5 — 125. 

Licenses _ 

Federal  Reserve  Board,  4 — 23;  5 — 640. 
Number  and  amount,  4 — 501. 

Spain,  granted  to,  4 — 365. 

Requirement  abolished,  5 — 615,  653,  853. 

Manufactures  of — 

Curtailment  necessary,  5 — 126. 

Jurisdiction  transferred  to  War  Trade  Board, 
4—10. 

Regulations,  War  Trade  Board,  5 — 26. 
Mexico,  gold  exports  to,  5 — 6. 

Reexports  forbidden  except  to  country  of  origin, 
4—10. 

Regulations,  3 — 736,  738;  4 — 594. 

Secretary  of  Treasury,  power  to  investigate,  3— 
861. 

Spain,  export  licenses  to,  4 — 365. 

United  States  to  Japan,  1914-1919,  5 — 731. 
United  States  to  Spain,  1916-1917,  5 — 1039. 
Exports  and  imports,  United  States.  (See  infra 
Imports  and  exports.) 

Federal  Advisory  Council.  Free  gold  market,  4 — 
1173,  1177. 

Federal  Reserve  Agents — 

Holdings  of,  3—233;  4—132. 

Joint  custody,  3 — 615,  691. 


GOLD — Continued. 

Federal  Reserve  Bank  notes.  Issue  against  United 
States  one-year  Treasury  notes,  4 — 395. 

( See  Federal  Reserve  Bank  notes;  Pittman  Act.) 
Federal  Preserve  Banks — 

New  item  in  weekly  statements,  “Gold  held  with 
foreign  agencies,”  3 — 504. 

Holdings  of  gold,  3 — 233;  4 — 1167,  1168;  5 — 3, 
7,  768,  774;  6—144,  145,  146,  147. 

(See  Resources  and  liabilities,  principal  head¬ 
ing.) 

Joint  custody,  3—615,  691. 

Reserves.  Gold,  1914-1918.  (See  infra,  Hold¬ 
ings.) 

Federal  Reserve  Board — 

Exports  of  gold  to  be  scrutinized  by,  3 — 655. 
Licenses  for  export  to  be  issued  by,  subject  to 
approval  of  Secretary  of  Treasury,  3 — 736, 
738. 

Licenses  issued,  4 — 23,  365,  499,  501;  5 — 640. 

Abrogated,  5 — 615,  653,  853. 

Spain,  license  issued  for  gold  export  to,  4 — 365. 
Federal  Reserve  notes.  Issues  against  gold  as  se¬ 
curity,  3 — 98,  100,  102,  503. 

Foreign  agencies.  Gold  held  with,  new  item  in 
weekly  statements,  3 — 504. 

Foreign  countries.  United  States  will  not  lose  much 
gold  to,  5 — 617. 

Forms.  Earmarking  of  gold,  4 — 85. 

Free  gold,  4—226,  227;  5—137, 138. 

1914-1919,  5—774:  6—145. 

1920.  Fiscal  year,  6—724,  725. 

Chart,  5—773. 

Free  gold  market,  4 — 1167,  1173,  1177;  5 — 7,  8,  617. 
German  Reichsbank — 

Gold  holdings,  3—15,  16;  5—140,  197,  433,  434, 
648,  848,  1200;  6—144,  335,  486,  894,  1076, 
1297,  1317. 

(See  German  Reichsbank,  principal  heading.) 
Germany — 

Pays  gold  to  United  States  Grain  Corporation  for 
food,  5—821. 

Weekly  statement.  Item,  “Goldin  transit,”  rep¬ 
resents  above  gold,  5 — 821. 

(See  Germany,  principal  heading.) 

Great  Britain — 

Pound  sterling  at  a  discount  in  Spain,  5 — 1039. 
(See  supra,  Bank  of  England.) 

(See  Great  Britain,  principal  heading.) 

Hoarded  gold  returning  to  banks,  5 — 102,  126. 

(See  Foreign  depositors.) 

Holdings  of — 

Banks  of  issue,  leading,  1914-1920,  6 — 488,  1296. 

(See  Leading  banks  of  issue.) 

Federal  Reserve  Agents,  1914-1917.  (See  Federal 
Reserve  Agents. 

Federal  Reserve  Banks — 

1914-1916,  3—233;  4—1167,  1168. 

1918,  5—3,  7,  768,  774;  6—144,  145,  146,  147. 
(See  Resources  and  liabilities,  principal  head¬ 
ing.) 

Gain  in,  1914-1917,  5—7,  618,  704. 

(See  also  principal  banks,  by  name.) 


124 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


GOLD — Continued. 

Imports — 

Control  of,  3 — 2. 

Danger  from  huge,  in  part  averted  by  anticipation 
of  final  reserve  payment  by  Federal  Reserve 
Banks,  3 — 1. 

Imports  and  exports,  1 — 76,  164,  236,  238,  286,  332, 
390,  432;  2—49,  96,  147,  201,  256,  305,  368,  432, 
503,  583,  654,  724;  3—71,  75,  149,  153,  229,  237, 
327,  422,  496,  575,  650,  728,  746,  825,  916,  988; 

4 —  66,  152,  242,  357,  481,  570,  683,  794,  914,  1041, 
1159,  1252;  5—6,  7,  96, 108, 180, 198,  290,  313,  403, 
415,  509,  605,  617,  618,  696,  704,  809,  821,  901,  1005, 
1017,  1100,  1111,  1197;  6—9,  108,  119  (calendar 
year  1919);  209,  219,  325,  433,  549,  565,  657,  668 
(fiscal  vear  1920);  671,  760,  780,  888,  900,  909, 
1002,  1018,  1109,  1127,  1132,  1248,  1261,  1364. 

1913-1915,  1—236. 

1919,  5—1017. 

Imports.  Small,  6 — 779. 

Increase  of  gold  in  United  States.  (See  infra,  United 
States.) 

India — 

Production  of,  1909-1919,  5 — 19. 

Reserves.  Gold,  5 — 950. 

Rupees.  Sale  of,  at  Ottawa  for  gold,  5 — 917, 1015. 
Instructions.  Exports  of  gold',  4 — 499. 

(See  supra,  Exports.) 

Interior  Department  committee.  Gold  production 
report,  5 — 124. 

International  Financial  Conference,  Brussels.  Pool¬ 
ing  of,  in  general  fund  suggested,  6 — 1129. 

International  gold  clearance  fund.  Plan  prepared  by 
International  High  Commission  of  Pan  American 
Financial  Congress,  5 — 198. 

Japan.  Gold  exports,  United  States  to,  1914-1919, 

5— 731. 

Joint  custody,  Federal  Reserve  Agents  and  Federal 
Reserve  Banks,  3 — 615,  691. 

Leading  countries,  1910-1920,  6 — 1296,  1297. 
Licenses  for  export — 

Federal  Reserve  Board  to  grant,  subject  to  ap¬ 
proval  of  Secretary  of  Treasury,  3 — 736,  738. 
History  of,  4 — 23. 

Number  and  amount  issued,  4 — 501;  5 — 640. 
Requirement  discontinued,  5 — 615,  653,  853. 
Spain,  export  of  gold  to,  4 — 365. 

Lira,  gold.  Per  cent  of  depreciation  of  paper  over 
gold  lira,  5 — 846. 

Manufactures  of  gold — 

Curtailment  necessary,  5 — 126. 

Transferred  to  War  Trade  Board,  4 — 23. 

(See  infra,  War  Trade  Board.) 

McFadden  gold  subsidy  bill.  Report  against.  Ameri¬ 
can  Bankers  Association,  6 — 1147. 

Mexico.  Gold  exports  and  imports  to  and  from,  5 — 6. 
Mining  of  gold — 

Appointment  of  Treasury  committee,  4 — 1195. 
Report  of  Treasury  committee,  5 — 248. 

Report  of  Interior  Department  committee, 
5 — 124. 

Report  of  British  Commission,  5 — 123. 

(See  Production.) 

Movement  of,  6—9,  119,  221,  346,  453,  564. 

Movement  of  gold  and  general  prices,  1914-1919, 
5— S38. 


GOLD — Continued. 

Norway,  gold  policy,  6 — 35. 

Notes,  United  States  one-year  gold.  (See  United 
States  One-year  Treasury  notes.) 

Operations.  (See  Gold  settlement  fund,  principal 
heading.) 

Order  certificate.  Gold.  (See  Gold  order  certificates, 
principal  heading.) 

Policy  of  Bank  of  Spain,  5 — 1039. 

Policy,  Denmark,  Norway,  and  Sweden,  1914-1919, 

6—35. 

Policy  of  Riksbank,  Sweden,  4 — 377  ;  6 — 35. 

Embargo,  4 — 1091. 

Pooling  of  gold  in  general  fund.  International  Finan¬ 
cial  Conference,  Brussels,  6—1129. 

Pound  sterling  at  a  discount  in  Spain,  5—1039. 
Prices.  Movement  of  gold  compared  with  general 
prices,  1914-1919,  5—838. 

Proclamation — 

Gold  embargo,  act  June  15,  1917,  4 — 499. 
Removal,  5 — 615,  853. 

(See  supra,  Embargo.) 

Production — 

Cost  of — 

Report,  British  committee,  5 — 123. 

Report,  Interior  Department  committee, 
5—124. 

Report,  Treasury  committee,  4 — 1195;  5 — 248. 
Excess-profits  tax  should  not  apply  to  gold  pro¬ 
duction,  5 — 125. 

India.  Production  of  gold,  1909-1919,  5 — 19. 
South  Africa,  1909-1919,  5 — 19. 

World  production,  1900-1919,  5 — 19. 

Profit  on  gold.  Bank  of  Spain,  5 — 1040. 

Purchasing  power  of.  Decrease  in,  5 — 125. 
Reexportation  of.  Forbidden  except  to  country  of 
origin,  4-10. 

Regulations — 

Earmarking  of  gold,  4 — 81. 

Exports  of,  4 — 594. 

Reports  on — 

American  Bankers’  Association.  McFadden  gold 
subsidy  bill,  6 — 1147. 

British  currency  commission,  4 — 1178;  5 — 123. 
Interior  Department  committee,  5 — 124. 
Treasury  committee,  5 — 248. 

Reserves,  gold — 

Bank  of  France,  6 — 1203. 

(See  same;  principal  banks,  by  name.) 
Canadian,  1900-1919,  6 — 145. 

Central  banks  of  issue — 

1913-1916,  2—659;  3—234,  329,  332,  500,  681, 
942;  4—243,  267,  269,  375,  996,  1057, 
1167;  5—140,  197,  294,  463,  648,  849, 
1008,  1200;  6—485,  487,  488,  909,  1044, 
1047,  1049,  1295. 

1913- 1920,  6—1295. 

1900-1919,  6—144. 

Concentration  of,  5 — 768. 

Federal  Reserve  Banks — 

1914- 1918,  4—1168. 

1917-1919,  5—136,  137,  774;  6—144,  668, 1296. 
(See  Federal  Reserve  Banks.) 

Inadequate  in  foreign  countries  because  of  in¬ 
flation  of  currency,  5 — 9. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


125 


GOLD — Continued. 

Reserves,  gold — Continued. 

India,  5 — 950. 

National  banks,  1900-1919,  0 — 144,  1296. 

United  States  Treasury,  1900-1919,  6—144,  1296. 

(See  also  supra,  Banks  of  issue;  Money;  Re¬ 
sources  and  liabilities,  principal  heading; 
Reserves,  principal  heading.) 

Rupees— 

Sale  of,  for  gold  at  Ottawa,  5 — 917,  1015. 

Value.  Gold,  India,  5 — 949,  1050. 

Secretary  of  Treasury — 

Asks  Federal  Reserve  Board  to  scrutinize  gold 
exports,  3 — 655. 

Power  to  investigate  gold  exports,  3 — 861. 
Licenses  for  gold  exports  to  be  issued  by  Federal 
Reserve  Board  subject  to  approval  of,  3 — 
736,  738. 

(See  supra,  Exports.) 

Settlement  fund.  Gold.  (See  Gold  settlement  fund, 
principal  heading.) 

Spain — 

American  dollar  at  6  per  cent  discount  below  its 
bullion  value  in,  5 — 1039. 

Exports,  United  States  to,  1916,  1917,  5 — 1039. 
Gold  profit.  Dividend,  Bank  of  Spain,  5 — 1040. 
License  to  export  gold  to,  4 — 365. 

Pound  sterling  at  discount  in,  5 — 1039. 

(See  Bank  of  Spain.) 

Standard,  gold — 

After  war.  British  currency  committee,  4 — 1178; 
5—123. 

Creditor  counties  must  maintain,  5 — 7. 

Relation  to  public  debt,  5 — S. 

State  banks.  Cooperation  in  control  of  supply  of, 

3— 659. 

Sterling,  pound— 

(See  supra,  Pound  sterling.) 

(See  Foreign  exchange.) 

Stock  in  United  States.  (See  Money.) 

Subsidy — 

Disapproved — 

American  Bankers’  Association.  McFadden 
gold  subsidy  bill,  6 — 1147. 

British  committee,  5 — 123. 

Interior  Department  committee,  5 — 124. 
Treasury  committee,  5 — 24S. 

Would  increase  prices,  5 — 124. 

Substitution  of  notes  for  gold.  British  currency 
committee,  5 — 7. 

Supply- 

Adjustment  of,  4 — 1165. 

Creditor  nations  need  only  limited,  5 — 7. 
Cooperation  of  State  banks,  3 — 659. 

United  States.  Gain  in,  1914-1919,  5 — 7,  618, 
704. 

(See  supra,  Control.) 

Sweden — 

Gold  policy,  1914-1919,  4—377;  6—35. 

Gold  policy,  Riksbank,  4 — 377;  6 — 35. 

Embargo,  4 — 1091. 

Tax.  (See  supra,  Excess  profits  tax.) 

Trading  in.  Ruling,  Foreign  Exchange  Division, 

4— 866. 


GOLD — Continued. 

Transit,  gold  in.  Item  in  weekly  statements  refers  to 
gold  paid  by  Germany  for  food  to  United  States 
Grain  Corporation,  5 — 821. 

Treasury  committee.  Report  on  gold  production,  5 — 
248. 

United  States — 

American  dollar  at  discount  in  Spain,  5 — 1039. 
Gain  in  gold  holdings,  5 — 6,  7,  618,  704. 

Only  free  gold  market  in  world,  5 — 617. 

Stock  of  gold  in.  (See  Money,  principal  heading.) 
Will  not  lose  much  gold  to  foreign  countries  after 
repeal  of  embargo,  5 — 615. 

(See  supra,  Embargo.) 

United  States  bonds.  Exchange  of  2  per  cent  bonds 
for  one-year  gold  Treasury  notes,  1 — 101. 

United  States  Grain  Corporation — 

Sells  food  to  Germany  for  gold,  5 — S21. 

Weekly  statement.  Item,  “Gold  in  transit,” 
refers  to  above  gold,  5—821. 

United  States  one-year  gold  Treasury  notes.  (See 
United  States  one-year  Treasury  notes.) 

Value.  Bullion.  American  dollar  in  Spain  is  at  dis¬ 
count  of  6  per  cent  below  its,  5 — 1039. 

Value  of  rupee.  Gold,  5 — 949,  1050. 

War  Trade  Board — 

Exports  of  manufactured  gold,  given  jurisdiction 
over,  4 — 10. 

Regulations,  5 — 26. 

Weekly  statements,  Federal  Reserve  Banks.  Item, 
“Gold  in  transit,”  represents  gold  paid  by  Ger¬ 
many  for  food  sold  it  by  United  States  Grain  Cor¬ 
poration,  5 — 821. 

World  production  of  gold,  1900-1919,  5 — 19. 

GOLD  CERTIFICATES. 

Act  December  24,  1919.  Made  legal  tender,  6 — 60. 
Bullion.  Issue  of,  against.  Act  June  12, 1916,  2 — 311. 
Circular  letter.  Treasury,  3 — 522. 

Circulation,  in.  (See  Money.) 

Federal  Reserve  Agent,  New  York,  asks  State  banks 
to  sort  out,  3—659. 

Federal  Reserve  Banks  should  receive  in  payment  of 
reserve  balances  any  form  of  United  States  cur¬ 
rency  on  same  terms  as  legal  tenders  or,  3 — 660. 
Foreign  coin.  Issue  of,  against,  2 — 311. 

Hoarded.  Returning  to  banks,  5 — 102,  126. 
Outstanding  denominations,  4 — 519. 

GOLD  CONVERSION  FUND. 

(See  Gold;  Argentina;  Chile.) 

GOLD  NOTES,  UNITED  STATES  ONE- YEAR. 

(See  United  States  one-year  Treasury  notes.) 

GOLD  ORDER  CERTIFICATES. 

Payment  of,  in  reduction  of  liability  on  Federal  Re¬ 
serve  notes  must  be  indorsed  to  Federal  Reserve 
Agent,  1 — 363. 

GOLD  SETTLEMENT  FUND. 

Audit  of,  2—9,  165,  320,  603;  3—611. 

Change  in  operation  of.  Amendment,  3 — 521. 
Circular  13,  Regulation  I,  1915,  1 — 78. 

Circular  letter,  United  States  Treasurer,  3 — 522. 
Clearings  and  transfers,  1915-1918,  4 — 338. 

Daily  clearings,  4 — 951,  610. 

Condition  at  beginning  of,  1 — 82. 

Cost  of,  1—401;  2—315;  3—94. 


126 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


GOLD  SETTLEMENT  FUND— Continued. 

Created,  1 — 9,  49,  82. 

Crop-moving  period.  During,  6 — 1015. 

Daily  clearings,  4 — 591,  610. 

Deposits  in,  by  Federal  Reserve  Agents,  1 — 304. 

( See  Federal  Reserve  Agents,  principal  heading.) 

Drafts  originating  with  one  member  bank  in  the  inter¬ 
est  of  another  member  bank  at  a  distance,  not 
favored,  3 — 238. 

Federal  Reserve  Agents.  Transfer  of  balances  to  credit 
of,  through,  1 — 303. 

Forms,  3 — 522. 

Gold  in.  To  count  as  reserve,  1 — 9,  10. 

Government  deposits  effected  through,  1 — 301. 

Instructions,  general,  1 — 82. 

New  fund.  All  forms  of  lawful  money.  Considered, 
3—238. 

Payments  in  reduction  of  liability  on  Federal  Reserve 
notes,  may  be  deposited  in,  1 — 273. 

Operations  of,  1—82,  120,  121,  183,  264,  304,  357,  401; 

2— 9,  10,  60,  108,  165,  220,  268,  320,  380,  453,  520, 
603,  674;  3—25,  95,  175,  238,  268,  353,  454,  522, 
524,  611,  678,  760,  840,  947;  4^26,  105,  223,  338, 
459,  548,  661.  772,  773,  892.  1019,  1238;  5—145, 
146,  274,  569,  776,  876,  1178;  6—300,  '633,  724 
(fiscal  year  1920),  976,  977,  1015,  1339. 

1918,  chart,  5 — 145,  146. 

Report.  Committee  of  governors,  1 — 82. 

Reserves.  Counted  as,  1 — 9,  10. 

Status  of,  1 — 9. 

Transit  managers  conference  on,  4 — 1175. 

GOMPERS,  S. 

Secretary  of  Treasury  writes  to,  on  building  opera¬ 
tions,  4 — 264. 

GOOD  FAITH,  DRAWN  IN. 

( See  Acceptances;  Actually  existing  values.) 

GOODS,  MOVEMENT  OF,  1920. 

Review,  6 — 1256. 

GOODS,  SECTION  13. 

Bills  against  sale  of  advertising  space  is  a  good  trade 
acceptance  as  advertising  space  falls  within 
meaning  of  “goods”  in  section  13,  3 — 114. 

Gold  coin  and  bars  are  “goods”  under  section  13, 

3— 29. 

Labor  in  itself  does  not  come  within  meaning  of 
“goods”  in  section  13,  5 — 565. 

Water.  Sold  by  irrigation  company  held  to  be 
“goods,”  section  13,  6 — 949. 

GOODS,  WAREHOUSED. 

Credits  covering.  Ruling,  Foreign  Exchange  Divi¬ 
sion,  4—1217. 

(See  Acceptances;  Warehouse  certificates.) 

GOVERNMENT  AID. 

Post  war  financing,  4—1086;  5 — 308,  528,  611,  1009, 
1012;  1110;  6—137. 

(See  Export  trade,  financing  of.) 

GOVERNMENT  AID  TO  FOREIGN  COMMERCE. 

Argentina,  5 — 1048. 

Canada  5 — 1047. 

France,  5 — 1047. 

Great  Britain,  5 — 1012,  1046. 

Italy,  5 — 1048. 

Spain,  5 — 1048. 

Uruguay,  5 — 1048. 


GOVERNMENT  BONDS. 

Discount  of  paper  secured  by.  ( See  Commercial 
paper;  Discount  and  open-market  operations;  Dis¬ 
count  rates;  Liberty  bonds;  United  States  bonds; 
War  paper.) 

GOVERNMENT  CONTROL. 

Of  business.  Elimination  of,  5 — 523,  1012. 

Of  railroads.  Act  March  21,  1918.  Text,  4 — 296. 

GOVERNMENT  DEPOSITORIES. 

State  banks  as,  1 — 274. 

(See  State  banks,  etc.,  deposits.) 

GOVERNMENT  DEPOSITS. 

Crop  moving — 

Government  deposits  made  for,  in  Federal  Re¬ 
serve  Banks,  1 — 301. 

Refused  by  three  Federal  Reserve  Banks,  1 — 302. 
Repaid,  2 — 371. 

Emergency  Fleet  Corporation.  Deposits  of,  are  not 
Government  deposits  and  require  reserves,  5 — 
1054. 

Federal  Reserve  Banks — 

Begin  January  1,  1916,  2 — 1. 

Crop-moving  deposits,  1 — 301. 

Refused  by  three  Federal  Reserve  Banks, 
1—302. 

Fiscal  agents.  (See  same.) 

Fiscal  operations.  (See  Fiscal  agency  opera¬ 
tions,  principal  heading.) 

Government  deposits  in.  Amount,  5 — 774. 
Indian  funds,  2 — 266. 

Reserves  required  against,  3 — 458. 

Fiscal  agents,  Federal  Reserve  Banks  as.  (See 
Fiscal  agents.) 

Fiscal  year  1920,  6—724,  725. 

Gross  deposits.  Member  banks  can  not  deduct  postal 
funds  from,  in  computing  net  deposits,  3—692. 
Indian  funds,  2 — 266. 

Member  banks — 

Government  deposits  in,  4 — 337,  494,  502,  503, 
665,  769;  5—781,  782,  784;  6—726. 

Postal  funds.  No  deduction  of,  from  gross 
deposit  in  computing  reserve,  3—692. 

Reserves.  Not  necessary  for  member  banks, 
against  Government  deposits,  3—458,  692. 
National  banks,  Government  deposits  in,  1914-1919, 
4—337,  494,  502,  503,  665,  769;  5—781,  782,  784; 
6—726. 

Net  deposits.  (See  supra,  Gross  deposits.) 

New  York  banks,  Government  deposits  in,  4 — 665. 
Nonmember  banks — 

As  depositaries  in  connection  with  income  taxes, 
excess  profits  taxes,  and  Liberty  loans, 

4—22,  494. 

Deposits  of  postal  savings  funds  permitted  in, 
1—274;  2—331. 

(See  infra,  United  States  Revised  Statutes,  sec¬ 
tion  5191.) 

(See  Liberty  bond  acts;  Nonmember  banks.) 
Postal  savings  deposits.  Reserves  against,  1 — 409. 
Postal  savings  funds,  being  time  deposits,  can  not  be 
deducted  by  member  banks  from  gross  deposits  to 
obtain  net  deposits  in  computing  reserves,  3 — 692. 
Reserves  against — 

F ederal  Reserve  Banks  must  carry  reserves,  3 — 458. 
Member  banks  need  carry  no  reserves  against, 
I  3-458,  692. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


127 


GOVERNMENT  DEPOSITS— Continued. 

Secretary  of  Treasury.  Announcement.  Will  put 
Government  deposits  in  Federal  Reserve  Banks. 
1—259,  260. 

Section  15,  Federal  Reserve  Act — 

Repeals  act  of  May  27,  1908,  Aldrich-Vreeland 
Act,  which  repealed  reserve  requirement 
against  Government  deposits,  2 — 331. 

Act  of  May  18,  1916,  modifies  section  15  by  per¬ 
mitting  postal  savings  deposits  in  nonmember 
banks,  2 — 331. 

(See  Postal  savings  funds.) 

Secured  by  war  paper  actually  owned,  6 — 163. 

State  banks — 

Can  not  be  used  as  depositories  of  public  moneys 
except  postal  savings  funds,  1 — 274,  409; 
2—331. 

Depositaries  in  connection  with  income  taxes, 
excess  profits  taxes,  and  Liberty  loans, 
4—22,  494. 

( See  supra,  Postal  savings  funds.) 

United  States  Revised  Statutes,  section  5191 — 

Required  reserves  to  be  maintained  against  Gov¬ 
ernment  deposits,  1 — 409. 

Act  May  27,  1908.  No  reserves  need  be  kept  by 
national  banks  against  Government  deposits, 
1—409. 

Section  27,  Federal  Reserve  Act,  requires  re¬ 
serves  by  member  banks  against  Government 
deposits,  1 — 409. 

Act  April  24, 1917.  No  reserve  by  member  banks 
against  Government  deposits,  3 — 458,  692. 
United  States  Shipping  Board.  Deposits  of,  are  not 
Government  deposits  and  require  reserves,  5 — 
1054. 

( See  Liberty  bond  acts;  Resources  and  liabilities.) 

GOVERNMENT  EXPENDITURES. 

Fiscal  years  1919,  1920,  5—218,  725. 

Monthly  rate  of,  5 — 407,  521,  1009,  1105. 

Revenues  will  equal,  in  fiscal  year  1920,  5 — 218,  726. 
Secretary  of  Treasury  on,  5 — 189,  218;  6 — 113,  341, 
709,  1253. 

(See  France;  Great  Britain;  Italy.) 

War  expenses,  5 — 725. 

( See  War.) 

GOVERNMENT  FINANCING. 

Duty  of  national  banks  to  support,  4 — 313. 

(See  Secretary  of  Treasury.) 

Bond  purchases  suspended,  6 — 445. 

Discussion  of,  6 — 1,  113,  213,  339,  445,  553,  661,  769, 
897,  1011,  1123,  1253. 

Plan  for  future,  6 — 113. 

GOVERNMENT  LOANS. 

(See  Allied  powers;  Foreign  Governments;  Foreign 
loans  placed  in  United  States;  Liberty  loans; 
United  States  bonds;  United  States  Treasury 
certificates.) 

GOVERNMENT  LOANS,  FOREIGN. 

Placed  in  United  States,  5 — 33,  34,  35,  101,  412,  845, 
1014;  6—901. 

GOVERNMENT  OFFICIAL  BULLETIN,  4—266. 

GOVERNMENT  POLICY,  GREAT  BRITAIN. 

Fiscal  policy,  5 — 117. 

GOVERNMENT  PROTECTION. 

Advertising  by  member  banks  of,  discouraged,  1 — 362; 
6 — 65. 


GOVERNMENT  RATES  ON  OFFICIAL  TELE¬ 
GRAMS. 

Federal  Reserve  Agents  and  Federal  Reserve  Banks 
entitled  to,  1 — 77. 

GOVERNMENT  REVENUES. 

(See  supra,  Government  expenditures.) 

(See  also,  Expenses,  United  States  Government; 
France;  Great  Britain.) 

GOVERNMENT  SECURITIES. 

Bank  holdings  of.  (See  Discount  and  open-market 
operations. ) 

Depreciation  charge,  5 — 26. 

Discount  rates  on  paper  secured  by.  (See  Discount 
rates.) 

Holdings.  Member  banks.  (See  Discount  and  open- 
market  operations;  Member  bank  condition  state¬ 
ments.) 

Investments  of  Federal  Reserve  Banks  in.  (See  Dis¬ 
count  and  open-market  operations;  Earning  assets; 
Resources  and  liabilities;  Total  investment  opera¬ 
tions;  War  paper.) 

Paper  secured  by.  (See  Discount  and  open-market 
operations;  Earning  assets;  Resources  and  liabili¬ 
ties;  War  paper.) 

Rediscount  in  excess  of  10  per  cent  limitation  of  paper 
secured  by — ■ 

Act  March  3,  1919,  amending  section  11  by  adding 
a  new  subsection  (m),  5 — 361,1055. 

(See  Act  of  March  3,  1919.) 

(See  Ten  per  cent  limitation.) 

(See  also,  Commercial  paper;  Investments;  Lib¬ 
erty  bonds;  United  States  bonds;  United 
States  one-year  Treasury  notes;  United  States 
Treasury  certificates.) 

GOVERNMENT  SUPERVISION,  6—65. 

(See  State  banks  and  trust  companies.) 

(See  supra,  Goverment  protection.) 

GOVERNOR  OF  FEDERAL  RESERVE  BOARD. 

Harding,  W.  P.  G. — 

Designated  as,  2 — 437. 

Redesignated  as,  3 — 659;  4 — 810;  5 — 821;  6 — 
782  (for  period  ending  August  10,  1922). 

(See  Harding,  Gov.) 

GOVERNORS  OF  FEDERAL  RESERVE  BANES. 

Acceptance  credits.  Report,  5 — 415. 

Acceptances,  abuse  of,  5 — 415. 

Aiken,  A.  L.  Resigns  as  governor  of  Federal  Reserve 
Bank  of  Boston,  4 — 5. 

Biggs,  D.  C.,  elected  governor,  St.  Louis,  5 — 201. 
Business  readjustment.  Conference  called  by  Presi¬ 
dent,  5 — 192. 

Calkins,  J.  U.,  elected  governor,  San  Francisco, 
5—530. 

Conferences — 

With  Federal  Reserve  Board  1 — 15,  47,  122,  356; 
2—52,  57, 152,  206,  437;  3—7,  347,  921;  4L-256, 
689;  5—313,  1112;  6-^55,  1123. 

Expenses  of,  2 — 57;  5 — 132,  722. 

Discount  rates.  Joint  conference,  Federal  Reserve 
Board  and  Federal  Advisory  Council,  5 — 313. 

Duties  of,  4 — 373. 

Expenses  of  conferences,  2 — 57;  5 — 132,  722. 

Federal  Advisory  Council,  joint  conference  with, 
5—313. 

Gold  settlement  fund.  Report,  1 — 82. 


128 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


GOVERNORS  OF  FEDERAL  RESERVE  BANKS— 

Continued. 

Hines,  Railroad  Administrator,  addresses  governors, 

5— 307. 

Joint  conference,  Federal  Reserve  Board  and  Federal 
Advisory  Council,  5 — 313. 

Kains,  A.  Resigns  as  governor  of  Federal  Reserve 
Bank  of  San  Francisco,  3 — 633. 

Lynch,  J.  K. — 

Elected  governor,  San  Francisco,  3 — 713;  4 — 5. 
Death  of,  5 — 530. 

McCord,  J.  A.  Resigns  as  governor  of  Federal  Reserve 
Bank  of  Atlanta,  5 — 201. 

Morss,  C.  A.,  elected  governor,  Boston,  4 — 5. 

Norris,  G.  W.  Elected  governor,  Philadelphia, 

6— 348. 

Passmore,  E.  P.,  resignation  as  governor,  Philadel¬ 
phia,  6 — 348. 

Railroad  Administrator  Hines  addresses  governors, 
5—307. 

Reports — 

Acceptance  credits,  5 — 415. 

Gold  settlement  fund,  1 — 82. 

Van  Zandt,  R.  L.,  elected  governor,  Dallas,  1 — 50. 
Wellborn,  M.  B.,  elected  governor,  Atlanta,  5 — -201. 
Wells,  Rolla.  Resignation  as  governor  of  Federal 
Reserve  Bank  of  St.  Louis,  5 — 201. 

Wold,  Theodore.  Resigns  as  governor  of  Federal 
Reserve  Bank  of  Minneapolis,  5 — 919. 

Young,  R.  A.,  elected  governor,  Minneapolis,  5 — 919. 

GOVERNORS  OF  STATES. 

Conference  with  the  President,  5 — 192. 

GRACE,  DAYS  OF. 

(See  Days  of  grace.) 

GRAIN. 

Financing  of.  Federal  Trade  Commission,  4 — 711. 
Receipts  and  shipments  of.  (See  Business  conditions; 
Physical  volume  of  trade;  Prices;  SaultSte.  Marie 
Canal.) 

GRAIN  CORPORATION. 

Food  Administration.  (See  Acceptances.) 

GREAT  BRITAIN. 

Acceptance  liabilities.  Eighteen  joint-stock  banks, 
5—561. 

(See  infra,  Ratio.) 

Acceptance  rates.  Increase,  6 — 955. 

After- war  trade.  Preparation  for,  4 — 1086;  5 — 114. 
After-war,  trade  and  industry.  Report,  5 — 114. 
Amalgamations,  Bank,  4 — 954. 

Anglo-French  loan,  6 — 901,  1129. 

Aid,  Government.  (See  Export  credits.) 

American  dollar  in.  Appreciation  of,  cuts  down 
our  exports,  5 — 194,  614,  816, 1011. 

Balance  of  trade — 

Adverse,  declining,  6 — 908. 

Lloyd-George,  5 — 816. 

With  Spain,  1913-1919,  5—1038. 

Bank  amalgamations,  4 — 954. 

Bank  credits  in  war,  5 — 323. 

Bank  deposits.  McKenna,  6 — 247. 

Bank  of  England.  (See  same.) 

Bank  of  Spain.  Credits  granted  to,  5 — 1040. 


GREAT  BRITAIN — Continued. 

Bankers  acceptances,  London,  5 — 21. 

Banking  conditions,  6 — 1069. 

Banking  facilities  of,  5 — 119. 

Banks  of  issue,  leading.  Condition.  (See  same,  Prin¬ 
cipal  heading.) 

Banks,  London.  Condition,  5 — 323. 

Banks  operating  in  Jamaica,  6 — 1039. 

Barclay  &  Co.  (Ltd.).  Condition,  1914-1919,  6 — 1045 
Bills  of  exchange.  Handling  of,  5 — 352. 

British  Board  of  Trade.  Export  credits,  6 — 1312. 
British  currency  committee.  Report,  4 — 1178,  5 — 7; 
6—141. 

British  currency  notes.  (See  infra,  Currency  notes.) 
British  exchequer  notes.  (See  same,  principal  head¬ 
ing-) 

British  Trade  Corporation,  5 — 120. 

Capital  issues,  New,  5 — 121. 

Chamberlin,  Austin.  Economic  conditions,  Europe, 

5— 815. 

Chancellor  of  exchequer.  Comments  on  Lord  Cun- 
liffe’s  report,  6 — 143. 

Chart.  Prices,  United  States  and.  1914-1918,5 — 546. 
Circulating  notes.  (See  infra,  Currency  notes.) 

Coal  production,  6—844,  1071,  1313. 

Coal  strike,  6 — 1311. 

Committee  reports.  (See  infra,  Reports.) 

Condition.  Five  London  banks,  1913-1918,  5 — 323. 
Conditions.  (See  infra,  Economic  conditions.) 
Consolidations,  bank,  4 — 954. 

Cost  of  living  in,  6 — 845,  957. 

1914-1920,  6—1072,  1203,  1313. 

Credit  expansion,  London  banks,  1913-1918,  5 — 323. 
Credit  system,  before  and  after  war,  5 — 117. 

Credits.  (See  infra,  Export  credits.) 

Credits  granted  to,  by  Bank  of  Spain,  5 — 1040. 
Cunliffe,  Lord — 

Financial  report,  4 — 1178;  5 — 7;  6 — 141. 

Chamberlain,  Austin,  on  report  of,  6 — 143. 

(See  infra,  Reports.) 

Currency.  Bank  deposits,  prices  and.  McKenna, 

6— 247. 

Currency  notes,  3 — 11,  330;  6 — 6,  843,  955,  1069,  1070, 
1199,  1312. 

Debt.  Floating,  6—1070,  1199,  1312. 

Debt  of.  (See  infra,  National  debt;  War  debt.) 
Deposits.  Note  circulation  and,  6 — 667, 1199,  1312. 

(See  Bank  of  England.) 

Decimal  system,  report  on,  5 — 126. 

Discount  rates,  New  York  and  London — 

Gov.  Harding  on,  5 — 106. 

1920,  6—1199,  1312. 

(See  Discount  rates.) 

Dollar  loans  to,  4 — 940. 

Economic  conditions  in.  Austin  Chamberlin,  5 — 815. 
Excess  profits  tax  in,  5 — 123. 

Exchange.  Pegging  of,  5—311,  525, 1038,  1039,  1110. 
Exchequer  notes — 

One  hundred  and  fifty  millions  placed  in  United 
States,  3 — 652. 

(See  British  exchequer  notes,  principal  heading.) 
Expansion,  credit.  London  banks,  1913-1918,  5 — 323. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


129 


GREAT  BRITAIN— Continued. 

Expenditures  of.  Report,  National  Commission, 

4— 179. 

Export  credits — 

Government  aid  to,  5 — 1012. 

British  Board  of  Trade,  6 — 1312. 

Exports  of  United  States  to,  cut  down  by  appreciation 
of  American  dollar,  5 — 1011. 

Exports  and  imports,  6 — 618,  669  (fiscal  year  1920), 
909,  910  (gold  to  United  States);  6 — 956  (value); 
6 — 1018  (gold  to  United  States');  6 — 1071,  1200  (to 
and  from  United  States);  6 — 1200  (to  France,  Bel¬ 
gium,  and  Italy);  6 — 1202,  1313  (value). 

(See  Exports;  Exports  and  imports.) 

Financial  facilities.  Report,  5 — 114. 

Financial  needs,  5 — 115. 

Foreign  exchange  rates — 

Buenos  Aires  on,  1914—1919,  6 — 598. 

Japan  on,  5 — 733. 

Madrid  on,  1914-1919,  5—1041. 

Great  Britain  on  Spain,  1913-1919,  5 — 1038. 

(See  London.) 

(See  Foreign  exchange  rates.) 

Foreign  exchange  situation.  Geddes,  Sir  Aukland, 

5— 1011. 

Foreign  trade.  (See  supra,  Exports  and  imports.) 
France.  Increase  in  prices  greater  than  in  Great 
Britain,  5 — 544. 

Geddes,  Sir  Aukland.  Foreign  exchange  situation, 
5—1011. 

Gold  production.  Report,  5 — 123. 

(See  infra,  Reports.) 

Gold  reserves,  central,  1913-1920,  6 — 1296. 

(See  Gold.) 

Gold  standard.  Report,  4 — 1178. 

Government  aid  to  exports,  5 — 1012,  1046. 

Hamlin,  Gov.  Explains  appointment  of  Paish  Com¬ 
mission,  1 — 50. 

Handling  of  bills  of  exchange  in,  5 — 352. 

Harding,  Gov.  New  York  and  London  discount  rates, 
5—106. 

(See  British  exchequer  notes,  principal  heading.) 
Import  restrictions.  Removal  of,  5 — 523. 

Investment  trusts,  6 — 1169. 

Iron  production,  6 — 1071,  1313. 

Issues  of  new  capital,  5 — 121. 

Jamaica.  Banks  operating  in,  6 — 1039. 

Japan.  Foreign  exchange  rates  on  Great  Britain, 
5-733. 

Joint-stock  banks.  Acceptance  liability  of  18,  5 — 561. 

Condition,  1914-1919,  6—375,  1044. 

Labor.  (See  infra,  Unemployment.) 

Liquidation  in,  5- — 104. 

Lloyd, -George.  Trade  balance,  5 — 816. 

Loans  of,  3 — 10,  349 

From  United  States,  3 — 424,  731;  4 — 279,  940,  1057 
to  1077;  5—33,  101,  957,  1014;  6—688,  901. 

Dollar  loans  by  United  States,  4 — 940. 

Placed  in  United  States,  5 — -33,101,1014;  6 — 687,901. 
Loans  to  other  countries,  5 — 1046. 

Loans,  war,  3—10,  349;  4—268  to  271,  940,  1057, 1062, 
1072;  5—33,  101,  1014;  6—887,  901. 

(See  Allied  powers.) 

37599°— 21 - 9 


GREAT  BRITAIN— Continued. 

London — 

New  York,  and,  discount  rates,  5 — 106. 

Silver  prices  in.  United  States  equivalent, 
1873-1918,  5—949. 

(See  also  London,  principal  heading;  Silver, 
principal  heading.) 

London  banks.  Condition  of  five,  5- — 323. 

McKenna.  Prices  and  bank  deposits,  6 — 247. 
National  debt  of,  3 — 10,  349. 

1913-1918,  4—268,  269,  270,  271,  1057,  1062,  1072. 
(See  infra,  War  debt.) 

National  Commission.  Report.  Expenditures  and 
prices,  4 — 179. 

National  Provincial  and  Union  Bank  (Ltd.).  Condi¬ 
tion,  1914-1919,  6—1046. 

Notes  in  circulation,  1914r-1919,  5 — 849;  6 — 903, 1312. 

(See  supra,  Currency  notes.) 

Ocean  rates.  British  shipowners  reduce,  5 — 192. 
Paish  Commission.  Explanation  of  appointment  of 
Gov.  Hamlin,  1 — 50. 

Paris  Bank  (London),  (Ltd.).  Condition,  1914-1919, 

6—1047. 

Pegging  of  exchange,  5 — 311,  525,  1038,  1039,  1110. 
Per  capita  taxation,  6—955. 

Pound  sterling  at  discount  in  Spain,  5—1039. 

Price  control,  1913-1919,  6 — 243. 

Prices  and  bank  deposits.  McKenna,  6 — 247. 

Prices  in — - 

1913-1918,  5—544,  546. 

Expenditures  and,  4 — 179. 

Increase  less  than  in  France,  5 — 476,  544. 

Increase  less  than  in  Italy,  5 — 476,  544. 
1913-1919,  6—166. 

1913-1920,  6—279,  388,  506,  616,  708,  905,  954, 
957,  1069,  1070,  1198,  1310. 

(See  Prices.) 

United  States — 

Divergence  from,  in  specified  articles,  5—544. 
Margin  greater  as  compared  with  United 
States  than  before  war,  5 — 543. 
Maximum  increase  of  prices  15  to  20  per  cent 
above  index  numbers  of  United  States, 
5—543. 

Rise  in — 

In  latter  part  of  1917  while  fairly  constant 
in  United  States,  5 — 543. 

Began  to  rise  one  year  earlier  than  in 
United  States,  5 — 543. 

Increase  higher  than  in  United  States, 
5—476. 

Decline  in,  6 — 1127,  1201. 

Production — 

Coal,  6—844,  906,  956,  1071,  1202,  1313. 

Gold.  Report,  5 — 123. 

Iron,  6—844,  906,  956,  1071,  1202,  1313. 

Steel,  6—844,  906,  956,  1071,  1202,  1313. 

Public  debt — 

(See  supra,  National  debt.) 

(See  infra,  War  debt.) 

Rates.  (See  supra,  Discount  rates;  Ocean  rates.) 
Ratio — 

Acceptance  liabilities  to  capital  and  surplus,  18 
joint-stock  banks,  5 — 561. 

Gold  and  silver  to  note  and  deposit  liabilities, 
5—849. 


130 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


GREAT  BRITAIN — Continued. 

Reports — 

British  currency  committee,  4 — 1178;  5 — 7;  6 — 
141. 

Chamberlain,  Austen,  on,  6—143. 

Decimal  system,  5 — 126. 

Financial  facilities,  5 — 114. 

Gold  production,  5 — 123. 

Prices  and  expenditures,  4 — 179. 

Trade  after  war,  4 — 1086;  5 — 114. 

Reserves.  ( See  same,  principal  heading.) 

Restrictions  on  imports.  Removal  of,  5 — 523. 
Russian  Soviet  Government  admits  liability  to  sub¬ 
jects  of,  6 — 1312. 

Ship  construction,  6 — 844,  906,  956,  1071,  1202,  1313. 
Shipowners  reduce  ocean  rates,  5 — 192. 

Silver — 

Holdings,  1914-1919,  5—849. 

London  prices,  United  States  equivalent,  1873- 
1918,  5—949. 

( See  Silver,  principal  heading.) 

Soviet  Government.  (See  supra,  Russian  Soviet 
Government.) 

Spain — 

Balance  of  trade  with,  1913-1919,  5 — 1037. 

Pound  sterling  at  discount  in  Spain,  5 — 1039. 

(See  Bank  of  Spain.) 

Steel  production,  6—844,  906,  956,  1071,  1202,1313. 
Sterling.  (See  Pound  sterling:  Sterling.) 

Tax.  (See  supra,  Excess  profits  tax.) 

Taxation.  Per  capita,  6 — 955. 

Trade  after  war,  5 — 114. 

Trade  agreement.  Russian  Soviet  Government, 
6—1312. 

Trade  balance.  Lloyd-George,  5 — 816. 

Trade  with  Spain,  5 — 1037. 

Treasury  bills  placed  in  United  States  since  August 
23,  1917,  4—940. 

Unemployment,  6 — 957,  1072. 

Union  of  London  and  Smith’s  Bank  (Ltd.).  Condi¬ 
tion,  1914-1919,  6—1047. 

United  States — 

Dollar  loans  to  Great  Britain,  4 — 940. 

Loans  to  Great  Britain,  3 — 424,  731;  4 — 279,  940, 
1057;  5—33,  101,  957,  1014;  6— 6S8.  901. 

War- 

Credit  system  before  and  after,  5 — 117. 

Financial  needs  of  trade  after,  5 — 115. 
Preparation  after,  4 — 1086. 

Trade  after,  5 — 114. 

War  debt,  3—10,  349;  4—269,  1057,  1062,  1072. 

(See  supra,  National  debt.) 

War  loans — 

(See  supra,  Loans.) 

(See  also  Bank  of  England;  London.) 

GREECE. 

Government  and  other  loans  placed  in  United  States; 
6—688. 

GREENBACKS. 

(See  Money.) 

GROCERIES,  WHOLESALE. 

Terms  of  sale,  5 — 1134. 

Net  sales  and  production,  6 — 1031. 


GROSS  DEPOSITS. 

Deductions  from,  by  member  banks — 

Balances  due  from  foreign  banks  can  not  be  de¬ 
ducted  from  balances  to,  5 — 963. 

Balances  due  from  other  banks  may  be  deducted 
from  balances  to  other  banks,  3 — 692. 
Balances  due  from  other  banks  may  include 
checks  on  banks  in  same  place  and  exchanges 
for  clearing  house,  3 — 692. 

Cash  on  hand  can  not  be  deducted  from,  3 — 614, 
692. 

Demand  deposits  can  not  be  deducted  from,  3 — 
692. 

Government  deposits,  except  postal  savings,  can 
be  deducted  from,  3 — 692. 

(See  Deposits;  Reserves.) 

GROSS  INCOME. 

Member  banks  may  exclude  from,  dividends  on  stock 
in  Federal  Reserve  Banks  for  internal -revenue 
taxation,  2 — 153. 

GROSS  RESOURCES. 

Banks  asked  by  Secretary  of  Treasury  to  set  aside 
weekly  1  per  cent  of,  for  purchase  of  United  States 
Treasury  certificates,  4 — 161. 

GROUND,  ORE  IN. 

Paper  based  on,  not  eligible,  1 — 126. 

GROUP  INSURANCE. 

Federal  Reserve  Banks.  Plan  for,  approved,  2 — 
590;  3—28. 

GROUPING  OF  MEMBER  BANKS. 

For  election  of  directors,  2 — 670;  4 — 1055,  1092. 

(See  Directors.) 

GROWTH. 

Acceptances,  1 — 52;  2 — 590,  669;  3 — 5,  6,  350,  581, 
664;  4—11,  402,  595,  602,  604,  855;  5—767;  6— 
559,  666. 

Discount  market,  4 — 259. 

Federal  Reserve  System,  4 — 3. 

(See  Federal  Reserve  System.) 

Of  production  during  war,  5 — 613. 

Public  debts,  4 — 1046. 

Resources.  (See  same.) 

(See  Review.) 

Trade  acceptances.  (See  Acceptance,  trade.) 

GUARANTEED  LOANS. 

International  Financial  Conference,  Brussels,  6 — 1131. 

GUARANTEED  PRICE  OF  WHEAT,  4—1088. 
GUARANTY. 

Bill  of  lading,  genuineness  of,  3 — 457. 

(See  Bill  of  lading.) 

By  a  national  bank  of  an  acceptance  made  for  it  by 
its  foreign  correspondent,  4 — 311. 

(See  however,  Volume  7,  Federal  Reserve  Bulletin, 
May,  1921,  page  168.) 

By  directors,  of  commercial  paper,  2 — 66. 

GUARANTY  COMPANY. 

(See  supra,  Acceptances;  National  banks.) 

(See  infra,  Guaranty  of  bank  deposits;  National  banks.) 
GUARANTY  FUNDS. 

New  York  savings  banks  may  invest,  in  bankers’ 
acceptances  and  bills  of  exchange,  4 — 525. 

GUARANTY  OF  BANK  DEPOSITS. 

Comptroller  of  Currency,  plan  for,  4r — 163. 

Federal  Advisory  Council  opposes,  4 — 490. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


131 


GUARANTY  OF  BANK  DEPOSITS— Continued. 
Federal  Reserve  Board  contemplates  no  plan  for, 

1— 51. 

Federal  Reserve  Board  opposes,  4 — 595. 

Harding,  Gov.  Attitude  toward,  4 — 596. 

National  banks — 

Can  contract  with  surety  company  for  insurance 
of  bank  deposits,  1 — 29,  51. 

Can  not  join  Nebraska  system  of,  1 — 109. 

GUARANTY  OF  EXPORT  CREDITS. 

International  Financial  Conference,  Brussels,  6 — 1130. 

GUARANTY  OF  INTEREST  RATES. 

Long-term  and  renewal  acceptances  are  practically  a, 

2— 587,  588  ;  4—259. 

GUARANTY  TRUST  CO.,  NEW  YORK. 

Foreign  loans  placed  in  United  States,  5 — 33. 

Reasons  for  joining  Federal  Reserve  System,  3 — S34. 

GUARDIAN. 

National  banks  can  not  act  as,  1 — 269;  4 — 744. 

GUATEMALA. 

Handling  of  bills  of  exchange  in,  5 — 346. 

H. 

HACKNEY,  W.  S. 

Appointed  class  C  director,  Boston,  and  designated 
Deputy  Federal  Reserve  Agent,  3 — 7. 

HAMBURG. 

(See  Germany.) 

HAMLIN,  C.  S. 

Addresses — 

American  Association  of  Accountants,  New  York, 
2—510. 

Bankers’  associations — 

Georgia,  2 — 261. 

South  Carolina,  2 — 309. 

Ohio,  2—510. 

Virginia,  2 — 309. 

Bankers’  Club  of  Cleveland,  2 — 261. 

National  Association  of  Credit  Men,  2 — 309. 

Pan  American  Financial  Congress,  1 — 136. 

Robert  Morris  Club,  2 — 309. 

California  trip,  1 — 49. 

Capital  Issues  Committee — 

Chairman  of,  4 — 364. 

Suspension  of  work  of,  announces,  5 — 18. 
Voluntary  committee,  Federal  Reserve  Board. 
A  member  of,  4 — 73,  77. 

Digest  of  Federal  Reserve  Act — 

First  edition,  1 — 15. 

Second  edition,  3 — S26;  4 — 1. 

Federal  Reserve  Bank  of  Atlanta.  Visits,  2 — 261. 
Federal  Reserve  Board.  Appointed  on,  for  10-year 
term,  2—437. 

Federal  Reserve  System.  Address  on,  1 — 136. 
Liberty  loan  tour,  3 — 429. 

Paish  Commission.  Explains  reasons  for  appointment 
of,  1 — 50. 

Pan  American  Financial  Congress.  Address  before, 
1—136. 

Statement.  Losses  through  issue  of  worthless  securi¬ 
ties,  5 — 18. 

(See  also  Capital  Issues  Committee.) 


HAMLIN,  TEXAS.  FIRST  STATE  BANK  OF. 

Reasons  for  joining  Federal  Reserve  System,  3 — 369. 

HAMS. 

Prices,  1914-1920,  6—1214. 

HARDING,  W.  P.  G.,  GOVERNOR. 

Acceptance  credits — 

Foreign,  2 — 587. 

Syndicate,  4 — 257. 

Acceptance  policy,  4 — 257. 

Acceptances,  2 — 587;  5 — 105. 

Acceptances.  Bankers’  and  trade,  5 — 105. 
Acceptances.  Financing  of  cotton  by,  4 — 602,  691, 
713, 

Act  of  September  7,  1916,  error  in,  2 — 508. 

Aid,  Government.  (See  infra,  Exports.) 

Addresses — 

American  Acceptance  Council.  Acceptances; 

open  discount  market,  5 — 105. 

American  Cotton  Manufacturers’  Association. 
Financing  of  cotton  by  acceptances,  4—595, 
602,  691. 

American  Institute  of  Banking.  Acceptances, 
2—587. 

Bankers’  conference.  Credit  expansion,  6 — 117. 
Birmingham  Business  Men’s  Convention. 
South’s  cotton  problem,  1 — 252. 

Birmingham  Chamber  of  Commerce.  Present 
cotton  situation,  2 — 160. 

Credit  expansion,  6 — 117. 

Federal  Advisory  Council — 

Expansion,  6 — 566,  579. 

Federal  Reserve  System  and  war.  Rate 
policy,  4—1175;  5 — 2. 

Financial  conference.  Credit  inflation,  6 — 579. 
Gold  policy,  5 — 8. 

International  Financial  Conference,  Atlantic 
City.  Long-term  credits  for  Europe,  5 — 1012. 
Liberty  loan  tour,  3 — 429. 

Massachusetts  Bankers’  Association.  Explains 
Federal  Reserve  Board  warning  against 
British  exchequer  notes.  Federal  Reserve 
System,  3 — 2. 

National  Association  of  Cotton  Manufacturers. 

Financing  of  cotton  by  acceptances,  4 — 713. 
New  York  State  Bankers’  Association.  Federal 
Reserve  System,  2 — 309. 

North  Carolina  State  Bankers’  Association. 

Crop  diversification,  3 — 159. 

Texas  Bankers’  Association.  Federal  Reserve 
System,  1 — 66. 

Amendments,  Federal  Reserve  Act.  (See  infra, 
Congress.) 

Bank  clerks — 

Deferred  classification,  4 — 597;  958. 

Exemption  from  military  service,  3 — 591. 

Bank  deposits.  (See  infra,  Interest.) 

Bank  deposits.  Guaranty  of.  Attitude  on  comp¬ 
troller’s  bill,  4 — 596. 

Banking  conditions.  (See  infra,  Discount  rates.) 
British  exchequer  notes.  Explanation  of  warning, 

3—2,  82,  236,  239. 

Call  loans.  (See  infra,  Congress.) 

Classification.  Deferred.  Bank  clerks,  4 — 958. 
Clearing  system.  Par  collections.  (See  infra,  Par 
collections.) 


132 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


HARDING,  W.  P.  G.,  GOVERNOR— Continued. 
Congress.  Communications  to — 

Call  loans,  6 — 345,  368. 

Discount  policy,  6 — 117,  239,  558,  582. 

Federal  Reserve  notes  and  currency  expansion, 
5—699. 

Par  clearings,  5 — 1113;  6 — 489. 

Senate  resolution.  Inflation.  Reply  to,  6-582. 
Speculative  activity.  Letter  to  Senator  Owen, 
5—1107. 

State  banks.  No  coercion  on,  to  join  clearing 
system,  6 — 489. 

Testimony — 

Amendments,  3 — 75. 

Foreign  exchange  bank,  4 — 724. 

Cotton  crop — 

Diversification,  3 — 159. 

Financing  of,  by  acceptances,  4 — 595,  691,  713. 
Financing  of  purchases  of,  4 — 602. 

Situation,  2 — 160. 

South’s  cotton  problem,  1 — 252. 

Credit  control,  6 — 116,  557,  579. 

Credit  expansion,  6 — 117,  557,  579. 

Credits.  Acceptance.  ( See  supra,  Acceptance 

credits.) 

Crops.  Diversification  of,  3 — 159. 

Currency  inflation.  Federal  Reserve  notes  and, 
5—699. 

Deflation.  ( See  infra,  Expansion.) 

Deposits.  ( See  infra,  Interest.) 

Deposits.  Guaranty  of.  ( See  supra,  Guaranty.) 
Discount  market.  Open,  5 — 106. 

Discount  policy,  4 — 1175;  6 — 117,  239,  558,  582. 
Discount  rates — 

Control  of  banking  conditions  through,  5 — 2,  524. 

( See  Effective  control;  Speculation.) 

London  and  New  York,  5 — 106. 

War  policy,  Federal  Reserve  Board,  4 — 1175; 
6—117,  582. 

Essential  loans,  6 — 904,  927. 

Europe.  Aid  to.  ( See  infra,  International  Financial 
Conference.) 

Exemption  from  military  service.  Employees, 
3—591. 

Expansion,  6 — -117,  340,  566,  579. 

Exports,  Government  aid  to,  5 — 1012. 

Federal  Advisory  Council,  addresses  before — 
Contraction,  6 — 566. 

Discountrate  policy, 4 — 1175;  5 — 2, 8;  6 — 117, 582. 
Federal  Reserve  conditions,  6 — 579. 

Federal  Reserve  Banks — 

Duty  of,  3—342. 

Visits  western,  2 — 152. 

Federal  Reserve  Board — 

Index  numbers  of,  4 — 811. 

Policy,  British  exchequer  notes,  3 — 2,  82  ,  236, 
239. 

Rate  policy,  4—1175;  6—117,  239,  558,  582. 

(See  supra,  Congress). 

Federal  Reserve  notes  and  currency  inflation,  5 — 699. 
Federal  Reserve  System — 

Operation  of,  1 — 66;  2 — 309. 

War  and,  3—588;  4—1175;  5—2,  8;  6—117,  582. 
Financing  of  cotton  purchases,  4 — 602. 


HARDING,  W.  P.  G.,  GOVERNOR— Continued. 
Foreign  acceptance  credits.  ( See  supra,  Acceptance 
credits.) 

Foreign  exchange  bank.  Opposes,  before  congres¬ 
sional  committee,  4 — 724. 

Foreign  Government  obligations,  investments  in.  (See 
supra,  British  exchequer  notes.) 

Free  gold  market,  5 — 8. 

Government  aid  to  exports,  5 — 1012. 

Governor  of  Federal  Reserve  Board — 

Designated  as,  2 — 437. 

Redesignated  as,  3 — 659;  4 — 810;  5 — 821;  6 — 782. 
Governors,  Conference  of.  Attends,  at  Boston,  2 — 437. 
Guaranty  of  bank  deposits.  Explains  attitude  on 
Comptroller’s  bill,  4 — 596. 

Inflation.  Address,  bankers’  conference,  6 — 117. 
Inflation.  Credit,  6 — 579. 

Inflation.  Currency.  Federal  Reserve  notes  and, 
5—699. 

Interest  on  bank  deposits,  4 — 160,  252,  285. 

(See  Interest.) 

International  Financial  Conference.  Atlantic  City. 

Long-term  credits  for  Europe,  5 — 1012. 
Investment  in  foreign  Government  obligations.  (See 
supra,  British  exchequer  notes.) 

Liberty  loan  trip,  3 — 429. 

Military  service.  Exemption  from,  for  employees, 
3—591. 

Open  discount  market,  5 — 106. 

Owen,  Senator.  Letter  to,  on  speculative  activity, 
5—1107. 

Par  clearings.  Letter  on,  5 — 1113;  6 — 489. 

Policy,  Federal  Reserve  Board — 

Discount  rates.  War,  4 — 1175;  6 — 117,  239, 

558,  582. 

Investment  in  foreign  Government  securities, 
3—2,  82,  236,  239. 

Price  of  wheat  guaranteed,  4 — 1088. 

Prices,  wholesale.  Letter  to  United  States  Bureau 
of  Labor  on  index  numbers,  4r— 811,  812. 
Reconstruction.  WTar,  5 — 2. 

Senate,  United  States.  (See  Congress.) 

Soldiers  bonus,  6 — 340. 

Southern  trip,  1 — 47. 

Speculative  activity.  Letter  to  Senator  Owen, 
5—1107. 

Speeches.  (See  supra,  Addresses.) 

State  banks.  No  coercion  on,  to  enter  clearing 
system,  6 — 489. 

Syndicate  acceptance  credits.  (See  supra,  Accept¬ 
ance  credits.) 

Testimony  before  committees  of  Congress — 
Amendments,  3 — 75. 

Foreign  exchange  bank,  4 — 724. 

Trade  acceptances,  4 — 602,  691. 

United  States  bonds.  Effect  on  3  per  cent  bonds  of 
issue  of  3£  per  cent  bonds,  3 — 341. 

United  States  Bureau  of  Labor.  Letter  to,  on  index 
numbers  and  prices,  4 — 811,  812. 

United  States  Treasury  certificates.  On  sale  of,  3 — 
342. 

War — 

Discount  rates  during,  4 — 1175;  6 — 117,  239, 
558,  582. 

Federal  Reserve  System  and  war,  3 — 588. 
Reconstruction,  5 — 2. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


133 


HARDING,  W.  P.  G.,  GOVERNOR— Continued. 

War  Finance  Corporation.  Appointed  managing 
director  of,  4—364. 

Wheat.  Guaranteed  price  of,  4—1088. 

HARDWARE. 

Terms  of  sale,  6 — 150. 

HARDWICK  AMENDMENT. 

( See  Exchange  charges.) 

HARDY,  C. 

Appointed  Class  C  director,  Richmond,  2 — 153. 

HARRIS,  B.  D. 

Trade  acceptances,  3 — 245. 

HARRISON,  G.  L. 

Appointed  general  counsel,  Federal  Reserve  Board, 
5—201. 

Elected  deputy  governor,  Federal  Reserve  Bank  of 
New  York,  6—782. 

HARTFORD,  W.  H. 

Elected  Class  B  director,  Atlanta,  3 — 7. 

HATS. 

Terms  of  sale,  6 — 808,  809. 

HAVANA. 

(See  Cuba.) 

HAWAII— 

Drafts  drawn  against  shipments  to  foreign  countries 
from,  not  subject  to  stamp  tax,  5 — 467. 

Federal  Reserve  Banks  can  not  discount  acceptances 
between  United  States  and,  1 — 91. 

Right  of  national  banks  to  exercise  fiduciary  powers 
b  in,  5—366. 

HAY— 

Acreage  and  production,  1918,  1919,  5 — 636,  737,  853, 
962,  1053;  6—1062. 

(See  Crop  conditions;  Physical  volume  of  trade; 
Prices.) 

HEATING  COMPANIES. 

Notes  of,  given  for  necessary  materials  or  supplies  are 
eligible  if  satisfactory  proportion  shown  of  cash 
and  accounts  receivable  against  current  liabili¬ 
ties,  3 — 949. 

HEATH,  W.  A. 

Appointed  Class  C  director,  Chicago,  3 — 7. 

HEDGING. 

Of  discounts  and  purchases  of  foreign  bills,  5 — 527. 

HELENA  BRANCH. 

(See  Annual  report,  page  38.) 

HELSINGFORS. 

(See  Foreign  exchange  rates.) 

HEMLOCK. 

Price,  1914-1920,  6—1213. 

HEPBURN,  A.  B. 

Elected  to  Federal  Advisory  Council,  5 — 201. 

HERSON,  J.  F. 

Appointed  chief  Federal  Reserve  examiner,  eastern 
division,  5 — 919. 

Appointed  Chief  of  Division  of  Examinations,  6 — 1134. 

HIBERNIA  TRUST  CO.,  NEW  ORLEANS. 

Reasons  for  joining  Federal  Reserve  System,  3 — 667. 

HIDES  AND  SKINS. 

Prices,  1914-1920,  6—1213. 

(See  Physical  volume  of  trade;  Prices.) 


HIGGINS,  E.  F. 

Appointed  assistant  chief  national  bank  examiner, 
Chicago,  3—748. 

HIGHWAY  OFFICIALS. 

(See  Capital  Issues  Committee.) 

HINES,  DIRECTOR  GENERAL  OF  RAILROADS. 

Addresses  governors  of  Federal  Reserve  Banks  on 
loans  on  certificates  of  Railroad  Administration, 
5—307,  308. 

HISTORY  OF  FEDERAL  RESERVE  SYSTEM, 

5—766. 

(See  Review.) 

HOARDED  CURRENCY. 

Coming  back  into  banks,  5 — 102,  197,  205,  616. 

HOARDED  FEDERAL  RESERVE  NOTES. 

Returning  to  banks,  5 — 102,  197,  205,  616. 

HOARDED  GOLD. 

Should  be  turned  into  banks,  5 — 126. 

HOARDED  MONEY. 

About  300  millions  of,  returned  to  banks  since  armis¬ 
tice,  5—102,  205,  616. 

HOARDING  OF  COMMODITIES. 

Federal  Reserve  resources  can  not  be  used  for,  5 — 1109. 

(See  Warehouse  receipts;  Speculation.) 

HOLD  OVER. 

Directors  can  not  hold  over  after  expiration  of  term, 
3—290. 

HOLDINGS  OF  PAPER. 

(See  Discount  and  open-market  operations.) 

HOLIDAY  PRESENTS. 

Use  of  gold  coin  for,  deprecated,  3 — 931,  951;  4 — 1216. 

HOLIDAY,  LEGAL. 

Extra  interest  should  be  charged  on  notes  falling  due 
on  a,  4 — 108. 

(See  Commercial  paper.) 

HOLIDAYS. 

List  of  Federal  Reserve  Banks,  2 — 68. 

HOLLAND. 

Foreign-exchange  rates — 

Berlin  on,  6—1076,  1319. 

Christiania  on  Amsterdam,  6 — 43. 

New  York  on  Amsterdam,  6—50. 

(See  Amsterdam;  Bank  of  Netherlands;  Foreign  ex¬ 
change;  Netherlands.) 

HOLLANDER,  J.  H. 

Article.  Bank  holdings  of  United  States  Treasury 
certificates,  4 — 845. 

HOLLIS  BILL. 

Federal  Advisory  Council  opposes  provisions  of,  per¬ 
mitting  farm-loan  bonds  as  security  for  Federal 
Reserve  Bank  loans  or  for  member  bank  accept- 
tances,  1 — 394  at  395. 

HONDURAS. 

Handling  of  bills  of  exchange  in,  5 — 348. 

HONGKONG. 

Foreign-exchange  rates.  New  York  on,  4 — 1199;  6 — 
1161. 

Gold  exports  to,  since  removal  of  embargo,  June  7, 
1919,  5—1016. 

(See  China;  Foreign-exchange  rates.) 

HONOLULU. 

Acceptance  in  trade  between  Honolulu  and  Calcutta, 
held  eligible  as  a  trade  but  not  as  a  banker’s  ac¬ 
ceptance,  1 — 404. 


134 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


HOOVER,  H. 

Credits  for  canners,  4 — 606. 

European  financial  situation,  G — 140. 

European  food  relief,  6 — 114. 

Suggests  loans  to  cattle  raisers  at  not  over  7  per  cent 
interest,  3 — 659. 

Wheat  prices.  Guaranty  of,  4 — 1088. 

HOSIERY. 

Terms  of  sale,  6 — 471. 

HOUSE  OF  REPRESENTATIVES. 

Report  Banking  and  Currency  Committee  on  amend¬ 
ments  to  Federal  Reserve  Act,  3 — 191. 

Report  of  committees  of,  on  bills  proposed  by  Comp¬ 
troller  of  Currency,  4—419  to  434. 

(, See  Congress.) 

HOUSING  AND  LIVING  CONDITIONS. 

Report  Federal  Reserve  Agent,  New  York,  5 — 632, 
1049. 

HOUSTON  BRANCH  BANK. 

Directors,  5 — 619;  6 — 61. 

(See  Branches.) 

HOUSTON,  D.  F. 

Appointed  Secretary  of  Treasury,  6 — 121. 

HOXTON,  W.  W. 

Appointed  executive  secretary  Federal  Reserve 
Board,  5 — 918. 

Appointed  secretary  Federal  Reserve  Board,  6 — 1134. 

HUNGARY. 

(See  Austria-Hungary;  Austro-Hungarian  Bank.) 

I. 

IDAHO. 

Laws  of — 

Acceptances,  3 — 530. 

Federal  Reserve  Bank  stock,  purchase  of,  1 — 150. 
Foreign  banking  corporations,  5 — 55,  56. 

Reserves,  3 — 772. 

List  of  State  member  banks,  4 — 92. 

State  banking  department  urges  State  banks  to  join 
Federal  Reserve  System,  3 — 599. 

IDENTIFICATION. 

Of  agricultural  paper,  2 — 67. 

Of  specific  goods  represented  by  acceptances,  1 — 405. 

ILLINOIS. 

Balances.  Reserve.  Of  State  banks  with  other  State 
banks,  1 — 368. 

Fiduciary  powers — 

No  specific  authority  for  national  banks  to  exer¬ 
cise,  but  Federal  Reserve  Board  will  issue 
permits,  2 — 523. 

Counsel  of  Federal  Reserve  Board  will  appear  in 
United  States  Supreme  Court  on  appeal  from 
decision  of  Illinois  Supreme  Court  holding 
section  11  (k)  unconstitutional,  2 — 28. 

Illinois  Supreme  Court  will  follow  decision  of 
United  States  Supreme  Court  in  Bank  v. 
Fellows.  Licenses  will  hereafter  be  given  to 
national  banks  to  exercise  fiduciary  powers, 
4—522. 

Laws  of — 

Acceptances,  3 — 530. 

Foreign  banking  corporations,  5 — 56. 

Warehouse,  1 — 261. 

List  of  State  member  banks,  4 — 92. 

Negotiable  instruments  act.  Has  adopted,  4 — 971. 


ILLIN  OIS — Continued. 

Supreme  Court  of.  (See  supra,  Fiduciary  powers.) 
Transfer  agent.  National  banks  can  not  act  as,  2 — 456. 

ILLUMINATING  OIL. 

(See  Prices.) 

IMMEDIATE  CREDIT  AT  PAR. 

Federal  Reserve  Bank,  New  York,  gives,  to  drafts  on 
Federal  Reserve  Bank  of  Richmond,  1 — 367. 
Federal  Reserve  Banks — 

Drafts  of  member  banks  on,  given  immediate 
availability  at  par,  3 — 78. 

Can  not  receive  on  deposit  bill  of  lading  drafts 
for  collection  and,  subject  to  final  payment 
when  drawn  on  demand,  sight,  or  upon  ar¬ 
rival  of  car,  4 — 436,  437. 

(See  Clearing  System.) 

IMPAIRMENT  OF  RESERVES. 

Penalties  imposed  by  Federal  Reserve  Banks,  1 — 12; 
2—314. 

Must  pay  draft  of  member  bank  although  reserves 
impaired,  1 — 12. 

IMPERIAL  RAW  SILK  CORPORATION,  JAPAN. 

Organization  of,  6 — 1207. 

IMPLEMENTS,  AGRICULTURAL. 

(See  Agricultural  paper.) 

IMPLIED  POWERS. 

Federal  Reserve  Banks,  1 — 104. 

IMPORT  ACCEPTANCES. 

(See  Acceptances,  export  and  import;  Acceptances, 
security.) 

IMPORT  RESTRICTIONS. 

Removed  by  Great  Britain,  5 — 523. 

Removed  in  part  by  France,  6 — 959. 

Sweden.  Gold,  4 — 1091. 

IMPORTATION. 

(See  Acceptances,  export  and  import.) 

IMPORTATIONS. 

(See  Acceptances,  export  and  import.) 

IMPORTER. 

(See  Acceptances,  export  and  import.) 

IMPORTERS’  REGISTRATION  CERTIFICATES. 

Ruling,  Foreign  Exchange  Division,  4 — 864. 

IMPORTS.  (See  also  Exports  and  imports.) 

Bureau  of.  Gives  general  blanket  license  for  im¬ 
ports  from  Canada  with  certain  exceptions, 
4 — 172. 

France  removes  restrictions  on,  in  part,  6 — 959. 

Gold.  (See  same,  principal  heading.) 

Great  Britain — 

Ceasing  to  peg  sterling  exchange  will  check  im¬ 
ports  into,  5 — 312. 

Checked  by  decline  in  foreign  exchange,  5 — 818, 

1011. 

Increase  of  imports  into  United  States,  5 — 1011. 

Lira  exchange.  Removal  of  restrictions  on,  will  check 
imports  into  Italy,  5 — 312. 

Sweden — 

Control  over  imports,  4 — 1091. 

(See  supra,  Import  restrictions.) 

IMPORTS  AND  EXPORTS. 

(See  Exports  and  imports.) 

IMPROVED  FARM  LANDS.  ; 

Definition,  3 — 618. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


135 


IMPROVEMENTS. 

Of  bank  premises,  charged  to  current  expense  account, 
5—26. 

Value  of,  as  part  of  value  of  farm  lands,  2 — 608. 

INADMISSIBLE  ASSETS. 

Definition  of.  Income  tax,  5 — 472. 

INCIDENTAL  POWERS. 

Federal  Reserve  Banks,  1 — 104. 

INCOME,  UNITED  STATES  GOVERNMENT. 

Will  equal  expenditures  in  fiscal  year  1920,  5 — 726. 
(See  Government  expenses.) 

INCOME  TAX.  (See  also  Stamp  tax;  Tax.) 

Deposit  of  receipts  from.  Secretary  of  Treasury, 
4r— 494. 

Discount.  Computation  of,  for  income  tax,  5 — 249. 
Dividends — 

Cash,  paid  to  enable  stockholders  to  subscribe 
to  new  stock  are  subject  to,  5 — 256. 

On  stock  of  Federal  Reserve  Banks  not  subject  to, 

2— 153. 

Paid  in  securities  or  other  property  in  which 
earnings  have  been  invested  are  subject  to, 
5—256. 

Stock  dividends  are  subject  to,  4 — 614;  5 — 256. 
Excess  profits  tax.  Stock  dividends  are  not  subject 
to,  in  hands  of  the  individual  stockholders, 

4— 614. 

Federal  Reserve  Banks.  Dividends  on  stock  in,  not 
subject  to,  2 — 153. 

France,  6 — 957,  958. 

Installment,  payments  by,  5 — 307,  407. 

Interest,  computation  of,  for  income  tax  payments, 

5— 249. 

Liberty  bond  I — 

Income  free  from,  and  from  excess  profits  tax, 

3 —  459. 

Stockholders  receiving  dividends  payable  in, 
are  subject  to,  3 — -601. 

Liberty  bond  II.  Income  from  not  in  excess  of 
$5,000  face  value  of,  is  not  subject  to,  3 — 930. 
Nonresident  aliens — 

United  States  bonds,  United  States  notes,  United 
States  Treasury  certificates,  and  War  Finance 
Corporation  bonds  are  exempt  from,  in  hands 
of,  5—226. 

Withholding  by  banks  of  income  tax  on  deposits 
of,  4—163. 

Secretary  of  Treasury  suggests  to  Congress  changes  in, 

4—600,  847;  6—341,  1253. 

(See  Secretary  of  Treasury.) 

Stock  dividends  subject  to  super  tax  in  hands  of 
individual  stockholders,  4 — 614;  5 — 256. 
United  States  Treasury  certificates.  Use  of,  in  pay¬ 
ment  of.  (See  United  States  Treasury  certifi¬ 
cates.) 

Yield  from  securities  after  deducting,  6 — 9. 

INCREASE  OF  CAPITAL,  NATIONAL  BANKS. 

(See  National  banks.) 

INCREASE  AND  DECREASE  OF  CAPITAL  STOCK. 

Federal  Reserve  Banks.  Minimum  capitalization  of 
four  millions  may  be  decreased  after  organiza¬ 
tion  without  losing  franchise,  2 — 207. 

Regulation  I,  1916,  2—541;  1917,  3—548. 

1920,  6—1187. 

INCREASE  OF  DISCOUNT  RATES. 

(See  Discount  rates.) 


INCREASE  OF  PRODUCTION. 

During  war  by  from  16  per  cent  to  18  per  cent,  5 — 613. 

INCREASE  OF  RESERVE  REQUIREMENTS. 

Federal  Reserve  Board  suggests  amendment  giving 
power  to  increase  reserve  requirements  of  member 
banks,  3—99,  102,  108. 

Federal  Advisory  Council  does  not  favor,  3 — 108. 
INCREASED  BANK  BALANCES,  5—101. 

INDEBTEDNESS,  CERTIFICATES  OF. 

Director  General  of  Railroads  addresses  governors  of 
Federal  Reserve  Banks  as  to  loans  on,  of  rail¬ 
roads,  5 — 307. 

Notes  secured  by,  of  railroads,  are  not  subject  to 
stamp  tax,  provided  the  par  value  is  not  less 
than  amount  of  the  notes,  5 — 566. 

INDEBTEDNESS,  UNITED  STATES  CERTIFI¬ 
CATES  OF. 

(See  United  States  Treasury  certificates.) 

INDEX. 

Collection  conditions.  Plan  to  obtain,  5 — 547. 
International  price  index,  description  of,  6 — 26,  499. 

INDEX  DIGEST. 

Federal  Reserve  Act,  by  C.  S.  Hamlin — 

First  edition,  1 — 15. 

Second  edition,  3 — 826;  4 — 1. 

Opinions  of  counsel  and  rulings  of  Federal  Reserve 
Board,  January  1,  1917-May  1,  1918,  4—571. 
Rulings  of  Foreign  Exchange  Division,  4 — 864,  973, 
1121,  1217;  5—469,  652,  653. 

Warehouse  laws  of  States,  1 — 260. 

INDEX  NUMBERS. 

Volume  of  trade,  5—77,  157,  267,  379,  484,  580,  670, 
753,  867,  974,  1067,  1164;  6—72,  174,  288,  398, 
516,  624,  714,  853,  968,  1086,  1216,  1330. 
1913-1920,  6—480. 

(See  Physical  volume  of  trade.) 

Wholesale  prices — 

Foreign  countries,  5 — 476,  543;  6 — 26,  164,  279, 
388,  476,  506,  543,  616,  708,  842,  954,  1069, 
1198,  1310. 

United  States,  4—504, 810, 1005, 1100, 1203;  5— 71, 
150,  261,  372,  479,  543,  574,  664,  747,  860,  969, 
1061,  1158;  6—30,  68,  165,  168,  280,  282, 
393,  499,  511,  611,  616,  666,  702,  712,  836,  850, 
962,  1081,  1210,  1260,  1325. 

United  States  and  foreign  countries,  5 — 476. 
During  the  war,  5 — 543. 

INDEX  NUMBERS,  FEDERAL  RESERVE  BOARD. 

Difference  between,  and  those  of  United  States  Bureau 
of  Labor,  6 — 1211. 

INDEX  OF  PRODUCTION. 

(See  supra,  Index  numbers,  volume  of  trade.) 

(See  Physical  volume  of  trade.) 

INDEXES. 

Banking  and  financial  conditions,  1918-1920,  6 — 479. 
Business  conditions,  4 — 491,  597,  697,  809,  1194;  6 — 
474. 

Babson,  5 — 331. 

Brookmire,  5 — 332. 

Canadian,  5 — 334. 

Mitchell,  5 — 336. 

Person,  5 — 333. 

Exports  and  imports  of  merchandise,  1913-1920,  6 — 
482. 


136 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


INDEXES — Continued. 

Foreign  trade,  6 — 694,  841,  953,  1068,  1197,  1309. 
Establishment  of,  6 — 694. 

Retail  trade,  6—53,  238,  377,  503,  614,  706,  839,  951, 
1066,  1195,  1307. 

Establishment  of,  6 — 53. 

INDIA. 

Bank  of  Montreal.  Sale  of  rupees,  5 — 917,  1016. 
Bombay.  Foreign  exchange  rates  on,  4: — 1199. 

(See  Foreign  exchange  rates.) 

British  India.  Branch  of  International  Banking  Cor¬ 
poration  in,  4 — 946. 

(See  Foreign  branches.) 

Calcutta. 

(See  same.) 

(See  infra,  Prices.) 

Council  bills.  Method  of  sale,  5 — 945. 

Credits.  India  and  other  foreign  countries  to  United 
States.  Assistant  Secretary  Leffingwell,  4 — 940. 
Currency  conditions  in.  Prior  to  and  since  war.  Re¬ 
port,  Royal  Commission,  5 — 945;  6 — 253. 
Currency  law.  New,  British  India,  6 — 1298. 
Currency  reform  in,  6 — 253,  1298. 

Federal  Reserve  Board  will  furnish  rupee  drafts,  3 — 
924. 

(See  supra,  Bank  of  Montreal.) 

(See  infra,  Rupee  drafts.) 

Foreign  exchange  rates,  New  York  on  Bombay,  6 — 50. 

(See  Foreign  exchange  rates.) 

Gold- 

Exports  to,  6 — 1018. 

Gold  reserve  against  rupees — 

1910-1920,  6—1297. 

1913-1920,  6—1296.  • 

Production  of  gold  in  India,  1909-1919,  5 — 19. 
Value  of  silver  in  rupee,  1873-1919,  5 — 949,  1050. 
Leffingwell,  Assistant  Secretary.  Foreign  exchange 
and  credits,  4 — 940. 

Monetary  system,  5 — 945. 

N  otes — 

Circulation,  5 — 950,  951. 

Ratio  reserves  to,  5 — 950,  951. 

Reserves,  5 — 950,  951. 

Prices,  Calcutta,  6—954,  963,  1069,  1079,  1209,  1310, 
1324. 

Royal  Commission.  Report,  1914.  Currency  and  sil¬ 
ver  conditions  in,  5 — 945. 

Rupee  drafts  on — 

Bank  of  Montreal,  5 — 917,  1016. 

Federal  Reserve  Board  will  furnish,  3 — 924. 
Secretary  of  Treasury  will  furnish,  3 — 924. 

Rupee  reserves,  6 — 1297. 

Rupees — 

Gold  value  of  silver  in,  1873-1919,  5 — 949,  1050. 
Federal  Reserve  Board  will  furnish  rupee  ex¬ 
change,  3 — 924. 

Sale  for  gold  at  Ottawa,  5 — 917,  1016. 

Securities  against  notes,  5 — 950. 

Silver.  Gold  value  of,  in  rupee,  1878-1919,  5 — 949, 
1050. 

Silver  bullion.  Shipments  to  India  of,  4 — 941. 
Silver.  Conditions  and  price  prior  to  and  since  war. 
Royal  Commission  Report,  5 — 945. 


INDIAN  FUNDS. 

No  bank  to.  be  rejected  as  depository  of,  because  it 
has  rediscounted  with  a  Federal  Reserve  Bank. 
Ruling,  Interior  Department,  2 — 266. 

INDIANA. 

Laws — 

Acceptances,  3 — 530. 

Fiduciary  powers,  national  banks,  1 — 150. 
Reserves,  3 — 772. 

Warehouse,  1 — 261. 

List  of  State  member  banks,  4 — 93. 

INDIVIDUAL  DEPOSITS. 

Balances  due  to  foreign  banks  are  to  be  classified  as, 
not  as  bank  deposits,  5 — 963. 

(See  Deposits;  Gross  deposits.) 

INDIVIDUAL  SUBSCRIPTIONS. 

To  United  States  Treasury  certificates,  4 — 1147. 

(See  United  States  Treasury  certificates.) 

INDORSEMENT. 

Acceptances — 

Acceptances  bearing,  in  blank,  can  change  own¬ 
ership  without  indorsement,  but  better  prac¬ 
tice  is  to  have  specific,  of  the  seller,  especially 
when  purchaser  is  not  quite  certain  as  to  gen¬ 
uine  character  of  signatures  on  the  bill,  4 — 
744. 

Hoped  that  ultimately  Federal  Reserve  Banks 
will  make  rule  to  buy  no  bankers’  acceptances 
not  bearing  at  least  three  responsible  sig¬ 
natures,  of  acceptor,  drawer,  and  indorser, 
4—744. 

(See  infra,  Indorsing  bank.) 

Allonge.  Note  containing  an  indorsement  on  sep¬ 
arate  piece  of  paper;  held  negotiable,  2 — 610. 

Bill  payable  to  order  of  drawee  not  negotiable  unless 
it  has,  of  drawee,  4 — 110. 

Bill  of  exchange.  (See  supra,  Acceptances.) 

Blank.  Indorsement  in  blank  passes  title,  but  better 
practice  is  to  require  a  specific  indorsement,  4r— 
744. 

Clearing  items,  2 — 314. 

Collateral  for  Federal  Reserve  notes  must  have,  1 — 
127,  363. 

Directors — 

Indorsement  by,  of  suspended  bank  may  be 
required  before  discounting,  2 — 66. 
Resolution  for,  as  to  discount  of  notes  signed  by, 
3—929. 

Drawee.  Bill  payable  to  order  of,  not  negotiable 
without  indorsement  of,  4 — 110. 

Enemy,  or  ally  of  enemy.  Travelers’  checks  not  over 
$100  bearing  indorsement  of,  may  be  paid  with¬ 
out  license,  4 — 11. 

Genuineness. _  Indorsement  of  bill  specifically  ex¬ 
empting  indorser  from  responsibility  for  validity, 
etc.,  of  accompanying  bill  of  lading  does  not 
affect  eligibility,  3 — 457. 

Member  bank.  Note  of,  for  90  days  used  for  carrying 
or  trading  in  United  States  obligations,  when 
indorsed  by,  is  eligible,  4 — 743,  863. 

Member  bank  collateral  note.  No,  of  collateral  nec¬ 
essary  if  already  in  negotiable  form,  2 — 685. 

Negotiable  instrument.  Indorsement  of  a,  is  “trade” 
under  trading  with  enemy  act,  3 — S51. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


137 


INDORSEMENT— Continued. 

Nonmember  bank — 

Ten  per  cent  limitation  of  section  13  does  not  ap¬ 
ply  to  indorsement  of  a  nonmember  bank  on 
paper  rediscounted  with  a  member  bank, 
4—520. 

Notes  of,  when  offered  and  indorsed  by  member 
banks  are  eligible  if  proceeds  used  for  carry¬ 
ing  or  trading  in  United  States  obligations, 
4—743. 

A  note  otherwise  eligible  is  not  made  ineligible 
because  it  bears  indorsement  without  re¬ 
course  of  a,  4—745. 

( See  Nonmember  banks.) 

( See  infra,  Rediscounts.) 

Quality  of  goods.  ( See  supra,  Genuineness.) 
Recourse,  -without.  ( See  supra,  Nonmember  bank.) 
Rediscounts— 

Indorsement  for  rediscount  creates  contingent 
liability,  and  customer  giving  note  ceases  to 
be  a  borrower  of  indorsing  bank,  whether  a 
member  or  nonmember  bank,  4—520,  638, 
867. 

( See  Borrower.) 

Require  only  simple  indorsement  of  member 
bank,  2 — 524. 

Statement.  Bills  drawn  in  foreign  countries  on 
American  acceptors,  2 — 111. 

Trade.  Indorsement  of  a  negotiable  instrument  is 
“trade”  under  trading  with  enemy  act,  3 — 891. 
Waiver.  Indorsement  operates  as  a,  2 — 524. 

Without  recourse.  Purchaser  takes  a  note  indorsed, 
subject  to  United  States  Revised  Statutes,  section 
5200,  4—34. 

INDORSER. 

Released  on  bill  payable  at  sight,  but  accepted  pay¬ 
able  in  three  months,  2 — 463. 

Presentment  for  acceptance  of  sight  draft  releases, 
4—109. 

INDORSING  BANK. 

Section  5202,  United  States  Revised  Statutes,  amended 
by  creating  another  exception.  Liabilities  cre¬ 
ated  by  the  indorsement  of  accepted  bills  payable 
abroad  and  discounted  at  home  or  abroad,  when 
actually  owned  by,  5 — 965,  966. 

INDORSING  BANK  OR  BANKER. 

Statement  as  to  financial  condition  of  acceptor  or 
drawer,  2 — 111. 

INDUSTRIAL  BOARD. 

Appointed  by  Secretary  of  Commerce  to  study  read¬ 
justment  of  price  conditions,  5 — 196,  246,  341,  344. 
Plan  of  price  stabilization,  5 — 341,  344. 

INDUSTRIAL  CONDITIONS. 

( See  Business  conditions.) 

INDUSTRIAL  CREDIT,  BELGIAN,  5—309. 

INDUSTRIAL  DEVELOPMENT. 

Capital  available  for,  5 — 102. 

INDUSTRIAL  LOANS,  FOREIGN. 

Placed  in  United  States,  5 — 33,  101,  845, 1014;  6 — 687, 
691,  901. 

(See  Foreign  loans.) 

INDUSTRIAL  READJUSTMENT,  5—192. 

(See  Business  readjustment.) 

INDUSTRIAL  TRANSITION  AND  PRICES,  5—104. 


INDUSTRIALS. 

(See  Capital  Issues  Committee.) 

INDUSTRIES. 

(See  Business  readjustment.) 

INDUSTRY. 

Business,  finance,  and,  6 — 783. 

(See  Business  conditions.) 

Federal  Reserve  Agents  on,  5 — 1017. 

Rationing  of.  Dr.  A.  C.  Miller  on,  4 — 922,  923. 

(See  Banking  and  industry  in  Switzerland;  Business 
conditions;  Conservation  of  credit;  Credit.) 

INELIGIBLE. 

Federal  Reserve  Bank  director  not,  to  serve  out  term 
on  redistricting,  1 — 103. 

Person  living  in  part  of  district  transferred  not  eligi¬ 
ble  for  appointment  as  director  in  district  from 
which  transferred,  2 — 607. 

(See  Acceptances;  Agricultural  paper;  Bankers  ac¬ 
ceptances;  Bills  of  exchange;  Commercial  paper; 
Eligible;  Exchange,  payable  in;  Farm  land  loans; 
Negotiable;  Ten  per  cent  limitation,  section  13.) 

INFLATION. 

Bank  credits,  5 — 306. 

British  Committee,  House  of  Commons,  on,  4 — 179. 

Contraction  necessary,  5—2. 

Credits.  Long-term.  (See  infra,  Long-term  credits.) 

Definition  of,  5 — 614. 

Discussion  of,  4—2,  79,  249,  928, 1047, 1167;  5—8, 102, 
409,  524,  614,  699,  813,  913;  6—113,  116,  217,  221, 
448,  553,  555,  665,  774,  897,  1013,  1124. 

Export  trade  securities,  when  purchased,  may  go  into 
banks  and  cause,  5 — 614. 

Federal  Reserve  Agents,  report  on,  5 — 1017. 

Federal  Reserve  notes  are  not  cause  of  inflation,  2 — 212; 
4—927. 

Federal  Reserve  notes  and  currency  inflation,  5 — 699, 
813. 

Government  bond  issues  and.  London  Economist, 
3—518. 

Harding,  Gov.,  address  on,  6 — 117. 

Inflation  less  than  supposed,  4 — 79,  1047  ;  5 — 102. 

International  financial  conference,  Brussels,  report 
on,  6—1277. 

Liquidation.  Real,  shown  by  test,  5 — 103. 

London  banks,  1913-1918,  5 — 323. 

London  Economist — 

Government  bond  issues  and,  3 — 518. 

Prices  and,  3 — 375. 

Long-term  credits.  Continuous  excess  of  exports 
paid  for  by,  will  cause,  5 — 528. 

Member  banks,  5 — 1010. 

Much  less  than  exists  abroad,  4 — 1167. 

New  York  banks,  5 — 1016. 

Notes.  Short-term  notes,  issued  in  lieu  of  long-term 
bonds  may  operate  to  increase,  5—190. 

Overexportation  and,  5 — 1014. 

Peace.  Inflation  after,  5 — 9. 

Prices  and  inflation.  London  Economist,  3 — 375. 

Prices.  High.  Inflation  of  bank  credits  and,  5 — 191, 
195,  310,  416,  524,  699,  814,  911. 

Prices.  Inflation  of,  5 — 8. 

Readjustment.  Inflation  should  be  guarded  against 
during,  5 — 523. 


138 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


INFLATION— Continued. 

Report  on— 

Federal  Reserve  Agents,  5 — 1017. 

International  financial  conference.  Brussels, 
6—1277. 

Short-term  notes  issued  in  lieu  of  long-term  bonds 
may  cause,  5 — 190. 

Test  of  inflation.  Shows  real  liquidation,  5 — 103. 
Victory  loan.  Inflation  will  continue  until  absorption 
of,  5—306. 

Victory  notes.  ( See  supra,  Short-term  Victory  notes.) 
Wars,  foreign.  Inflation  has  followed  almost  all, 
5—1015. 

World  condition  of  inflation,  5 — 2. 

(See  Credit  expansion;  Expansion;  Federal  Reserve 
notes.) 

INFORMATION,  CREDIT. 

Federal  Reserve  Banks  may  advise  member  banks  in 
advance  as  to  credit  of  borrowers  in  their  districts 

1— 347. 

INSOLVENT  BANKS. 

Payment  of  dividends  to,  1 — 267. 

Repayment  of  stock  subscriptions  to,  1 — 267. 

INSTALLATION,  COST  OF. 

Drafts  drawn  for  purchase  price  including,  of  electric 
and  mechanical  goods,  when  accepted  are  good 
trade  acceptances,  4 — 310. 

( See  Acceptances,  trade.) 

INSTALLMENT  SALES. 

Purchaser  on  installment  plan  accepts  a  bill  for  each 
installment,  before  delivery,  and  authorizes  seller 
to  fill  in  his  name  as  drawer  and  also  to  fill  in 
maturity  date  of  each  installment  as  it  falls  due. 
Held  a  valid  trade  acceptance  taking  preferential 
rate,  4 — 437. 

INSTALLMENTS. 

Payment  by — 

Excess  profits  tax,  5 — 407. 

Income  tax,  5 — 407. 

Liberty  Loan  IV,  5 — 100. 

Victory  loan,  5 — 407. 

Reserves.  Anticipation  of  last,  2 — 5,  668;  3 — 1, 101. 

( See  Reserves,  principal  heading.) 

Trade  acceptances  based  on.  ( See  supra,  Install¬ 
ment  sales.) 

INSTITUTE  OF  EXCHANGE. 

(See  Italian  Institute  of  Exchange.) 

INSTRUCTIONS. 

To  dealers  in  foreign  exchange,  4 — 185,  622. 

(See  Foreign  Exchange  Division;  Regulations.) 

INSTRUCTIONS,  SPECIAL,  NO.  1. 

Kern  amendment,  2 — 389,  392. 

INSTRUCTIONS,  SPECIAL,  NO.  2. 

Discount  and  open-market  operations,  2 — 529. 

INSURANCE. 

Currency  shipments  by  mail,  3 — 615;  5 — 27. 

Deposits.  (See  Guaranty  of  deposits.) 

Group,  Federal  Reserve  Banks.  Plan  approved, 

2— 590  ;  3—28. 

Unfit  notes,  1 — 306. 

INSURANCE  AGENT. 

Amendment  permitting  national  banks  to  act  as, 
2 — 440. 

Enacted  into  law.  Act  of  September  7,  1916, 
3—164. 


INSURANCE  AGENT— Continued. 

National  bank  officers  can  not  act  as,  2 — 73. 
Regulations,  3 — 164. 

INSURANCE  COMPANIES,  ENEMY  OR  ALLY  OF. 

Licenses,  Secretary  of  Treasury,  3 — 838. 

INSURANCE  COMPANIES. 

Report,  Foreign  branches  of,  5 — 637. 

INSURANCE  COMPANY. 

Casualty.  Draft  against  policyholder  for  premiums 
not  a  valid  trade  acceptance,  4 — 309. 

National  bank  officers.  Can  not  write  insurance  for, 
although  all  profits  given  to  bank,  2 — 73. 

(See  supra,  Insurance  agent.) 

INSURANCE,  GROUP. 

Federal  Reserve  Board  approves  plan  for,  2 — 590; 
3—28. 

INSURANCE  SURVEYS,  MARINE. 

Authorized  by  War  Trade  Board,  4 — 171. 

INTENTION  TO  EXPORT. 

(See  Acceptances;  Exportation  and  importation.) 

INTERBANK  LOANS. 

(See  Federal  Reserve  Bank  and  branch  cities.) 

INTER -FEDERAL  RESERVE  BANK  REDIS¬ 
COUNTS. 

(See  Rediscounts.) 

INTERDISTRICT  CLEARING  SYSTEM. 

(See  Clearing  system.) 

INTERDISTRICT  MOVEMENT. 

Federal  Reserve  notes,  1 — 351;  2 — 258,  435,  657; 
3—648,  914;  4—147,  472,  786,  1153;  5—176,  504, 
802,  1094;  6—202,  542,  881,  1241. 

INTERDISTRICT  TIME  SCHEDULES. 

Conference,  transit  managers,  4 — 1175. 

Approved  by  Federal  Reserve  Board,  6 — 746,  987. 

INTEREST.  (See  also,  Discount  rates.) 

Acceptances — 

Federal  Reserve  Banks  to  make  up  for  loss  of,  in 
collecting,  4 — 521. 

Renewal,  are  in  effect  a  guaranty  of  interest  rates, 
2—587,  588. 

Accrued — 

A  note  payable  on  demand  is  not  held  to  be 
renewed  and  subject  to  tax  when  accrued 
interest  is  paid  thereon,  3 — 950. 

United  States  bonds.  Allotment,  1 — 355,  356. 
Bank  deposits — 

Conference  with  clearing  houses  on,  6—3,  157. 
Federal  Advisory  Council.  Interest  on,  1 — 394. 
Federal  Reserve  Board — 

Against  high  rates  on,  4 — 690. 

Approves  New  York  plan,  4 — 285. 

Position  of,  4 — 362,  690,  806. 

Federal  Reserve  Bank  discount  rates.  Fixed 
with  relation  to,  4 — 690,  806. 

Resolution  of  clearing  house  representatives. 

Maximum  rate  of  2\  per  cent,  6 — 157. 
Harding,  Gov.  Statement  on,  4 — 160,  252,  285. 
History  of,  4 — 286. 

New  York  banks — 

Agreement,  4 — 253,  285. 

Approved  by  Federal  Reserve  Board,  4 — 285. 
New  York  Clearing  House — 

Resolution,  1858,  4 — 286. 

Resolution,  1873,  4 — 287. 

Resolution,  1884,  4 — 290. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


139 


INTEREST— Continued. 

Bankers’  acceptances.  Commercial  rates.  ( See  Fed¬ 
eral  Reserve  Bank  and  branch  cities.) 

Based  on  maturity  at  time  of  discount,  2 — 461. 

Bill  of  lading  drafts,  4 — 436,  437. 

Call  loans,  5—429,  524,  617,  1009. 

Federal  Reserve  Agent,  New  York,  report  on, 
6—369. 

Federal  Reserve  Board  to  Senate  on.  6 — 345,  368. 
Cattle  loans.  Commercial  rates.  ( See  Federal  Re¬ 
serve  Bank  and  branch  cities.) 

Collected  but  not  earned,  5 — 249. 

Commercial  paper.  New  York  market,  1914-1920, 

5- 429,  6—479,  941. 

Commercial  rates.  ( See  Federal  Reserve  Bank  and 
branch  cities.) 

Computation  of — 

Income  tax,  5 — 249. 

Method,  2—272,  457;  3—951. 

360-day  table,  2 — 457,  458. 

Notes  falling  due  on  Sundays  or  legal  holidays, 
4—108. 

Coupons,  Federal  Farm  Land  Banks,  to  be  paid  by 
Federal  Reserve  Banks,  4 — 435. 

Deposits,  bank.  ( See  supra,  Bank  deposits.) 

Earned  but  not  collected,  5 — 249. 

Federal  Advisory  Council.  Recommendations  on, 

6— 224. 

Federal  Farm  Loan  Board.  Interest  on  bonds  issued, 
5—129. 

Federal  Reserve  Agents.  R-e ports  on  rates  of,  6 — 571. 
Federal  Reserve  Bank  and  branch  cities.  Commer¬ 
cial  rates.  ( See  Same.) 

Federal  Reserve  Bank  discount  rates.  Interest  on 
bank  deposits  fixed  with  relation  to,  4 — 690,  806. 
Federal  Reserve  Board — • 

Against  high  rates  on  bank  deposits,  4 — 690. 
Approves  New  York  plan  for  interest  on  bank 
deposits,  4 — 285. 

Position  of.  Interest  on  bank  deposits,  4 — 362, 
690,  806. 

( See  supra,  Bank  deposits.) 

Federal  Reserve  notes.  Federal  Reserve  Board  not 
bound  to  charge  interest  on,  2 — 273. 

Foreign  securities.  Interest  on,  held  in  United 
States,  5 — 526. 

Guaranty  of.  Renewal  acceptances  are  in  effect  a, 
2—587,  588. 

Indorsement  of.  Not  a  renewal  subject  to  tax,  3 — 950. 
Interbank  loans.  Rates.  ( See  Federal  Reserve  Bank 
and  branch  cities.) 

Inter-Federal  Reserve  Bank  rediscounts.  Computa¬ 
tion  of — 

365  days,  4—109. 

360  days,  4 — 744. 

(See  Rediscounts.) 

Liberty  bonds.  Interest  lower  than  commercial  rates 
on  capital,  5 — 408. 

Liberty  Loan  IV,  5 — 100. 

New  York,  6 — 479,  941. 

Call  loans,  5—429,  524,  617,  1009;  6—369. 

New  York  Clearing  House.  ( See  supra,  Bank  de¬ 
posits.) 

New  York  market.  ( See  infra.  Rates.) 


INTEREST— Continued. 

Rates — 

Based  on  maturity  at  time  of  rediscount,  2 — 461. 
Equalization  of  New  York  and  Chicago  90-day 
rates,  4 — 691. 

Federal  Reserve  Board  against  high,  on  bank  de¬ 
posits,  4 — 690. 

Fixed  with  relation  to  Federal  Reserve  Bank  dis¬ 
count  rates,  4 — 690,  806. 

New  agreement,  6 — 157. 

New  York  market,  1918-1920,  5 — 429;  6 — 479, 
941,  942. 

(See  supra,  Bank  deposits;  Discount  rates.) 
Readjustment  to  new  rates  of  interest  return,  5 — 408. 
Rebate  of,  1—308;  2—461;  3—949. 

Resolutions  on.  (See  supra,  Bank  deposits.) 

Trade  acceptances,  payable  with  interest  after  matur¬ 
ity  for  delayed  payment  are  valid,  3 — 200. 
United  States.  Interest  payable  in,  on  our  holdings 
of  foreign  securities,  5 — 526. 

United  States  bonds.  Accrued  interest.  Allotments 
for  purchase,  1 — 355. 

Usurious  rates — 

Bill.  Comptroller  of  Currency,  4 — 428. 

National  banks,  3 — 292. 

Victory  loan,  5 — 100,  218. 

War  paper,  commercial  rates.  (See  Federal  Reserve 
Bank  and  branch  cities.) 

Warehouse  receipts — 

Commercial  rates  on  paper  secured  by.  (See 
Federal  Reserve  Bank  and  branch  cities.) 
(See  also  Acceptances;  Bills  of  exchange;  Dis¬ 
count  rates;  Rates;  Warehouse  certificates.) 

INTEREST-BEARING  DEBT,  UNITED  STATES, 

3—343;  4—268,  278,  1061;  5—225;  6—661,  1123. 
(See  Public  debt.) 

INTEREST,  CERTIFICATES  OF  EQUITABLE. 

In  a  note  are  not  eligible,  3 — 949. 

INTEREST,  USURIOUS. 

Bill,  Comptroller  of  Currency,  4 — 428. 

National  banks,  3 — 292. 

INTERIOR,  DEPARTMENT  OF. 

Deposits  of  Indian  funds  will  not  be  revoked  because 
banks  have  rediscounted  with  Federal  Reserve 
Banks,  2 — 266. 

Report  of  committee  of,  on  gold  production,  5 — 124. 

INTERLOCKING  DIRECTORS. 

(See  Clayton  Act.) 

INTERNAL  REVENUE,  COMMISSIONER  OF. 

(See  Commissioner  of  Internal  Revenue.) 

INTERNAL-REVENUE  TAX. 

(See  Excess-profits  tax;  Income  tax;  Stamp  tax;  Tax; 
War-profits  tax.) 

INTERNAL  WAR  LOANS. 

European  countries,  4 — 1070. 

(See  European  countries;  War  loans.) 

INTERNATIONAL  BALANCE,  UNITED  STATES. 

Analysis  of,  6 — 902. 

INTERNATIONAL  BANK. 

Proposed  by  International  Financial  Congress,  Brus¬ 
sels,  6—1130. 

Report,  6 — 1281. 


140 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN 


INTERNATIONAL  BANKING  CORPORATION, 
NEW  YORK. 

Branch  in  San  Francisco,  5 — 358. 

Business  and  branches  of,  4 — 944. 

Foreign  branches,  5 — 358,  562,  854,  962,  1050,  1154; 

6—273,  492,  607,  944,  1298. 

National  City  Bank,  New  York,  given  permission  to 
subscribe  to  stock  of,  4 — 937. 

INTERNATIONAL  CONTROL  OF  EXCHANGE. 

Proposed  by  International  Financial  Conference, 
Brussels,  6 — 1131. 

INTERNATIONAL  CREDITS. 

Resolution,  International  Financial  Conference,  6 — 
1286. 

INTERNATIONAL  FINANCIAL  CONFERENCE, 
BRUSSELS. 

League  of  Nations  issues  call  for,  6 — 1129. 
Proceedings,  reports,  and  resolutions,  6 — 1277-1293. 

INTERNATIONAL  FINANCIAL  SITUATION. 

Hoover,  H.,  on,  6 — 140. 

Secretary  of  Treasury  on,  6 — 139. 

INTERNATIONAL  GOLD  CLEARING  FUND. 

Pan  American  Financial  Congress,  5 — 198. 

INTERNATIONAL  GUARANTY  OF  EXPORTS. 

International  Financial  Conference,  Brussels,  6 — 1130. 

INTERNATIONAL  HIGH  COMMISSION. 

Gold  clearance  fund,  5 — 198. 

Report  of  checks,  4 — 518. 

INTERNATIONAL  LOAN. 

International  Financial  Conference,  Brussels,  6 — 131. 

INTERNATIONAL  PRICE  INDEX,  6—26,  164,  499, 
616,  712,  1310. 

INTERNATIONAL  TRADE  SYNDICATE. 

International  Financial  Conference,  Brussels,  6 — 1131. 

INTERPRETATION. 

Section  22,  Federal  Reserve  Act,  1 — 16. 

(See  Construction;  Section  22,  Federal  Reserve  Act.) 

INTERSTATE  COMMERCE  COMMISSION. 

Recommendations  of  Class  A  directors  to,  as  to  in¬ 
creased  railroad  rates,  6 — 581. 

INTRADISTRICT  CLEARING  SYSTEM. 

(See  Clearing  system.) 

INVESTIGATION. 

President  given  power  of,  of  any  transaction  in  United 
States  bonds  or  certificates,  4 — 961. 

(See  Trading  with  enemy  act.) 

INVESTMENT. 

(See  Permanent  investment.) 

INVESTMENT  BANKERS  ASSOCIATION. 

Cooperation  with  Capital  Issues  Committee,  4 — 263. 

INVESTMENT  COMPANY. 

New  York  banks  authorized  to  invest,  up  to  10  per 
cent,  etc.,  in  stock  of  any,  authorized  to  accept 
drafts,  discount  commercial  bills,  issue  letters  of 
credit,  etc.,  4 — 525. 

INVESTMENT  IN  BANK  BUILDINGS. 

Bill  of  Comptroller  of  Currency,  4 — 433. 

(See  Federal  Reserve  Banks.) 

INVESTMENT  CONDITIONS,  6—223,  452. 

(See  Business  conditions.) 


INVESTMENT  OF  TRUST  FUNDS. 

(See  Fiduciary  powers;  Trust  funds.) 

INVESTMENT  OPERATIONS. 

Federal  Reserve  Banks,  1 — 233;  2 — 251,  300,  363, 
425,  498,  578,  647,  719;  3—66,  76,  144,  225,  237, 
321,  415,  490,  500,  569,  644,  721,  819,  909,  982; 

4— 57,  141,  233,  346,  466,  557,  671,  781,  901, 
1028,  1144,  1242;  5—84,  165,  279,  389,  492,  590, 
680,  790,  882,  987,  1010,  1082,  1181;  6—89,  189, 
305,  412,  529,  640,  739,  869,  983,  1100,  1230, 
1347. 

INVESTMENT  PROBLEM. 

Long-term  credits  an,  and  not  a  banking  problem, 

5— 611. 

INVESTMENT  SECURITIES. 

Depression  in,  6 — 223. 

INVESTMENT  TRUSTS,  5—412,  413,  524,  525;  6— 
1168,  1169  (Great  Britain). 

INVESTMENTS. 

American,  abroad,  6 — 687,  777. 

Banks  in  United  States,  all,  5—838,  1010. 

Chart,  Federal  Reserve  Banks,  3 — 56. 

Domestic.  Condition  of,  5—527. 

Earnings  on.  (See  Discount  and  open-market  opera¬ 
tions.) 

Federal  Reserve  Banks.  (See  supra,  Investment 
operations.) 

Fiscal  year  1920,  6 — 669. 

Foreign  Government  securities — 

Warning  of  Federal  Reserve  Board  against  over¬ 
investment  in,  2 — 661;  3 — 2,  82,  236,  239. 
(See  British  exchequer  notes.) 

Foreign  investments  held  by  American  interests, 

6— 687,  777. 

Government  securities.  (See  supra,  Investment 
operations.) 

Member  banks,  4 — 664;  5 — 838,  1010;  6 — 726,  728. 
National  banks — 

1913- 1917,  4—337. 

1914- 1919,  5—782  ;  6—726,  727,  728. 

May  invest  in  mortgage  certificates  of  a  trust 
company  secured  "by  other  notes  in  turn 
secured  by  real  estate  mortgage.  If  mort¬ 
gage  certificate  is  secured  directly  by  real 
estate  mortgage  or  deed  of  trust,  limitations 
of  section  24  would  apply,  4—30. 

Loans  secured  by  farm  loan  bonds  are  not  real 
estate  loans  and  may  be  discounted  bv. 
4—635. 

(See  National  banks.) 

New  York  banks,  4 — 664,  1048. 

Reduction  in,  necessary  to  absorb  gold  imports 
3—76. 

Warrants — 

(See  Investment  operations.) 

(See  also  Discount  and  open-market  operations; 
Investment  operations;  Member  banks; 
National  banks. 

IOWA. 

Acceptance  laws,  3 — 530. 

Amendments  to  banking  laws,  5 — 567,  744. 

Federal  Reserve  Banks.  Laws  as  to  purchase  of 
stock  in,  1 — 150. 

Foreign  banking  corporations.  Laws,  5 — 56. 
List  of  State  member  banks,  4 — 93. 

Reserve  laws,  3 — 772. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


141 


IRON. 

Price,  Germany,  6 — 1318. 

Production,  Great  Britain,  6 — 1071,  1313. 

Terms  of  sale,  6 — 148. 

(See  Pig  iron.) 

IRON  AND  STEEL  PRODUCTS. 

Stabilization  of  prices.  Industrial  Board,  6 — 196, 
246,  341,  344. 

Terms  of  sale,  6 — 148. 

(See  Physical  volume  of  trade;  Prices;  Wholesale 
prices.) 

IRON  ORE. 

(See  Physical  volume  of  trade;  Prices;  Wholesale 
prices;  Sault  Ste.  Marie  Canal.) 

IRRIGATION  COMPANY. 

Paper  of,  is  eligible.  W’ater  is  “goods,”  section  13, 
6—949. 

IRVING  NATIONAL  BANK. 

Foreign  banking  development.  Article,  5 — 23. 

ISSUANCE  OF  CIRCULARS  AND  REGULATIONS. 
(See  Circulars  and  regulations.) 

ISSUE 

Banks  of.  Condition,  2 — 658;  3 — 234,  329,  500,  681, 
942;.  4—243,  267,  269,  375,  996,  1057,  1077,  1167; 

5— 140,  197,  294,  463,  648,  840,  849,  1007,  1200; 

6— 218,  485,  487,  488,  909,  1044,  1047,  1049,  1295. 
(See  Banks  of  issue,  leading.) 

Expense  of,  Federal  Reserve  notes,  2 — 12,  58,  59, 
71,  111,  219,  387,  595. 

(See  Federal  Reserve  notes.) 

Liberty  Bonds,  I  to  IV,  5 — 225. 

(See  same,  principal  heading.) 

Original  cost  of,  Federal  Reserve  notes.  (See  Federal 
Reserve  notes.) 

U.  S.  Treasury  certificates.  (See  same.) 

See  also  European  central  banks;  Federal  Reserve  ex¬ 
change  drafts;  Federal  Reserve  Bank  notes; 
Federal  Reserve  notes;  Foreign  banks  of  issue; 
France;  Great  Britain;  Italy;  Japan;  Leading 
banks  of  issue;  Liberty  loans;  United  States 
Treasury  certificates. 

ISSUE  AND  REDEMPTION,  FEDERAL  RESERVE 
NOTES. 

Regulation  O,  1 — 215;  3 — 667,  941. 

(See  Federal  Reserve  notes.) 

ISSUE  OF  STOCK  CERTIFICATES,  FEDERAL 
RESERVE  BANKS. 

Regulation  I,  1920,  6 — 1187. 

ISTHMUS  OF  PANAMA. 

Branch  of  International  Banking  Corporation  at 
Panama,  4 — 946. 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipments  between  the  continental 
United  States  and  the  Canal  Zone,  1 — 91. 
National  bank,  with  a  branch  on  Isthmus  of  Panama, 
may  loan  on  real  estate,  under  section  24,  if  situ¬ 
ated  within  100  miles  of  the  branch,  3 — 952. 
Shipment  from  territorial  United  States  to  the  Canal 
Zone  are  not  shipments  to  foreign  countries  and 
are  subject  to  stamp  tax,  5 — 467. 

ITALIAN  INSTITUTE  OF  EXCHANGE. 

Description  of,  4 — 594. 

Lira  exchange.  Regulations,  5 — 469. 

Regulations  of,  still  in  force,  5 — 469. 


ITALIAN  INSTITUTE  OF  EXCHANGE— Continued. 
Work  done  by,  5 — 847. 

(See  Foreign  exchange.) 

ITALY. 

Bank  of  Italy.  (See  same.) 

Bank  of  Naples.  (See  same.) 

Bank  of  Sicily.  (See  same.) 

Banking  and  economic  conditions,  1914-1919,  5 — 840. 
Banks  of  issue.  Condition,  6 — 218,  1297. 

(See  supra,  Issue.) 

Bread  subsidy,  6 — 1321. 

Bread  tax,  6 — 960. 

British  exports  and  imports  to  and  from,  6 — 1200. 
Budget,  6—489,  960,  1320. 

Cost  of  war,  5 — 845. 

Debt,  public,  3—349;  4—268,  277,  1061;  5—845;  6— 
489. 

Dollar  loans  to,  4 — 940. 

Expenditures  and  revenue,  6 — 1320. 

Exports  and  imports,  6 — 508. 

Fiscal  reform,  6 — 489. 

Foreign  exchange.  (See  Italian  Institute  of  Ex¬ 
change.) 

Foreign  exchange  rates — 

Berlin  on,  6 — 1076,  1319. 

Buenos  Aires  on,  6 — 598. 

London  on,  6 — 1070. 

New  York  on  Milan,  6 — 49. 

On  foreign  countries,  1914-1919,  5 — 846. 

(See  Foreign  exchange.) 

Gold  reserves,  1913-1920,  6 — 1296,  1297. 

Government  aid  to  foreign  commerce,  5 — 104S. 

Italian  Institute  of  Exchange.  (See  same.) 

Lira  exchange — 

Decline  in,  5 — 525. 

Federal  Reserve  Board  removes  all  restrictions 
on,  5—311,  469. 

Imports  restricted  by  condition  of,  5 — 311. 
Regulations  of  Italian  Institute  of  Exchange  still 
in  force,  5 — 469. 

Lira,  gold.  Percentage  of  appreciation  over  paper 
lira,  5 — 846. 

Loans  from  United  States  Government — 

1917-1919,  3—424,  731;  4—279,  1059,  5—33,  845, 
957,  6—688,  901. 

(See  Allied  powers.) 

Placed  in  United  States,  5 — 33;  6 — 688,  901. 
National  Institute  of  Foreign  exchanges.  (See  Italian 
Institute  of  Exchange.) 

Notes  in  circulation.  Three  banks  of  issue,  1914-1919, 
5—843. 

Notes,  Government,  1914-1919,  5 — 843. 

Price  control,  6 — 243,  246. 

Prices — 

1913-1920,  5 — 476,  544;  6—31,  166,  281,  391,  508, 
620,  711,  848,  959,  1080,  1210,  1320. 

Greater  increase  than  in  United  States  or  Great 
Britain,  5 — 544. 

Rose  earlier,  5 — 544. 

Public  debt.  (See  supra,  Public  debt.) 

Revenue  and  expenditures,  6 — 489,  960,  1320. 

Rome.  (See  same.) 

Taxation,  6 — 489,  960. 


142 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ITALY — Continued. 

United  States.  Government  and  other  loans  placed 
in,  5— 33;  6—688,  901. 

( See  supra,  Loans.) 

War  debt,  3—349  ;  4^268,  277,  1063,  1073;  5—845; 
6—489. 

ITEM. 

Cash  in  vaults  and  with  Federal  Reserve  Banks  may 
be  reported  as  one,  2 — 668. 

ITEM  BASIS. 

Charges  of  Federal  Reserve  Bank  of  Boston  on,  3 — 162, 
164. 

ITEMS. 

Cash  items — 

Bankers’  acceptances  to  be  handled  as,  4 — 371. 
Service  charges  for,  abolished,  4 — 371. 

Trade  acceptances  to  be  handled  as  collection  and 
not  as,  4—371. 

Check  items.  Trade  acceptances  to  be  handled  as 
collection  and  not  as,  4 — 371. 

Collection  items — 

Charge  of  15  cents  per  item  on  each  item  returned 
unpaid,  4 — 371. 

Service  charge  of  10  cents  abolished,  4 — 371. 
Trade  acceptances  to  be  handled  as,  4 — 371. 
Collection  of  items — 

Drawn  on  member  banks,  1 — 346. 

Voluntary  as  to,  by  national  banks  on  nonmem¬ 
ber  banks,  2—456. 

Of  items  not  covered  by  present  collection  sys¬ 
tem,  1 — 346. 

Federal  Reserve  Banks — 

May  require  depositing  nonmember  banks  to 
maintain  balances,  3 — 617. 

Must  receive  items  in  time  for  presentation 
at  maturity,  5 — 246. 

Size  of — 

Bank  discounts,  6 — 1017. 

Member  bank  collateral  notes,  6—1017. 

Reduction  in,  6 — 1018. 

( See  Discount  and  open-market  operations.) 
Uncollected  items.  ( See  Clearing  system;  Resources 
and  liabilities.) 

J. 

JACKSONVILLE. 

Branch  bank,  4 — 596,  695. 

Directors,  5 — 126;  6 — 61. 

Employees,  5 — 778. 

JAFFRAY,  C.  T. 

Elected  to  Federal  Advisory  Council,  5—201. 

JAMAICA. 

Banking  laws,  6 — 1039. 

Banks — 

British,  operating  in,  6 — 1039. 

Canadian,  operating  in,  6 — 1039. 

Operated  by  Government  of,  6 — 1039. 

Foreign  banking  in,  6 — 1039. 

Handling  of  bills  of  exchange  in,  5 — 462. 

JAPAN. 

Allies.  Credits  to,  6 — 732. 

Associated  banks  of  Tokyo.  Condition,  6 — 1078. 
Bank  of  Japan.  ( See  same.) 

Banking  and  economic  conditions  in,  5 — 731. 


J  APAN — Continued. 

Banks  of  issue.  Condition,  1913-1920,  6 — 488,  1077, 
1078. 

( See  Issue,  Banks  of.) 

Branch  of  International  Banking  Corporation  in,  4 — 
946. 

Capital  issues  in,  6 — 961. 

Cotton  yam.  Prices,  6 — 1077,  1208. 

Credits  to  allies,  6 — 732. 

Currency  expansion,  6 — 903. 

Foreign  exchange  rates  on  foreign  countries  and 
United  States,  1914-1919,  5—733;  6—903. 

Per  cent  of  parity  on  London,  6 — 903. 

Gold  exports  from  United  States  to,  since  removal  of 
embargo,  5 — 1016. 

Gold  reserves,  1913-1920,  6 — 1296. 

Imperial  Raw  Silk  Corporation  organized,  6 — 1207. 
Import  tariff,  6 — 1319. 

Imports  and  exports,  5 — 731;  6 — 509,  961,  1077,  1208, 
1320. 

Imports  of  gold  from  United  States,  5 — 731;  6 — 1018. 
Leading  banks  of  issue.  ( See  supra,  Banks  of  issue.) 
Loans  placed  in  United  States,  5—33;  6 — 688. 
London.  Foreign  exchange  rates  on,  5 — 733;  6 — 903. 
Per  cent  of  parity.  Foreign  exchange  rates  on  Lon¬ 
don,  6 — 903. 

Prices,  6—279,  506,  616,  708,  848,  905,  954,  960,  1069, 
1076,  1077,  1198,  1208,  1310,  1320. 

Silk- 

Imperial  Raw  Silk  Corporation  organized,  6 — 
1207. 

Prices  of  raw  silk,  6 — 1077,  1198,  1208. 

Silver  production,  1910-1918,  5 — 141. 

(See  also  Bank  of  Japan.) 

Tariff  law.  New,  6 — 1319. 

Tokvo.  Associated  banks  of.  Condition,  1914-1920, 
6—1078. 

United  States.  Government  and  other  loans  placed 
in,  5—33;  6—688. 

JAVA. 

Gold  reserves,  1913-1920,  6 — 1296. 

(See  Bank  of  Java.) 

JAY,  PIERRE. 

Appointed  Class  C  director,  New  York,  3 — 7. 

Call  loans,  6 — 369. 

Report  on  housing  conditions,  New  York,  5 — 632, 
1049. 

(See  Federal  Reserve  Agents.) 

JEWELRY. 

Terms  of  sale,  6 — 1032. 

JOHNSON,  A.  B. 

Elected  Class  B  director,  Philadelphia,  3 — 7. 

JOINT  AGENCIES. 

(See  Branch  banks;  Branches;  Federal  Advisory  Coun¬ 
cil;  Foreign  branches.) 

JOINT  BRANCHES. 

(See  Branches;  Federal  Advisory  Council;  Foreign 
branches.) 

JOINT  CUSTODY. 

Federal  Reserve  Agents  and  Federal  Reserve  Banks, 
3—615,  691. 

(See  Federal  Reserve  Agents.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


143 


JOINT-STOCK  BANKS. 

London.  Condition,  1914-1919,  6 — 1044. 

JOINT-STOCK  LAND  BANKS. 

Notes  of,  secured  by  their  own  bonds,  are  finance 
paper  and  not  eligible,  6 — 609. 

(See  Federal  land  banks.) 

JOINT  STOCK  OWNERSHIP. 

(See  Edge  Act;  Federal  Advisory  Council;  Foreign 
branches;  National  banks.) 

JONES,  BRECKENRIDGE. 

State  bank  membership,  3 — 596. 

State  banks  and  Federal  Reserve  System,  4 — 510. 

JUGO-SLAVIA. 

(See  Foreign  exchange  rates.) 

JURISDICTION. 

Conversion  of  a  State  bank  into  a  national  bank  does 
not  destroy  corporate  identity.  Jurisdiction 
simply  changes,  3 — 690. 

Limit  of.  (See  Capital  Issues  Committee.) 

Over  exports  of  gold  manufactures  transferred  to 
War  Trade  Board,  4 — 171. 

War  Finance  Corporation  has  no,  over  Federal  Reserve 
Banks,  4 — 1216. 

K. 

KAINS,  A. 

Resigns  as  governor,  Federal  Reserve  Bank,  San 
Francisco,  3 — 633. 

KANSAS. 

Acceptance  laws,  3—530. 

List  of  State  member  banks,  4 — 93. 

Reserve  laws,  3 — 774. 

KANSAS  CITY. 

Increase  in  local  bank  rates,  4 — 813,  814. 

KANSAS  STATE  BANKERS. 

Favor  amendment  to  section  22,  4—515. 

KENT,  F.  I. 

Appointed  foreign  exchange  adviser,  4 — 11. 

KENTUCKY. 

Accept.  State  banks  may,  4 — 526. 

Borrowing.  Discount  and  purchase  of  specified  com¬ 
mercial  paper  does  not  constitute,  under  loan 
limitations,  4 — 526. 

Examination  of.  (See  infra,  State  banking  com¬ 
mittee.) 

Federal  Reserve  Banks — 

Copies  of  State  examinations  may  be  given  to, 
4—315. 

Purchase  of  stock  in,  1 — 150. 

Federal  Reserve  System,  State  banks  may  join,  4 — 
315. 

Fiduciary  powers,  national  banks  may  exercise,  in, 
2—678. 

Laws — 

Acceptance,  3 — 530. 

Foreign  banking  corporations,  5 — 56. 

Reserves,  3 — 772. 

Warehouse,  1 — 261. 

Letters  of  credit,  State  banks  may  issue,  4 — 526. 

State  banking  committee.  May  accept  examinations 
by  Federal  Reserve  Banks  in  lieu  of  State  exam¬ 
inations,  4 — 315. 

State  banks,  authorized  to  accept  bills  and  issue 
letters  of  credit,  4 — 526. 


KERN  AMENDMENT. 

(See  Clayton  Antitrust  Act.) 

KETTIG,  W.  H. 

Appointed  Class  C  director,  Atlanta,  3 — 7. 

KITCHIN,  CLAUDE. 

Letters  of  Secretary  of  Treasury  to.  (See  Secretary  of 
the  Treasury.) 

KNIT  GOODS  MANUFACTURERS  OF  AMERICA. 

Production  report,  6 — 1145,  1275. 

KNIT  GOODS  PRODUCTION,  6—925,  1027,  1145, 

1275. 

KNIT  UNDERWEAR. 

Terms  of  sale,  6 — 472. 

L. 

LABOR. 

Acceptance  regulations.  Not  “goods  ”  under,  5 — 565. 
Coal  strike,  Great  Britain,  6—1198,  1311. 

Conditions  of,  5 — 11,  103,  111,  192,  195,  202,  410,  419, 
534,  535,  623. 

(See  Capital  Issues  Committee.) 

Demobilization  of,  5 — 111. 

Efficiency  of,  6 — 344. 

Readjustment  to  a  peace  basis,  5 — 11,  192,  195,  410. 
Strikes,  5—112;  6—1198,  1311. 

Unemployed,  5 — 103,  112,  192;  6 — 1072. 

Wages  of,  5—195,  202,  410,  535,  623. 

(See  Business  conditions;  Business  readjustment.) 
LACES. 

Terms  of  sale,  6 — 473. 

LAMONT,  T.  W. 

Appointed  to  represent  United  States  Treasury  at 
Paris,  5 — 108. 

LAND,  FARM. 

(See  Farm  land  loans.) 

LAW  DEPARTMENT. 

(See  Opinions  of  counsel.) 

LAWFUL  MONEY. 

Definition  of,  1 — 12. 

Deposits  of,  with  Federal  Reserve  agents,  to  reduce 
liability  on  Federal  Reserve  notes,  1 — 273. 

Shipments  of,  in  payment  of  clearing  items  may  be 
sent  by  clearing  banks  at  expense  of  Federal 
Reserve  Banks,  2 — 259,  456. 

(See  Clearing  system.) 

LAWS  OF  STATES. 

Acceptance  laws,  3 — 350,  529. 

Admission  to  Federal  Reserve  System,  1 — 150,  182, 
218,  263;  4—166,  315,  526,  978,  1081;  5—54,  56, 
366,  566,  658,  741,  743,  744,  859,  967. 

Fiduciary  powers,  1 — 150;  2 — 523,  678;  3 — 30,  528, 
529,  598,  697,  767. 

Foreign  banking  corporations,  5 — 54,  55;  6 — 1039. 
Reserves,  3 — 768. 

Warehouse  laws,  1 — 260. 

LEAD. 

Prices,  1914-1920,  6—1214. 

Terms  of  sale,  6 — 149. 

LEAD  ORES. 

(See  Prices.) 

LEADING  BANKS  OF  EUROPE. 

(See  infra,  Leading  banks  of  issue.) 


144 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


LEADING  BANKS  OF  ISSUE. 

Condition,  1914-1919,  2—659;  3—234,  329,  500,  6S1, 
942;  4—243,  267,  269,  375,  996,  1007,  1057,  1167; 

5— 140,  197,  294,  463,  648,  840,  849,  1007,  1200; 

6— 218,  485,  487,  488,  909,  1044,  1047,  1049,  1295. 

Gold  reserves,  1910-1920,  6—1295. 

LEAGUE  OF  NATIONS. 

Analysis  of  foreign  exchange  and  currency  situation, 
6—898,  901,  902,  903,  909. 

Issues  call  for  international  financial  conference, 
Brussels,  6 — 1129 

Tables.  Inflation,  6 — 903. 

(See  International  Financial  Conference,  Brussels; 
Peace  Conference.) 

LEATHER. 

Price,  1914-1920,  6—1214. 

(See  Prices.) 

LEATHER  MANUFACTURES. 

Terms  of  sale,  6 — 932. 

LEDGERS,  STOCK,  1—74. 

LEFFINGWELL,  ASSISTANT  SECRETARY. 

Foreign  exchange  and  credits,  4 — 940. 

LEGAL  EXPENSES. 

Federal  Reserve  Banks.  (See  Earnings  and  expenses.) 

LEGAL  HOLIDAY. 

Member  bank  collateral  notes  or  commercial  paper 
falling  due  on,  or  Sunday,  should  have  discount 
figured  for  one  or  two  days  more  or  less  according 
to  law  of  State,  4 — 108. 

LEGAL  TENDER. 

Gold  certificates  made.  Act  December  24,  1919, 
6—60. 

LEGAL-TENDER  NOTES. 

(See  Clearing  system,  reserve  balances;  Money;  Re¬ 
sources  and  liabilities.) 

LEMONS. 

(See  Physical  volume  of  trade;  Prices.) 

LEONARD,  C.  M. 

Appointed  to  War  Finance  Corporation,  4 — 364. 

LETTERS  OF  CREDIT. 

Removal  of  restrictions  on,  5 — 469. 

Travelers.  Ruling,  Foreign  Exchange  Division,  4 — 
973. 

(See  New  York  laws.) 

LEVER  ACT.  FOOD  CONTROL. 

Amendment,  5 — 967. 

(See  Act  August  10,  1917.) 

LIABILITIES. 

(See  Assets  and  liabilities;  Clearing  house  debit  state¬ 
ments;  Deposits;  Federal  reserve  notes;  Leading 
banks  of  issue;  Member  banks,  condition  state¬ 
ments;  Resources  and  liabilities.) 

LIABILITIES,  ACCEPTANCE. 

(See  Acceptance  liabilities.) 

LIABILITIES,  CANADIAN  CHARTERED  BANKS, 

5—1144. 

LIABILITIES,  CURRENT. 

Notes  of  public  service  corporations  for  purchase  of 
coal,  etc.,  are  eligible  if  statement  shows  reason¬ 
able  excess  of  quick  assets  over,  3 — 527,  949. 

LIABILITY. 

Acceptance.  (See  Same.) 

Cancellation  of.  Purchase  by  bank  of  own  accept¬ 
ance,  2 — 397. 


LIABILITY— Continued. 

(See,  however,  2 — 680  at  681.) 

(See,  also,  Acceptances;  Own  acceptances.) 
Contingent.  Rediscounts — 

Federal  Reserve  Banks.  (See  Resources  and 
liabilities.) 

Member  banks,  5—186,  299,  300,  301,  517,  518, 
519,  785,  904,  905,  908;  6—329,  438,  764,  1005. 
State  member  banks,  5 — 183,  184,  296,  297,  298, 
514,  515,  516,  906,  907;  6—329,  438,  764, 1005. 
Direct  liability  of  national  bank  guaranteeing  accept¬ 
ance  made  for  it  by  its  foreign  correspondent, 
4 — 311.  (See  Acceptances;  Guaranty.) 

(See,  however,  Volume  7,  Federal  Reserve  Bulletin, 
May,  1921,  page  547.) 

Double  liability.  National  banks  and  State  member 
banks  are  subject  to,  as  stockholders  under  Sec¬ 
tion  2,  Federal  Reserve  Act,  but  stockholders  of 
State  member  banks  are  not  so  liable,  1 — 273. 
Net  liability.  (See  Federal  Reserve  Bank  notes; 
Federal  Reserve  notes;  Net  deposits;  United 
States  Railroad  Administration.) 

Reduction  of,  Federal  Reserve  notes,  1 — 273,  363. 
(See  Federal  Reserve  notes.) 

State  member  banks.  Stockholders’ liability,  1 — 273. 
Stockholders’  liability — 

State  member  banks,  1 — 273. 

(See  also,  Acceptance  liability;  Net  deposit 
liability.) 

LIBERIA. 

Government  and  other  loans  placed  in  United  States, 
6—888. 

LIBERTY  BONDS. 

American  Bankers  Association.  Resolution,  3 — 438. 
Conversion  of,  3 — 341 ;  4 — 517. 

Coupons,  cashing  of,  4 — 13. 

Customer’s  paper  secured  by.  Commercial  rates. 

(See  National  Reserve  Bank  and  branch  cities.) 
Deposit  of  public  moneys  received  from,  4 — 494. 
Discount  rates  on  paper  secured  by,  3 — 425,  429,  497. 
Discounts  of  paper  secured  by.  (See  Act  of  Septem¬ 
ber  24,  1918;  Act  of  March  3,  1919;  Act  of  Octo¬ 
ber  22,  1919.) 

Federal  Reserve  Banks — 

Investment  in.  (See  Total  investment  opera¬ 
tions.) 

Telegrams  to  or  from,  in  connection  with,  paid 
by  Treasury,  3 — 439. 

Financing  of.  Method,  3 — 580,  599. 

Franking  privilege  not  accorded  to  Federal  Reserve 
Banks  in  connection  with,  3 — 439. 

Gold  coin.  Payment  for,  in,  6 — 454. 

Holdings — 

Member  banks.  (See  Member  bank  condition 
statement.) 

National  banks.  (See  National  banks.) 

Reduced  holdings,  5 — 1106. 

United  States,  all  banks,  5 — 942. 

Interest.  Commercial  rates  higher  than,  on,  5 — 408, 
Investigate.  President  given  power  to,  all  transac¬ 
tions  in,  4 — 961. 

Investment  in — 

(See  infra,  Savings  banks.) 

(See  Total  investment  operations.) 

Liberty  loan  committee,  personnel,  3 — 437. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


145 


LIBERTY  BONDS— Continued. 

List.  Lost,  stolen,  and  recovered,  4—515,  613,  740, 
859,  968,  1115,  1212. 

Loans  secured  by,  commercial  rates.  ( See  Federal 
Reserve  Bank  and  branch  cities.) 

Member  banks.  (See  supra,  Holdings.) 

Money  market.  No  disturbance  in,  3—920. 

National  banks — 

Loans  on  security  of,  o — 441. 

Subscriptions  and  work  done  by,  3 — 748,  749. 
New  York.  Withdrawal  of  funds  from,  3 — 653. 

New  York  banks  may  receive,  on  deposit  for  safe¬ 
keeping,  4 — 525. 

New  York  laws.  Notes  secured  by,  4 — 524. 
Nonmember  banks — • 

Eligibility  of  notes  of,  secured  by,  4 — 743. 
Member  banks  may  act  as  agent  of,  in  rediscount¬ 
ing  paper  in  connection  with,  3 — 497. 

Notes  of,  indorsed  by  member  banks  may  be  dis¬ 
counted  on  same  basis  as  90-day  paper,  if 
proceeds  are  to  be  used  for  purchase  or  carry¬ 
ing,  3 — 497. 

Rediscount  privileges  of,  3 — 426,  430,  509. 

(See  Nonmember  banks.) 

Notes  of  one  bank  to  another,  the  proceeds  to  be  used 
in  replenishing  withdrawals  of  deposits  for  pur¬ 
chase  of,  are  not  eligible,  3 — 954. 

Notes  secured  by — 

Commercial  rates.  ( See  Federal  Reserve  Bank 
and  branch  cities.) 

Eligibility  of,  3 — 457. 

Preferential  rate  on,  3 — 425,  429,  497. 

Preferential  rate  on  notes  secured  by,  3 — 425,  429,  497. 
President  of  United  States  urges  purchase  of,  4 — 483. 
Purchases  by  Treasury  suspended,  6 — 445. 

Rates.  Paper  secured  by,  3 — 425,  429,  497. 

Reserve  situation.  Effect  on,  3 — 577. 

Savings  banks — 

Assistance  to,  through  member  banks  in  case  of 
withdrawals  of  deposits  in  connection  with, 
3 — 498.' 

Investments  in,  4 — 856,  952. 

Short-term  notes  or,  5 — 303,  304. 

Taxation  of  income  from  investments  in,  3 — 459,  601, 
930. 

Treasury  suspends  purchases  of,  6 — 445. 

United  States.  ( See  supra,  Holdings.) 

War  paper.  Rediscount  of .  Act  March  3,  1919,  5 — 
361,  1055. 

War  savings  certificates— 

Relation  to,  4—164. 

(See  Discount  and  open-market  operations.) 

(See  "War  paper.) 

LIBERTY  LOAN  I. 

Act  April  24,  1917,  authorizes  issue  of,  3 — 345. 

Ad  interim  certificates,  No  charge  for  exchange  of, 
for,  3 — 600. 

Allotment,  3 — 506,  578. 

American  Bankers  Association  offers  services  in 
placing,  3 — 438. 

Book  credits.  Payment  of  subscription  by  banks  by, 
3 — 435. 

Cash  payments,  3—578. 

Circulars,  Treasury  Department,  3 — 432,  437,  505. 
Conversions  of,  4 — 22. 


LIBERTY  LOAN  I— Continued. 

Coupons.  Handling  of,  3 — 938. 

Credit  payments,  3 — 578. 

Distribution  of,  by  Federal  Reserve  districts,  3 — 506, 
578. 

District  committees.  List,  3 — 437. 

Exchange  of.  No  charge  for,  for  different  denomina¬ 
tions,  3 — 600. 

Exemption  from  tax,  3 — 459,  601,  930. 

Federal  Reserve  Bank  of  Chicago.  Circular  letter, 
3—437. 

Federal  Reserve  Bank,  New  York.  Effect  of,  on,  3 — 

577. 

Federal  Reserve  Banks.  Franking  privilege  not 
accorded  to,  3—439. 

Federal  Reserve  Banks.  Telegrams  of,  in  connection 
with,  to  be  paid  by  Treasury,  3 — 439. 

Federal  Reserve  Board.  Asistance  rendered— 

(1)  3  per  cent  rate  for  15-dav  member  bank  paper 
secured  by  Treasury  certificates,  3 — 497. 

(2)  34  per  cent  rate  for  90-dav  paper  for  purchase  of. 

(3)  Member  banks  authorized  to  act  as  agent  for 
nonmember  banks  in  rediscounting  paper  in 
connection  with,  3 — 497. 

(4)  One-day  rate,  2-^4  per  cent. 

(5)  Nonmember  bank  notes  indorsed  by  member 
banks  may,  until  July  15, 1917,  be  discounted 
at  90-day  rate,  if  accompanied  by  affidavit 
that  proceeds  were  used  for  purchase  of,  or 
carrying,  3—426,  429,  498,  509,  579. 

(6)  Savings  banks  and  trust  companies  promised 
assistance  in  case  of  withdrawal  of  deposits, 
3 — 498. 

Federal  Reserve  districts.  Distribution  by,  3 — 506, 

578. 

Financing.  Method  of,  3 — 436,  580,  599. 

Form  of  application,  3 — 436. 

Franking  privilege  not  accorded  to  Federal  Reserve 
Banks,  3 — 439. 

Harding,  Gov.  Tour  of  country,  3 — 429. 

National  banks — 

Subscriptions,  3 — 748,  749;  4—372. 

Work  done  by,  3—748,  749. 

New  York.  Withdrawal  of  funds  from,  3 — 653. 
Nonmember  banks,  rediscount  privileges,  3 — 426,  430, 
498,  509,  579. 

(See  Nonmember  banks.) 

Official  Bulletin.  Extracts  from,  as  to,  3—599. 
Oversubscribed,  3—505,  580,  599. 

Payments  for,  by  cash,  credit,  and  United  States 
Treasury  certificates,  3 — 578. 

Preferential  rates  on  notes  secured  by,  3 — 425,  429, 
457,  497,  509,  579. 

Rates,  paper  secured  by,  3—425, 429, 457, 497,  509, 579. 
Reserve  situation.  Effect  on,  3 — 577. 

Secretary  of  Treasury — ■ 

Tour,  3—429. 

(See  supra,  Circulars.) 

Subscribers.  Number  of,  3 — 497,  505,  599. 
Subscriptions  to,  3 —  497,  505,  580,  599. 

By  bank  credits,  3 — 435,  578. 

By  cash,  3 — 578. 

By  Federal  Reserve  districts,  3 — 506,  578. 
Methods  of  financing,  3 — 436,  580,  599. 

By  United  States  Treasury  certificates,  3 — 578. 


37599°— 21 - 10 


146 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


LIBERTY  LOAN  I— Continued. 

Tax.  Exemption  from,  3 — 459,  601,  930. 

Telegrams.  Cost  of,  paid  by  Treasury,  3 — 439. 
Treasury  Department — 

Circulars,  3-— 132,  437,  505. 

Telegrams  paid  by,  3 — 439. 

United  States  Treasury  certificates — 

Funded  into,  4 — 72. 

Payments  by,  3 — 578;  4 — 161. 

Withdrawal  of  funds  from  New  York,  3 — 653. 
LIBERTY  LOAN  II. 

Act,  September  24,  1917,  authorizes  issue  of,  3 — 749. 
Act,  September  24,  1918.  Supplementary  to,  4 — 961. 
Allotment  of,  3 — 917,  932. 

Cash,  payment  by,  3 — 919. 

Circulars,  Treasury  Department,  3 — 734,  932. 

Credit,  payment  by,  53  per  cent.  3 — 919. 
Distribution,  by  Federal  Reserve  districts,  3 — 932; 
4—484. 

Exemption  from  tax,  3 — 930. 

Money  market.  No  disturbance  in,  3 — 920. 

National  banks.  Subscriptions,  4 — 372. 

Payments — 

By  credit,  53  per  cent,  3 — 919. 

By  cash,  73  per  cent,  3 — 919. 

By  United  States  Treasury  certificates,  3 — 919. 
Plans  for,  3—729,  734. 

Secretary  of  Treasury — 

Against  increasing  interest  rates,  4 — 20. 

Offering  of,  3—729,  734. 

Shifting  of  funds,  4 — 7. 

Subscribers  should  not  sell,  4 — 19. 

Subscribers.  Number  of,  3 — 932. 

Subscriptions,  3 — 829,  917,  932. 

Terms  announced,  3 — 729,  734. 

Taxation.  Exemption  in  part,  3 — 930. 

United  States  Treasury  certificates.  Payment  by, 

3— 919. 

LIBERTY  LOAN  III. 

Act  April  4, 1918.  Text.  Authorizes  issue  of,  4 — 306. 
Anticipation  of,  United  States  Treasury  certificates 
issued  in,  4—72,  161,  359,  558. 

Banks  and.  Eighty  per  cent  paid  in  full,  4 — 484. 
Campaign  opened  April  6,  1918,  4 — 250. 

Cash.  Payment  by,  4 — 588. 

Credit.  Payment  by,  4 — 588. 

Federal  Reserve  Banks  and,  4 — 587. 

Oversubscribed,  4 — 359. 

Payments.  Cash,  credits,  United  States  Treasury 
certificates,  4 — 588. 

Subscribers.  Number  of,  4 — 359,  509. 

Subscriptions.  Federal  Reserve  districts,  4 — 484,  509. 
United  States  Treasury  certificates— 

In  anticipation  of,  4 — 72,  359,  485,  558. 

Issue  and  use  of,  4 — 485. 

Payments  by,  4—  588. 

LIBERTY  LOAN  IV. 

Act  September  24,  1918,  authorizes  issue  of,  4 — 613, 
961. 

Allotment,  4—1045,  1173. 

Announcement  of,  4 — 937. 

Anticipation  of.  United  States  Treasury  certificates, 

4— 801,  921,  1045,  1147. 


LIBERTY  LOAN  IV— Continued. 

Banks.  Operations  of,  4 — 1170. 

Campaign  begun,  September  28,  1918,  4 — 801,  937. 
Capital  Issues  Committee  will  approve  no  issues  pend¬ 
ing,  4—937. 

Distribution.  By  Federal  Reserve  districts,  4 — 1045, 
1173. 

National  banks.  Holdings,  5 — 441. 

Plan  for,  4—612. 

Preferential  rate,  4  per  cent  on  90-day  paper  seemed 
by,  4—922. 

Secretary  of  Treasury,  to  banks.  New  plan  for, 
4—612. 

Subscribers.  Number  of,  4 — 1045. 

Subscriptions.  By  Federal  Reserve  districts,  4 — 
1045,  1173. 

United  States  Treasury  certificates — 

Allotment,  4 — 588. 

In  anticipation  of,  4 — 1045. 

New  plan  for,  4 — 612. 

Subscriptions  to,  by  classes  of  institutions,  4 — 
921,  1147. 

Total  outstanding,  4 — 921,  1147. 

LIBERTY  LOAN  V,  VICTORY  LIBERTY  LOAN. 

Act  March  3,  1919.  Text,  5 — 225. 

Anticipation  of.  (See  United  States  Treasury  certifi¬ 
cates.) 

Circular,  5 — 303,  442. 

Conditions,  5 — 189,  303. 

Conversion  privileges,  5 — 443. 

Description  of  notes.  5 — 442. 

Financing  of.  Plan — 

Secretary  of  Treasury,  5 — 189,  218,  407. 

Ways  and  Means  Committee,  5 — 190. 

Holdings — 

Banks,  5 — 942. 

Reduced,  5 — 1106. 

Last  Liberty  loan  issue,  5 — 303. 

Notes.  Short-term,  in  lieu  of  bonds,  5 — 304. 
Secretary  of  Treasury,  statements,  5 — 190,  218,  303. 
Subscribers.  Number  of,  5 — 521. 

Subscriptions,  5 — 521. 

Tax  exemptions,  5 — 442. 

United  States  Treasury  certificates — 

In  anticipation  of,  5 — 99,  189,  225,  304,  407,  609, 
1105. 

Subscriptions  to  ten  issues,  5 — 609. 

Ways  and  Means  Committee.  Plan  of  financing, 5 — 
190. 

LIBRARY  OF  FEDERAL  RESERVE  BOARD. 

Books  received,  6 — 701,  834. 

(See  Federal  Reserve  Board  Library.) 

LICENSE,  BLANKET. 

Granted  for  imports  from  Canada  with  exceptions 
noted,  4 — 172. 

LICENSES,  EXPORTS  OF  COIN,  ETC. 

Act  June  15,  1917,  3—582. 

Proclamation,  3—583,  672,  737;  4—23,  499. 
Executive  order,  3—582,  861;  4 — 81,  499. 

Control  extended,  3 — 833. 

Exports  Administrative  Board.  Export  license  list, 
3—755. 

Exports  council,  3 — 582. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


147 


LICENSES,  EXPORTS  OF  COIN,  ETC— Continued. 
Federal  Reserve  Board — 

Delegated  to,  4 — 23,  81,  159,  499. 

Foreign  exchange,  4 — 76. 

Forms,  3—674,  675,  676. 

Instructions,  4 — 185, 499. 

Licenses  abrogated,  5 — 615,  653,  853. 

Lira  exchange,  4 — 624. 

List.  Articles  requiring,  3 — 583,  673,  755,  864. 
List  of  licenses  granted,  3 — 738,  739;  4 — 76,  499, 
501,  807;  5—640. 

Regulations,  3—736,  738,  739;  4—81,  500,  594, 
622. 

Rupee  exchange,  4 — 625. 

Silver  exports,  4 — 807. 

Spain.  License  to  export  gold  to,  4 — 365. 
Statement,  3 — 739. 

War  Trade  Board — 

Enemy  countries,  special  license,  5 — 365,  653. 
List  of  licenses  granted,  3 — 861,  865,  866;  4 — 1089. 

LICENSES  TO  INSURANCE  COMPANIES. 

Enemy  or  ally  of,  vested  in  Secretary  of  Treasury, 

3—838. 

LIGHT. 

Expense  of,  1918,  5 — 132. 

LIGHTCAP,  H.  B. 

Elected  Class  B  director,  New  Orleans  branch, 
2 — 438. 

LIGHTING  COMPANIES. 

Test  of  eligibility  of  paper  of,  3 — 527,  949. 

(See  Public  service  corporations.) 

LIKE  FACE  AMOUNT. 

Discounts  in  excess  of  10  per  cent  limitation  of  section 
5200,  under  acts  of  September  24,  1918,  and  Octo¬ 
ber  22,  1919,  must  be  secured  by  a  like  face 
amount  of  United  States  bonds  or  notes.  ( See 
Act  of  September  24, 1918;  Act  of  October  22, 1919.) 
Discounts  by  Federal  Reserve  Banks  in  excess  of  10 
per  cent  limitation  of  section  13,  under  act  of 
March  3,  1919,  must  be  secured  by  a  like  face 
amount  of  United  States  bonds  or  notes.  ( See 
Act  of  March  3,  1919.) 

LIMIT  OF  JURISDICTION. 

(See  Capital  Issues  Committee.) 

LIMITATION  ON  ACCEPTANCES. 

When  once  granted  permission  to  accept  up  to  100 
per  cent  no  additional  authority  necessary  each 
time  it  increases  its  surplus,  5—143. 

(See  Acceptances.) 

LIMITATION,  10  PER  CENT,  2—64,  113,  274,  457,  678, 
680;  3—28,  193,  286,  528,  691,  696.  879,  881;  4r-32, 
33,  34,  109,  163,  197,  638,  80S.  863,  867,  974,  1119; 
5—21,  143,  229,  253,  254,  361,  364  ,  468,  858,  1055, 
1157;  6—278,  495. 

(See  Ten  per  cent  limitation.) 

LIMITATION  ON  LOANING  POWER  OF  NATIONAL 
BANKS. 

Amendments  to  United  States  Revised  Statutes, 
section  5200.  (See  Act  of  September  24,  1918; 
Act  of  March  3,  1919;  Act  of  October  22,  1919.) 

LIMITS,  CHANGES  IN  GEOGRAPHICAL  LINES 
AND. 

(See  Changes,  Federal  Reserve  district  lines;  Redis¬ 
tricting.) 


LIQUIDATING  NATIONAL  BANKS. 

Deposits  for  redeeming  circulating  notes,  1 — 404. 
Stock  subscriptions.  Repayment  of,  3 — 457. 
Surrender  of  stock  in  Federal  Reserve  Bank  should 
be  made  as  soon  as  accounts  can  be  adjusted, 

4 —  201 ;  5—53. 

(See  National  banks;  Charters,  new.) 
LIQUIDATION. 

Accrued  dividends.  Right  of  bank  in,  to,  3 — 117. 
Cancellation  and  repayment  of  capital  stock,  2 — 119; 
3 — 457. 

Comptroller  of  Currency.  Bill  recommended  by,  for 
sale  of  bonds  to  redeem  circulation  of  banks  in 
voluntary,  4 — 425. 

Dividends.  Federal  Reserve  Banks  may  pay,  on 
stock  owned  by  national  banks  in  liquidation  up 
to  date  of  application  for  surrender  and  cancella¬ 
tion  of  stock  if  not  unreasonably  delayed,  4 — 201. 
National  bank  buying  assets  in,  of  another  national 
bank  not  entitled  to  transfer  of  its  stock  in  Federal 
Reserve  Bank,  3 — 199. 

Necessity  for.  Federal  Reserve  Banks,  4 — 9,  1164. 
Sale  of  bonds  to  secure  circulation,  2 — 170. 

State  banks  and  trust  companies,  6 — 62,  833,  1300. 

(See  State  banks  and  trust  companies.) 

Stock  subscriptions.  Repayment  of,  3 — 457. 
Surrender  of  capital  stock  in  Federal  Reserve  Bank — 
By  bank  in,  4—457. 

(See  National  banks.) 

LIQUIDITY. 

British  exchequer  notes.  (See  same.) 

Foreign  acceptance  credits.  Gov.  Harding,  2 — 587. 
Renewal  acceptances.  (See  Acceptances,  renewal; 
Renewal  notes.) 

LIRA  EXCHANGE. 

Decline  in,  5 — 525. 

Federal  Reserve  Board  removes  restrictions  on, 

5—311,  469. 

Will  restrict  imports  into  Italy,  5 — 311. 

Italian  Institute  of  Exchange — 

Methods  and  regulations,  4 — 624. 

Regulations  of,  still  in  force,  5 — 467. 

(See  Italian  Institute  of  Exchange;  Italy.) 

LIRA,  GOLD. 

Percentage  of  appreciation  over  paper  lira,  Italy, 

5— 846. 

LIST. 

American  Foreign  Banking  Corporation.  Stock¬ 
holders,  4 — 736. 

Banks  joining  Federal  Reserve  clearing  system. 

(See  Clearing  system.) 

Banks  operating  in  foreign  trade,  4 — 736. 

Capital  Issues  Committee.  Decisions,  4 — 494. 

Federal  Advisory  Council.  Members,  2 — 53. 

Foreign  branches,  American  banks.  (See  Foreign 
branches;  List.) 

Nonmember  banks.  (See  Clearing  system.) 

Par  list.  (See  Clearing  system.) 

Preference  list,  War  Industries  Board,  4 — 931. 

State  member  banks.  (See  State  banks,  admitted.) 
United  States  Liberty  bonds,  lost,  stolen,  and  re¬ 
covered,  4r— 515,  613,  740,  859,  968,  1115,  1117, 
1212. 

War  Finance  Corporation,  loans,  4 — 691. 


148 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


LISTING  OF  CAPITAL  ISSUES. 

(See  Capital  Issues  Committee.) 

LITTLE  ROCK,  ARK. 

Branch  bank,  4—1056;  5—126,  779;  6—61. 

LIVE  STOCK.  BASED  ON,  1—72;  3—616. 

LIVE  STOCK.  LOANS  BY  NATIONAL  BANKS 
ON. 

(See  Act  of  October  22,  1919.) 

LIVE  STOCK.  RECEIPTS  AND  SHIPMENTS. 

(See  Physical  volume  of  trade.) 

LIVE  STOCK  MORTGAGES. 

(See  Agricultural  and  live  stock  paper.) 

LIVE  STOCK  PAPER. 

(See  Agricultural  and  live  stock  paper.) 

LIVING  CONDITIONS,  NEW  YORK. 

Report,  Federal  Reserve  Agent,  5 — 632,  1049. 

LLOYD-GEORGE. 

On  adverse  trade  balance.  Great  Britain,  5 — 816. 

LLOYD  S  BANK,  LIMITED. 

Condition,  1914-1919,  6—1045. 

LOAN  AGENCIES,  CATTLE,  4—832. 

LOAN,  ANGLO-FRENCH,  6—901,  1129. 

LOAN  AND  TRUST  COMPANIES. 

Deposits,  1900-1914,  1—235. 

(See  Deposits.) 

LOAN  ASSOCIATIONS. 

(See  Building  and  loan  associations;  Savings  and  loan 
associations.) 

LOAN  CERTIFICATES. 

(See  United  States  Treasury  certificates.) 

LOAN,  INTERNATIONAL. 

Suggested  by  International  Financial  Conference, 
Brussels,  6 — 1131. 

LOANS,  AGRICULTURAL. 

(See  Agricultural  paper.) 

LOANS. 

Agricultural.  Great  increase  in,  by  Federal  Reserve 
banks  and  member  banks,  6 — 1124. 

Allies,  United  States  to.  (See  infra,  United  States.) 
Argentine  banks,  4 — 739. 

Bank.  United  States,  1914-1919,  5 — 838. 

Call  loans.  (See  same.) 

Cattle,  commercial  rates.  (See  Federal  Reserve 
bank  and  branch  cities.) 

Classification  of — 

Essential  and  nonessential,  4 — 261. 

Member  State  banks  and  trust  companies,  4 — 800, 
920;  5—187,  406,  520,  1007;  6—333,  444,  766, 
1007. 

Collateral.  Commercial  rates.  (See  Federal  Reserve 
Bank  and  branch  cities.) 

Commercial  rates  on.  (See  Federal  Reserve  Bank 
and  branch  cities.) 

Conservation  of  bank,  4 — 935,  936. 

Curtailment  of,  4 — 935. 

Customers’  paper,  commercial  rates.  (See  Federal 
Reserve  Bank  and  branch  cities.) 

Directors,  loans  to,  3 — 694. 

Form  of  resolution,  3 — 614,  929. 

Discounts  of  own  acceptances  are.  (See  Acceptances; 
Own  acceptances.) 

Essential  and  nonessential,  4 — 261;  6 — 927. 


LOAN  S — Continued . 

Excess  loans.  (See  same.) 

Expansion  of  loans,  5 — 1010. 

(See  Expansion;  Inflation.) 

Export.  (See  War  Finance  Corporation.) 

False  statements.  Bill,  Comptroller  of  Currency, 
4r— 424. 

Farm  land  loans — 

Regulation  G,  1920,  6 — 1185. 

(See  same;  Real  estate  loans;  Farm  loan  bonds.) 
Federal  Reserve  Banks.  (See  Discount  and  open- 
market  operations.) 

Foreign.  (See  Foreign  loans.) 

Foreign  war  loans  of  belligerent  countries.  (See 
Allied  powers.) 

Government  loans  of  European  central  banks,  1914- 
1917,  3—942. 

(See  European  central  banks.) 

Interbank,  commercial  rates.  (See  Federal  Reserve 
Bank  and  branch  cities.) 

Liberty  bonds,  loans  on.  National  banks,  1914-1919, 
5—306,  780,  782. 

(See  National  banks.) 

Member  banks.  (See  same.) 

Methods  of  city  banks  in  making,  to  correspondents, 
6—584. 

Movement  of,  6 — 920. 

National  banks,  1910-1916  ,  2 — 506. 

On  Liberty  bonds,  1914-1919,  5—306,  780,  782. 
Usurious  loans,  3 — 292. 

(See  National  banks.) 

New  York  banks,  loans  secured  by  stocks  and  bonds 
expanding,  5 — 1016. 

(See  New  York  banks,  principal  heading.) 
Nonessential  loans,  4 — 261. 

Real  estate  loans.  (See  National  banks;  Real  estate 
loans.) 

Spanish  war  loans,  3 — 343. 

Speculative  purposes,  3 — 456;  5 — 311,  523,  524,  536, 
617,  618,  858,  1009,  1010,  1015,  1024,  1026, 
1028,  1107,  1108,  1109;  6—66,  277,  342,  446, 
554,  555  ,665,  774,  897,  1012. 

(See  same.) 

State  banks  and  trust  companies.  Member.  Classifi¬ 
cation  of  loans,  4 — 800,  920  ;  5 — 187,  406,  520, 
1007;  6—444,  766. 

Stock  exchange.  Commercial  rates.  (See  Federal 
Reserve  Bank  and  branch  cities.) 

Taxes.  Proper  proportion  between  loans  and,  5 — 1. 
United  States — 

Loans  to  Allies,  3 — 10,  424,  731;  4 — 20,  21,  279, 
1058,  1059;  5—33,  845,  957,  1014;  6—668,  901. 
(See  Allied  powers.) 

Still  available,  5 — 1. 

Congress  fails  to  authorize  continuation  of,  5 — 101. 
Comparison,  exports  and  war  loans,  1910-1919, 
5—957. 

(See  Secretary  of  Treasury.) 

United  States  obligations.  Loans  secured  bv.  Com¬ 
mercial  rates.  (See  Federal  Reserve  Bank  and 
branch  cities.) 

United  States  Treasury  certificates.  Loans  on.  (See 
Discount  and  open-market  operations;  United 
States  Treasury  certificates.) 

War  Finance  Corporation.  Loans  of,  4 — 691;  5 — 29. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


149 


LO  A  \  S — Continued . 

Warehouse  receipts.  Commercial  rates  on  loans  se¬ 
cured  by.  ( See  Federal  Reserve  Bank  and  branch 
cities;  Warehouse  receipts.) 

(See  also  Borrower;  Call  loans;  Canners  loans;  Cattle 
loans;  Commercial  loans;  Commodity  paper; 
Commodity  rates;  Essential  loans;  Foreign  loans; 
Fiduciary  powers;  Great  Britain,  loans;  Italy, 
loans;  Member  banks;  National  banks;  Nonessen¬ 
tial  loans;  Real  estate  loans;  State  banks  and 
trust  companies;  Stock  exchange  collateral  loans; 
United  States  bonds;  War  loans;  War  paper.) 

LOCATION  OF  FEDERAL  RESERVE  BANKS. 

Federal  Reserve  Board  can  not  change,  2 — 207. 

LOCOMOTIVES  AND  CARS,  OUTPUT  OF. 

(See  Physical  volume  of  trade.) 

LOGAN,  W.  S. 

Appointed  general  counsel  of  Federal  Reserve  Board, 
6—782. 

LONDON. 

Acceptance  rates,  2 — 591. 

Acceptance  liability — 

London  and  New  York,  5—21. 

Ratio  to  capital  and  surplus,  18  joint-stock  banks, 
5—561. 

Credit  expansion,  London  banks,  1913-1918,  5 — 323. 
Discount  rates.  London  and  New  York.  Gov.  Hard¬ 
ing,  5 — 106. 

Foreign  exchange  rates — 

Berlin  on,  6 — 1076,  1319. 

Chile  on,  6 — 1055. 

Copenhagen  on,  6 — 41,  44. 

Italy  on  London,  5 — 846. 

Japan  on  London,  5 — 733. 

London  on  New  York,  6 — 1070. 

London  on  Spain,  1913-1919,  5 — 1038. 

Madrid  on  London,  1914-1919,  5 — 1041. 

New  York  on,  4 — 1199;  6 — 49,  1159. 

Paris  on,  6 — 1074. 

Stockholm  on,  6 — 40,  42. 

(See  Foreign  exchange  rates;  Great  Britain.) 
India.  Gold  coin  and  bullion  in,  as  reserve  for  notes, 
5—950. 

International  Banking  Corporation,  branch  in  Lon¬ 
don,  4 — 947. 

(See  Foreign  branches.) 

Silver- 

Price,  1914-1918,  3—406;  4—67,  844,  1202;  6—8. 
Price,  1873-1918,  United  States  equivalent,  5 — 
949. 

(See  also  Gold;  Great  Britain;  Silver.) 

LONDON  COUNTY,  WESTMINSTER  AND  PARR’S 
BANK  (LIMITED). 

Condition,  1914-1919,  6 — 1045. 

LONDON  ECONOMIST. 

Inflation  and  prices,  3 — 375. 

Our  financial  duty,  3 — 518. 

Expansion  of  credits,  1913-1918,  5 — 323. 

LONDON  JOINT  CITY  AND  MIDLAND  BANK 
(LIMITED). 

Condition,  1914-1919,  6—1046. 

LONDON  JOINT  STOCK  BANK  (LIMITED). 

Condition,  1914-1919,  6-1046. 

LONDON  STATIST. 

(See  Prices.) 


LONG-TERM  CREDIT. 

For  exports,  a  capital  and  not  a  banking  problem, 
5—611,  614. 

LOS  ANGELES,  CALIF. 

Branch  bank,  5 — 82 1 ;  6 — 60. 

LOSS  OF  INTEREST. 

To  be  allowed  for  in  collection  of  purchased  accept¬ 
ances,  4 — 521. 

LOSS,  PROFIT  AND. 

(See  Profit  and  loss.) 

LOST  OR  STOLEN  LIBERTY  BONDS. 

List,  4—515,  613,  740,  859,  968,  1115,  1117,  1212. 

LOUISIANA. 

Banks  transferred  to  Atlanta,  2 — 99,  151,  153. 

Change  in  allotment  of  United  States  bonds  because 
of  transfer,  2 — 158. 

Laws — 

Acceptance,  3 — 530. 

Federal  Reserve  Banks,  purchase  of  stock  in, 
1—218. 

Foreign  banking  corporations,  5 — 56. 

Reserves,  3 — 776. 

Warehouse,  1 — 261. 

List,  State  member  banks,  4 — 93. 

LOUISVILLE,  KY. 

Branch  bank,  4—10,  14;  5—126,  777;  6—61. 

LUMBER. 

Terms  of  sale,  6 — 933. 

(See  Acceptances,  export;  Commodity  paper;  Physical 
volume  of  trade;  Prices.) 

LUMBER  COMPANY. 

(See  Acceptances,  trade.) 

LUXURIES. 

Curtailment  of,  4 — 2,  249,  260,  486,  685,  688,  802,  852, 
854,  935. 

(See  Conservation.) 

LYNCH,  J.  K. 

Elected  governor  Federal  Reserve  Bank  of  San  Fran¬ 
cisco,  3 — 713;  4 — 5. 

Death  of,  5 — 530. 

M. 

MACHINE  TOOLS. 

Terms  of  sale,  6 — 155. 

MACHINERY. 

Terms  of  sale,  6 — 156. 

MACHINES,  COIN-COUNTING. 

Use  of,  deprecated,  3 — 440,  930. 

MADRID. 

Foreign  exchange  rates.  (See  Spain.) 

MAIL  SHIPMENTS,  CURRENCY,  5—27. 

MAIL  TRANSFERS. 

Discount  rate  on,  to  be  based  on  principle  on  15-day 
rate.  Uniform  rate  fixed,  4 — 371. 

(See  Clearing  system.) 

MAILS,  UNITED  STATES. 

(See  United  States  mails.) 

MAINE. 

Amendments  to  banking  laws,  5 — 744. 

Laws — 

Acceptance,  3 — 530. 

Foreign  banking  corporations,  5 — 56. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—151. 

Reserves,  3 — 776. 

Negotiable  instruments  act,  has  not  adopted,  4 — 971. 


150 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


MALBURN,  W.  P. 

Conversion  privileges.  Letter,  2 — 666. 

Resigns  as  Assistant  Secretary  of  Treasury,  3 — 80. 

Appointed  chief  national  bank  examiner,  New  York, 
3—80. 

MANAGERS,  TRANSIT. 

Conference,  4 — 1175. 

MANDATORY. 

Provision  of  section  13,  as  amended,  for  clearing  mem¬ 
bers  is  permissive  and  not,  3 — 617. 

Nomination  for  director  is  optional,  but  appointment 
of  officer  to  vote  for  directors  is,  6 — 1178. 

MANUFACTURE. 

(See  Acceptances;  Tobacco;  Warehouse  receipts.) 

MANUFACTURES  OF  GOLD  AND  SILVER. 

Jurisdiction  of,  transferred  from  Capital  Issues  Com¬ 
mittee  to  War  Trade  Board,  4 — 10. 

MANUFACTURING. 

(See  Business  conditions;  Committee  of  experts.) 

MAPS. 

Banks  on  par  list,  5 — 888;  6 — 94, 194,  308, 419,  535,  644. 
Federal  Reserve  districts,  1 — 88,  89;  5 — 1008. 

Par  points,  5 — 992;  6 — 94,  308,  644. 

Redistricting  changes,  2 — 596. 

(See  Charts.) 

MARICAIBO. 

(See  Venezuela.) 

MARINE  INSURANCE  SURVEYS,  4—171. 

(See  War  Trade  Board.) 

MARK,  GERMAN. 

Improvement  in  value  of,  6 — 847. 

(See  Germany.) 

MARKET. 

(See  Call  loan  market;  Discount  and  open-market  opera¬ 
tions;  Discount  market;  Open-market  operations.) 

MARKETABLE  SECURITIES,  READILY,  6—385. 
(See  Fiduciary  powers;  Trust  funds.) 

MARKETABLE  STAPLES,  READILY. 

(See  Readily  marketable  staples.) 

MARYLAND. 

Laws — 

Acceptance,  3 — 531. 

Reserves,  3 — 778. 

List  of  State  member  banks,  4 — 93. 

State  banks,  acceptances  held,  3 — 6. 

MASSACHUSETTS. 

Laws — 

Acceptances,  3 — 531. 

Foreign  banking  corporations,  5—56. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—151. 

Reserves,  3 — 778. 

List  of  State  member  banks,  4 — 93,  1081. 
MARTINEZ,  F. 

Death  of.  Director,  Dallas  Bank,  2 — 152. 

MATERIALS,  RAW. 

(See  Raw  materials.) 

MATURING  NOTES  AND  BILLS. 

Abolition  of  exchange  charges  does  not  apply  to  col¬ 
lection  of,  2—264;  3—656,  657,  660,  661,  662,  663; 
5—964;  6—948. 

(See  Exchange  charges;  Federal  Reserve  Banks  col¬ 
lection  service;  Hardwick  amendment.) 


MATURITIES. 

(See  Discount  and  open-market  operations.) 

MATURITY. 

Acceptances — 

Failure  of  drawer  to  furnish  funds  for  payment  of, 
makes  United  States  Revised  Statutes,  sec¬ 
tion  5200,  applicable,  2 — 64,  680  at  681. 
Purchase  by  bank  own  acceptance  before,  extin- 

fuishes  acceptance  liability,  2 — 397.  See, 
owever,  2 — 680  at  681. 

(See  Acceptances;  Own  acceptances.) 

In  collection  of  acceptances  one  day  to  be  added 
to,  to  make  up  for  loss  of  interest,  4 — 521. 
(See  Acceptances.) 

Discount  rates  should  be  based  on  maturity  at  time 
of  discount  and  not  on  any  agreement  of  repur¬ 
chase,  2 — 461. 

Drafts.  When  no  sale  involved  maturity  of  drafts 
should  approximate  duration  of  transit,  3 — 690. 
Where  a  sale  is  involved,  not  necessary,  3 — 690. 

European  obligations  held  in  United  States.  Maturity 
of,  2—592. 

Municipal  bonds,  Federal  Reserve  Banks  may  pur¬ 
chase,  having  a  maturity  at  time  of  purchase  of 
6  months  or  less,  2 — 524. 

N otes  falling  due  on  Sunday  or  holidays .  Maturity  of, 
4—108. 

Oregon  clearing  house.  Bills  must  be  drawn  with  a 
fixed  day  of  maturity,  3 — 930. 

Trade  acceptances — 

Payable  with  interest  after,  for  delayed  payment 
are  valid,  4 — 200. 

Payable  in  fixed  amount  consisting  of  amount  of 
debt  minus  a  discount  for  prompt  payment 
at,  with  agreement  to  pay  amount  of  debt 
without  discount  after,  is  negotiable,  4 — 200. 
Payable  with  discount  if  paid  at  a  certain  time 
before  maturity  not  approved,  4 — 871. 

(See  also  Acceptances,  made;  Commercial  paper; 
Discount  and  open-market  operations;  Opinions 
of  counsel.) 

“MAY”  AND  “SHALL.” 

Construction  of  words,  2 — 115. 

McADOO,  W.  G. 

Resignation  as  Secretary  of  the  Treasury,  4 — 1173. 
Resolution  Federal  Reserve  Board,  4 — 1173. 

Letter  to  President  resigning,  and  reply,  4 — 1174. 

(See  Secretary  of  Treasury.) 

McCORD,  J.  A. 

Appointed  Federal  Reserve  Agent,  Atlanta,  5 — 201. 
Resigns  as  Governor  of  Federal  Reserve  Bank  of 
Atlanta,  5 — 201. 

McCORMICK,  V. 

Resigns  as  Class  C  director,  Philadelphia,  2 — 309. 

McFADDEN,  L.  T. 

Gold  bonus  bill.  Report,  American  Bankers  Asso¬ 
ciation,  6—1147. 

McINTOSH,  C.  K. 

Elected  Class  A  director,  San  Francisco,  3 — 8. 

McKENNA,  REGINALD, 

Address.  Bank  deposits,  prices  and  currency,  6 — 247. 
(See  Great  Britain.) 

McKINNEY,  B.  A. 

Elected  Class  A  director,  Dallas,  3 — S. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


151 


McLEAN,  A.  W. 

Appointed  to  War  Finance  Corporation,  4 — 364. 

MEASURES,  COINAGE,  WEIGHTS,  AND. 

( See  Decimal  system.) 

MEAT  PACKING. 

Terms  of  sale,  5 — 1129. 

MEAT  PRODUCTS. 

Exports  of.  ( See  Physical  volume  of  trade.) 

MEDICINES. 

Terms  of  sale,  6 — 1155. 

MEETINGS. 

(See  Conferences.) 

MEMBER  BANKS. 

Abstract  of  condition.  (See  Condition.) 

Acceptance  business.  Number  doing,  5 — 554,  559. 
Acceptance  liabilities.  (See  Same.) 

Acceptance  liability — 

Ratio  to  capital  and  surplus,  5 — 555. 

(See  same,  principal  heading.) 

Acceptances.  Holdings  of.  (See  same,  principal 
heading.) 

Act  September  24, 1918.  Discounts  of  war  paper  over 
10  per  cent  limitation,  4—961  at  962,  1055. 

Act  March  3,  1919.  Rediscounts  up  to  20  per  cent 
etc.,  under.  Not  operative  after  December  31, 
1920.  New  subsection  11  (m)  Federal  Reserve 
Act.  Analysis,  5—361,  1055. 

Act  October  22,  1919.  Discounts  over  10  per  cent 
limitation,  5 — 965,  1055. 

Advertising  of  Government  protection  discouraged, 

1— 362;  6—65. 

Agricultural  paper.  Increased  holdings,  6 — 1124. 
Assets  and  liabilities,  1914-1919,  5 — 784. 

(See  Condition.) 

Average  size  of  items.  Decline  in,  6 — 1018. 

Bankers’  acceptances.  Holdings  of.  (See  Discount 
and  open-market  operations.) 

Borrower.  (Nee  same.) 

Branches  of.  (See  Branches;  Foreign  branches.) 
Certificates  of  eligibility,  commercial  paper,  1 — 15; 

2— 12. 

Chart.  Government  deposits;  Investments;  Loans; 
Net  deposits,  4 — 664  ,  665. 

(See  charts;  Deposits.) 

Classification  of — 

Election  of  directors,  2 — 670. 

Loans  and  discounts,  4 — 796,  798,  916,  920;  5 — 
187,  296,  298,  406,  520,  1007;  6—333,  444, 
766,  1007. 

Collateral  notes.  (See  Member  bank  collateral  notes, 
principal  heading.) 

Commercial  rates  of  discount  of.  (See  Federal  Re¬ 
serve  Bank  and  branch  cities.) 

Condition  of.  All  member  banks.  (See  Condition.) 
Condition  statement.  (See  Member  bank  condition 
statements,  principal  heading.) 

Deposits.  (See  Deposits.) 

Deposits,  Government.  (See  Government  deposits.) 

Deposits  in  foreign  banks  not  subject  to  10  per  cent 
limitation  of  section  19,  5 — 1054. 

Deposits  in  nonmember  banks,  5 — 1156. 

(See  Deposits.) 

Deposits,  savings.  (Sec  Savings  deposits.) 


MEMBER  BANKS— Continued. 

Development;  Fiscal  year  1920,  6 — 723. 

Directors.  (See  supra,  Classification.) 

Directors’  guaranty.  Notes  of  suspended  bank,  2 — 66. 
Discount  rates.  Commercial.  (See  Federal  Reserve 
Bank  and  branch  cities.) 

Discounts  of — 

State  member  banks,  4 — 664,  665.  796,  798,  916, 
920;  5—187,  296,  298,  406,  520,  838,  1007, 
1010;  6—333,  444,  766,  1007. 

(See  infra,  Number  rediscounting.) 

Dividends,  5—610,  1104;  6 — 660,  1251. 

Double  liability  as  stockholders  of  Federal  Reserve 
Banks,  1 — 273. 

Earnings,  5—610,  1104;  6—660,  1251. 

Excess  loans.  (See  same  } 

Excessive  rediscounts,  3 — 456;  4 — 1169;  5 — 311.  523, 
524,  536,  617,  618,  1009,  1010,  1015,  1024,  1026, 
1028;  6—66,  277,  342,  446,  554,  665,  774,  897, 
1012,  1107,  1108. 

Exchange  charges.  (See  same.) 

Farm  land  loans.  National  banks  can  not  contract  to 
renew,  but  may  make  new  loans  on  same  security, 
2—602. 

Farmers’  paper.  Increased  holdings,  6 — 1124. 

Federal  Reserve  Banks — 

Agent  of.  Can  not  purchase  notes  as,  1 — 347. 
Double  liability  as  stockholders  in,  1 — 273. 
Holdings  of  paper  of.  (See  Discount  and  open- 
market  operations.) 

Members  of.  Remain,  until  stock  surrendered 
and  canceled,  2 — 170. 

Rediscounts  with.  No  limitation  except  discre¬ 
tion  of  directors  of,  2 — 112,  224  at  225. 
Services  of,  available  to  member  banks,  1 — 346. 

Federal  Reserve  System — 

Number  in,  5—4,  84,  165,  279,  388,  492,  589,  680, 
790,  882,  987,  1084,  1181;  6—89,  189,  304,  411, 
528,  639,  738,  868,  982,  1099,  1229,  1346. 

(See  State  banks,  admission.) 

Fiscal  year  1920.  Development,  6 — 723. 

Foreign  banks,  deposits  in.  Not  within  10  per  cent 
limitation  of  section  19,  5 — 1054. 

Government  deposits  in.  (See  Government  deposits.) 
Gross  income.  (See  infra,  Taxation.) 

Investments  of.  (See  Member  bank  condition  state¬ 
ments,  principal  heading.) 

Liability  of.  (See  Member  bank  condition  state¬ 
ments.)  , 

Liberty  bonds,  holdings,  5 — 306,  428,  441,  942. 

(See  Liberty  loans.) 

Loans,  4—664,  665;  5—106,  520,  838,  1007,  1010;  6— 
2,  726,  728,  904. 

Loans  to  other  banks,  bankers,  and  trust  companies, 
6—552. 

Net  deposits,  4 — 664,  665;  5 — 838. 

(See  Deposits.) 

Net  profits.  Ratio  to  capital  and  surplus,  5 — 188,  610; 
6—660,  1251. 

New  Jersey.  Rights  of  member  bank  in  northern 
1—102. 

New  York  member  banks — 

Deposits,  4 — 664. 

United  States  securities,  holdings  of,  4 — 1111. 


152 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


MEMBER  BANKS— Continued. 

Nonmember  bunks — 

Deposits  in,  4 — 664. 

Deposits  in,  in  excess  of  10  per  cent  must  be  re¬ 
ported  as  excess  loans,  1 — 126. 

Notes  of — ■ 

If  issued  in  ordinary  course  of  business  are  not 
eligible  for  rediscount  even  if  indorsed  by 
member  bank,  4 — 743. 

If  used  to  carry  or  trade  in  United  States  obli¬ 
gations  they  are  on  same  basis  as  notes  of 
an  individual  or  corporation  and  are 
eligible  if  indorsed  by  member  bank, 


MEMBER  BANKS— Continued. 

Reserves — 

Ratio  to  liabilities,  5 — 186.  299,  519,  905,  908; 

6—329,  438,  728,  764,  1005. 

Savings  deposits  with  Federal  Reserve  Banks 
may  count  as,  5 — 652,  654. 

Resources — 

(See  Member  bank  condition  statements;  Re¬ 
sources  and  liabilities.) 

Of  State  member  banks  compared  with  total 
resources  of  State  banks,  4 — 964;  5—4. 

Of  State  member  banks,  5 — 4,  49,  515;  6—891, 
1299. 


4—743. 

If  intention  of  member  bank  is  to  make  a  loan 
to,  paper  taken  from  a,  by  a  member  bank  is 
not  eligible,  1 — 213. 

(See  Nonmember  banks.) 

Notes  of  member  banks.  A  member  bank  acting 
through  another  member  bank  may  obtain 
discount  of  its  paper  secured  by  United  States 
bonds  for  90  days,  although  acting  alone  15 
days  would  be  maximum,  4r— 863. 

Number  in  each  district.  (See  infra,  Number  redis¬ 
counting.  ) 

Number  of  items,  decline  in,  6 — 1018. 

(See  Discount  and  open-market  operations.) 
Number  rediscounting,  4-  667,  1023,  1143,  1241; 

5—84,  165,  279,  388,  492,  589,  680,  790,  882,  987, 
1010,  1181;  6—89,  189,  304,  411,  528,  639,  738, 
868,  874,  982,  1017,  1099,  1105,  1229,  1346. 

(See  Discount  and  open-market  operations.) 

Private  bankers — 

Can  not  become  member  banks,  3 — 693. 

May  be  directors  of  member  banks  and  have 
privileges  of  Kern  amendment.  Act  of 
May  26,  1920,  6—813,  948. 

Profit.  Rediscounting  for,  3 — 456;  4 — 1169;  5 — 311, 
523,  524,  536,  617,  618,  1009,  1010,  1015,  1024, 
1026,  1028,  1107,  1108. 

Ratio — 

Acceptance  liability  to  capital  and  surplus,  5 — 
555. 

Net  profits  to  capital  and  surplus,  5 — 188,  610; 

6—660,  1251. 

Reserves  to  liabilities,  5 — 186,  299,  519,  905,  908; 
6—329,  438,  728,  764,  1005. 

Rediscounting — 

Up  to  20  per  cent.  Act  March  3,  1919,  5 — 361, 
1055. 

*  Number  rediscounting.  (See  supra,  Number, 
etc.) 

Rediscounts — 

Contingent  liabilitv  on,  5 — 186,  299,  300,  301, 
517,  518,  519,  785,  904,  905,  908,  1189;  6—329, 
438,  764,  1005. 

(See  Resources  and  liabilities.) 

Excessive.  (See  supra,  Profit). 

Number  obtaining.  (See  supra,  Number,  etc.) 
Profit.  Rediscounting  for.  (See  supra,  Exces¬ 
sive.) 

State  member  banks.  (See  infra,  same.) 
Redistricting — 

Transfers  of  member  banks.  (See  Redistricting.) 
Reserve  deficiencies,  Federal  Reserve  Banks  can 
not  refuse  to  pay  drafts  of  member  banks  on  them 
because  of,  1 — 12. 


Resources  and  liabilities.  Fiscal  year  1920,  6 — 729, 
768. 

Savings  deposits  of.  To  count  as  reserves  in  Federal 
Reserve  Banks,  5 — 652  ,  654. 

Section  9;  section  ll(m);  section  13;  section  19.  (See 
Ten  per  cent  limitations.) 

State  banks  may  become  member  banks  with  their 
branches,  1 — 125. 

State  laws  as  to  becoming  member  banks.  (See 
Federal  Reserve  System;  State  banks;  Laws  of 
States.) 

State  member  banks — 

Admitted  as.  (See  Admission.) 

Classification,  loans  and  discounts,  4 — 800,  920; 

5—187,  406,  520,  1007  ;  6—333,  444,  766,  1007. 
Condition,  4—796,  916;  6-438,  1005,  1006,  1007. 
(See  Condition.) 

Dividends  and  earnings,  6 — 1251. 

List.  (See  State  banks;  Admission.) 
Rediscounts.  (See  Nonmember  banks;  Ten  per 
cent  limitation.) 

Resources.  (See  State  banks.) 

States.  List  of,  by.  (See  supra,  Number.) 

Stock  in  Federal  Reserve  banks.  (See  supra,  Double 
liability.) 

Taxation — 

Can  not  deduct  value  of  stock  in  Federal  Reserve 
bank  in  return  to  State  for  purpose  of  taxation 
on  member  bank  stockholders,  1 — 315; 
3—9.55. 

May  exclude  dividends  from  Federal  Reserve 
Bank  stock  from  gross  income  for  purposes  of 
income  tax,  2 — 153. 

(See  Taxation.) 

United  States  Revised  Statutes,  section  5200.  (See 
Ten  per  cent  limitations;  United  States  Revised 
Statutes,  section  5200.) 

United  States  securities — 

Holdings.  4 — 1109. 

New  York  member  banks,  4 — 1111. 

(See  United  States  securities.) 

United  States  Treasury  certificates — 

Holdings,  5 — 306,  943. 

(See  Member  bank  condition  statements;  United 
States  Treasury  certificates.) 

War  paper — 

Holdings.  (See  Discount  and  open  market  opera¬ 
tions;  Member  bank  condition  statements; 
War  paper.) 

(See  also  Acceptances;  Commercial  paper;  Discount 
and  open  market  operations;  National  banks; 
Nonmember  banks;  Rulings,  Federal  Reserve 
Board;  Tennessee;  Total  investment  operations.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


153 


MEMBER  BANKS  COLLATERAL  NOTES. 

Advances  on.  Direct.  Federal  Reserve  banks  may 
refuse  to  make,  secured  by  war  paper,  unless  col¬ 
lateral  is  actually  owned  by  member  bank  and 
unless  the  war  paper  securing  its  Government  de- 
pu- its  is  actually  owned  by  it,  6 — 162. 
Amendment  to  Federal  Reserve  Act  allowing.  Act 
September  7,  1916,  2 — 513. 

Federal  Reserve  Board.  Announcement,  2 — 439, 
440,  513. 

Average  rates,  6 — 1017. 

Average  size  of,  6 — 1017. 

(See  Discount  and  open-market  operations.) 
Collateral  for.  ( See  infra,  Security.) 

Contract  for  renewal  not  permissible,  3 — 765. 

Direct  advances  on.  Method,  3 — 158. 

(See  supra  Advances.) 

Discounts  of,  by  Federal  Reserve  Banks,  2 — 643,  715; 
3—61,  139,  221,  317,  408,  486,  565,  637,  716,  814, 
902,  977;  4—53.  135,  229,  342,  463,  552,  667,  776, 
896,  1024,  1145,  1244;  5—85,  166,  280,  390,  494, 
591,  682,  792,  884,  893,  989,  991,  1083,  1085,  1184; 
6—93,  193,  307,  415,  532,  641,  741,  872,  985, 
1102,  1233,  1349. 

Farm  loan  bonds  not  eligible  as  security  for,  4 — 33. 
Federal  Reserve  Bank  of  Cleveland  allows  only  one 
renewal  at  original  rates,  5 — 326. 

Federal  Reserve  Banks — 

Holdings  of,  3—61,  139,  221,  317,  408,  486,  565, 
637,  716,  814,  902,  977;  4—53,  135  ,  229  ,  342, 
463,  552,  688,  776,  897,  1024,  1146,  1244;  5— 
86,  168,  281.  391,  496,  592,  683,  794,  885,  991, 
1083,  1085,  1184;  6—93,  193,  307,  415,  532, 
641,  741,  872,  985,  1102,  1233,  1349. 

Rates — 

Fifteen-day,  established,  2 — 509. 

Preferential  for,  secured  by  Government  obli¬ 
gations,  3—497. 

Renewal — 

Contract  for.  Not  permissible,  3 — 765. 

Only  one,  allowed  by  Federal  Reserve 
Bank  of  Cleveland,  5 — 326. 

Permitted  but  should  be  exception  rather 
than  rule,  3 — 879. 

Federal  Reserve  Board.  Notice  of  amendment  pro¬ 
viding  for,  2 — 513. 

(See  Federal  Reserve  Board.) 

Holdings.  (See  supra,  Federal  Reserve  Banks,  hold¬ 
ings.) 

Indorsement  of  paper  as  security  for.  If  already  in 
negotiable  form  not  necessary,  2 — 685. 

Items,  size  of,  6 — 1017. 

Reduced,  6 — 1018. 

Interest  on.  When  falling  due  on  legal  holiday  or 
Sunday  interest  should  be  collected  for  one  or  two 
days  additional,  depending  on  law  of  State,  4 — - 
108. 

Maturities  of.  (See  Discount  and  open-market  opera¬ 
tions.) 

Method  of  direct  advances  on,  3 — 158. 

Preferential  rates  on.  Federal  Reserve  Banks  may 
give,  secured  by  war  paper,  3 — 497;  6 — 162. 
Opinions  of  counsel.  (See  same.) 

Rates — 

Fifteen-day,  established,  2 — 509. 

Preferential  rates  for,  secured  by  Government 
obligations,  3 — 497;  6 — 162. 


MEMBER  BANKS  COLLATERAL  NOTES— Contd. 
Rates — Continued . 

Federal  Reserve  Bank  of  Cleveland  permits  only 
one  renewal  at  original  rates,  5—326. 
Renewals — 

Permissible  but  can  not  contract  for,  3 — 765. 
Should  be  exception  rather  than  rule,  3 — 879. 
(See  supra,  Federal  Reserve  Bank  of  Cleveland.) 
Security  for — 

Farm  loan  bonds  not  eligible  as,  4 — 33. 
Government  obligations  as.  Preferential  rates, 
3—497;  6—162. 

Eligible  paper  as,  already  in  negotiable  form  need 
not  be  indorsed,  2— 6S5. 

Warrants  not  eligible  as,  2 — 609. 

Warrants  not  eligible  as  security  for,  2 — 609. 

MEMBER  BANKS  CONDITION  STATEMENTS. 

Arranged  for,  from  96  cities,  4 — 61. 

List  of  cities,  4 — 62. 

Statements,  4—148,  238,  254,  352,  360,  474,  489,  564, 
592,  677,  693,  788,  804,  907,  929,  1035,  1050,  1154, 
1171,  1249;  5—6,  92,  107,  117,  177,  183,  199,  284, 
287,  296,  298,  310,  399,  400,  504,  513,  517,  519,  554, 
601,  693,  784,  785,  786,  805,  896,  903,  1000,  1095, 
1192;  6—102  ,  203  ,  319  ,  427,  543  ,  651,  753  ,  882, 
995,  1112,  1124,  1241,  1341,  1357. 

(See  Clearing  house  debit  statements;  Opinions  of 
counsel.) 

MEMBER  BANKS  DEBIT  STATEMENTS. 

(See  Clearing  house  debit  statements.) 

MEMBERS,  CLEARING. 

(See  Clearing  members;  Clearing  system.) 

MEMBERS,  DUE  TO. 

(See  Resources  and  liabilities.) 

MEMBERSHIP,  STATE  BANKS. 

Regulation  H.  1920,  6—1186. 

(See  State  banks,  admission.) 

MEMBERSHIP,  WITHDRAWALS  FROM. 

Reduction  of  minimum  capital  of  Federal  Reserve 
Banks  by,  will  not  forfeit  its  charter,  2 — 207. 

MEMPHIS,  TENN. 

Branch  bank,  4—597,  817;  5—126,  779;  6—61. 
Reserve  bank  agency  at,  report,  3 — 168. 

MEN’S  CLOTHING. 

Terms  of  sale,  6 — 803. 

MEN’S  FURNISHINGS. 

Terms  of  sale,  6 — 810. 

MEN’S  HATS. 

Terms  of  sale,  6 — 809. 

MEN’S  WEAR. 

Terms  of  sale,  6 — 803. 

MERCANTILE  BANK  OF  THE  AMERICAS. 

Foreign  branches,  5 — 357,  854,  962,  1050, 1154;  6 — 63, 
159,  272,  382.  607,  944,  1298. 

Report.  Foreign  branches,  4 — 736. 

Venezuelan  banks  affiliated  with,  6 — 63. 

MERCANTILE  TRUST  CO.,  ST.  LOUIS. 

Reasons  foj*  joining  Federal  Reserve  System,  3 — 361. 

MERCHANDISE. 

Eligibility  of  notes  for  purchase  of,  1 — 268. 

Exports  and  imports,  1913-1920,  6 — 482. 

(See  Commercial  paper;  Eligible;  Exports  and  im¬ 
ports;  Negotiable;  Notes.) 


154 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


MERCHANTS  AND  FARMERS  BANK,  CHERAW, 
S.  C. 

Reasons  for  joining  Federal  Reserve  System,  3 — 3G1. 

MEREDITH,  E.  T. 

Resigns  as  Class  C  director,  Chicago,  2 — 372. 
Reappointed  Class  C  director,  Chicago,  3 — 7. 
MERGER.  ( See  State  banks  and  trust  companies.) 

METALS. 

Price,  Germany,  6 — 1318. 

(See  Germany.) 

METALS,  NONFERROUS. 

(See  Physical  volume  of  trade;  Prices.; 

METCALF,  J. 

Appointed  Class  C  director,  Boston,  4 — 817. 

METHOD. 

Agricultural  paper.  Identification  of,  2 — 67. 

City  banks,  accommodation  to  correspondent  banks, 

6—688. 

Computation  of  discounts,  1 — 74;  2 — 272,  456,  461; 
3—951;  5—249. 

Computation  of  rebate  of  discounts,  1 — 308. 

Direct  advances  on  member  bank  collateral  notes, 
3—158. 

State  banks.  Reports,  2 — 99,  114,  393,  538. 

(See  State  banks,  etc.) 

METROPOLITAN  TRUST  CO.,  NEW  YORK. 

Reasons  for  joining  Federal  Reserve  System,  3 — 836. 

MEXICO. 

Act.  Silver  coinage,  5 — 32. 

City.  (See  Foreign  exchange  rates.) 

Gold,  exports  to,  5 — 6. 

(See  Gold.) 

Gold.  Imports  to  United  States,  from,  5 — 6. 

Loans  placed  in  United  States,  5 — 33;  6 — 687. 

Silver  production,  1900-1918,  5 — 141. 

MEYER,  EUGENE. 

Appointed  to  War  Finance  Corporation,  4 — 364. 

MICHIGAN. 

Laws — 

Acceptances,  3 — 531. 

Purchase  of  Federal  Reserve  Bank  stock,  1 — 152. 
Reserves,  3 — -778. 

List  of  State  member  banks,  4 — 93. 

MICHIGAN  BANKS. 

Hearing.  Redistricting  petition,  2 — 373,  438. 
Petition  dismissed,  2 — 596. 

(See  Redistricting.) 

MICHIGAN  SUPREME  COURT,  APPEAL  FROM. 

Bank  v.  Fellows,  United  States  Supreme  Court,  3 — 
254,  504,  534. 

Sustains  constitutionality  of  section  11  (k).  Text  of 
decision,  3—534. 

(See  Fiduciary  powers.) 

MILAN.  (See  Italy.) 

MILEAGE,  NET-TON. 

(See  Railroads.) 

MILITARY  SERVICE. 

Federal  Reserve  Board  does  not  favor  exemption  from, 
for  Federal  Reserve  Bank  clerks,  3 — 591. 

MILL  PAPER. 

(See  Cotton  mill  paper;  Cotton  factors.) 

MILL  SUPPLIES. 

Terms  of  sale,  6 — 154. 


MILLER,  DR.  A.  C. 

Addresses — 

Cost  of  living,  5 — 915. 

Rationing  of  industry,  4 — 923. 

St.  Louis  Clearing  House  Association,  2 — 261. 
Visits  Federal  Reserve  Bank  of  Minneapolis,  2 — 438. 
Visits  Federal  Reserve  Bank  of  San  Francisco,  3 — 340. 
MILLET  SEED. 

Eligibility  of  paper  based  on,  2 — 526. 

MILLINERY. 

Terms  of  sale,  6 — 808. 

MILLING,  FLOUR. 

(See  Flour  milling.) 

MILLS,  A.  L. 

Elected  to  Federal  Advisory  Council,  5 — 201. 

MINERALS. 

(See  Business  conditions.) 

MINERALS  UNMINED. 

Paper  based  on,  not  eligible,  1 — 126. 

MINIMUM  CAPITALIZATION,  FEDERAL  RE¬ 
SERVE  BANKS. 

Reduction  below,  caused  by  withdrawals  of  members 
will  not  cause  forfeiture  of  charter,  2 — 207. 

MINIMUM  DEPOSIT. 

Of  United  States  bonds  with  Treasurer  of  United 
States.  Suggested  amendment,  3 — 100. 

[Enacted  into  law,  Act  of  June  21,  1917,  amending 
section  17,  Federal  Reserve  Act.] 

(See  National  banks;  United  States  bonds.) 

MINIMUM.  ELIGIBLE  PAPER  REQUIRED. 

(See  Federal  Reserve  Agents;  Accounts.) 

MINING. 

(See  Business  conditions.) 

MINING,  GOLD. 

(See  Gold,  production;  Reports.) 

MINNEAPOLIS,  FEDERAL  RESERVE  BANK  OF. 

Resignation  of  Gov.  Wold,  5 — 919. 

Election  as  governor  of  R.  A.  Young,  5 — 919. 
MINNESOTA. 

Adopts  negotiable  instruments  act,  4 — 971. 

Laws — 

Acceptances,  3 — 531. 

Reserves,  3 — 780. 

List  of  State  member  banks,  4 — 93. 

MISSISSIPPI. 

Has  not  adopted  negotiable  instruments  act,  4 — 108, 
971. 

Domestic  bankers  acceptances  against  shipments 
authorized,  6 — 701. 

Laws — 

Acceptances,  3 — 531. 

Admission  to  Federal  Reserve  System,  1 — 152; 
4—315. 

Bankers’  acceptances,  6 — 701. 

Reserves,  3 — 780. 

To  prevent  Federal  Reserve  Banks  from  collect¬ 
ing  checks  over  counter,  6 — 387. 

United  States  district  court  sustains  Federal 
Reserve  Banks,  6 — 496. 

United  States  Circuit  Court  of  Appeals  sus¬ 
tains  Federal  Reserve  Banks,  6 — 1303. 
(Pending  before  United  States  Supreme 
Court.) 

(See  Opinions,  counsel.) 

Warehouse,  1 — 261. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


155 


MISSISSIPPI— Continued. 

List  of  State  member  banks,  4 — 93. 

Notes  falling  due  on  legal  holidays  or  Sundays  are 
payable  on  next  preceding  business  day,  4 — 108. 
State  banks.  ( See  supra.  Laws;  Admission.) 

MISSOURI. 

Laws — 

Acceptances,  3 — 531. 

Admission  to  Federal  Reserve  System,  1 — 152. 
Amendments  to  banking  laws,  5 — 744. 

Foreign  banking  corporations,  5 — 57. 

Reserves,  3 — 780. 

Warehouse  laws,  1 — 261. 

List  of  State  member  banks,  4 — 94. 

National  banks — 

May  exercise  fiduciary  powers  in,  5 — 655. 
Superintendent  of  banking  must  receive  deposits 
of  securities  from,  5 — 655. 

When  authorized  to  exercise  fiduciary  powers  in, 
may  use  words  “trust  company”  as  part  of 
title,  6 — 497. 

MITCHELL,  J.  R. 

Retires  from  Federal  Advisory  Council,  5 — 201. 
(Appointed  a  member  of  the  Federal  Reserve  Board, 
May,  1921.) 

MITCHELL,  Dr.  W.  C. 

Index  numbers.  Production,  5 — 336. 

MITTELDEUTSCHE  CREDIT  BANK. 

Condition,  1914-1919,  6—1051. 

MOEHLENPAH,  H.  A. 

Appointed  a  member  of  Federal  Reserve  Board, 
5—918. 

Term  expires,  6 — 911. 

MONCURE,  J.  A. 

Appointed  Class  C  director,  Richmond,  3 — 7. 

MONETARY  AND  BANKING  STATISTICS. 

Changes  in  price  level  compared  with  movement  of 
gold,  Federal  Reserve  notes,  etc.,  1914-1919, 
5—838. 

MONETARY  COMMISSION,  UNITED  STATES. 

Report  on  purchase  of  silver,  1898,  4 — 397. 

MONETARY  SYSTEM. 

Brazil,  6 — 814. 

Chile,  6—1052. 

Cuba,  6—1164. 

Scandinavian,  6 — 35. 

(See  principal  nations  by  name.) 

MONEY. 

Business.  Short  supply  of  money  for,  5 — 524. 

Call  loans  against  acceptances,  4 — 805. 

Call  money — 

Federal  Reserve  Agent,  New  York.  Memoran¬ 
dum  on,  6 — 369. 

Federal  Reserve  Board  to  Congress  on,  6 — 345, 
369. 

New  York  rates,  5 — 429  ,  524,  617;  6 — 345,  368, 
369,  942. 

(See  Call  money.) 

Circulation  In.  (See  infra,  United  States.) 

Cost  of  shipment,  5 — 27,  133,  723. 

Federal  Reserve  Bank  notes.  (See  same.) 

Federal  Reserve  notes  and  inflation,  5 — 699. 

Gold.  (See  same.) 


M  O  NE  Y — Continued . 

Hoarded,  300  millions  of,  returned  to  banks  since 
armistice,  5 — 616. 

Inflation,  5—8,  102,  409,  524,  614,  699,  813,  913;  6— 
113, 116,  217,  221,  448,  553,  555,  665,  774,  897,  1013, 
1124. 

(See  Inflation.) 

Joint  custody,  Federal  Reserve  Agents  and  Federal 
Reserve  Banks,  3 — 615,  691. 

Kinds  of.  (See  National  banks.) 

New  York.  Call  loan  rates.  (See  Call  loan  rates.) 
Notes  and  bills  payable  in  exchange  are  not  payable 
in,  and  are  not  negotiable,  2—459. 

Paper  currency  outstanding.  (See  infra,  United 
States.) 

Per  capita.  (See  infra,  United  States.) 

Volume  of,  and  inflation.  (See  supra,  Inflation.) 
United  States.  Money  in,  2 — 212;  3 — 500,  562; 

4— 506,  684,  795,  915,  927,  1042,  1160,  1253;  5—64, 
97,  139,  181,  292,  404,  510,  606,  698,  699,  767,  774, 
788,  810,  838,  902,  912,  1006,  1043,  1101,  1198; 
6—109,  210,  327,  435,  488,  551,  659,  730,  762,  824, 
890,  1004,  1121,  1250,  1368,  1917-1920,  6-730,  824. 

(See  also  Bullion;  Federal  Reserve  bank  notes;  Fed¬ 
eral  Reserve  notes;  Gold;  National  bank  notes; 
Paper  currency.) 

MONEY  AND  EXCHANGE. 

Report,  Federal  Reserve  Agent,  New  York,  6 — 231. 

MONEY,  BORROWED. 

Balances  due  foreign  banks  must  be  classed  as  de¬ 
posit  liabilities.  Otherwise  would  be,  and  sub¬ 
ject  to  United  States  Revised  Statutes,  section 
5202,  5—963. 

(See  Acceptances;  Borrower;  Guaranty.) 

MONEY  COMMITTEE,  NEW  YORK,  4—935. 
Suspension  of,  5 — 205. 

MONEY  MARKET.  (See  Call  loan  market;  Call  loan 
rates.) 

MONEY  ORDER  BUSINESS. 

Federal  Reserve  Banks  can  not  engage  in,  1 — 127. 

MONEYS,  PUBLIC. 

(See  Public  moneys.) 

MONTANA. 

Laws — 

Acceptance,  3 — 531. 

Foreign  banking  corporations,  5 — 58. 

Purchase  of  Federal  Reserve  Bank  stock,  1 — 153. 
Reserves,  3 — 780. 

List  of  State  member  banks,  4 — 94. 

MONTEVIDEO. 

(See  Foreign  exchange  rates.) 

MONTH,  REVIEW  OF. 

(See  Review  of  month.) 

MONTHLY  EXPENDITURES,  UNITED  STATES. 

(See  Expenses,  United  States  Government.) 

MORATORIUM. 

Cuba  declares  a,  6 — 1165. 

MORGAN,  J.  P. 

Retires  from  Federal  Advisory  Council,  5 — 200. 

MORGAN,  J.  P.,  &  CO. 

Syndicate  for  floating  foreign  loans  in  United  States, 

5— 101. 


156 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


MORRIS  PLAN  BANKS. 

Are  “banks”  under  Clayton  Act,  3 — 527. 

MOROCCO. 

Handling  of  bills  of  exchange  in,  5 — 457. 

MORSE,  E.  R. 

Elected  Class  B  director,  Boston,  3 — 7. 

MORSS,  C.  A. 

Elected  governor  of  Federal  Reserve  Bank  of  Boston, 
4—5. 

MORTGAGE  CERTIFICATES. 

National  banks  may  invest  in,  of  a  trust  company, 
secured  by  other  notes  in  turn  secured  by  real 
estate.  If  they  are  directly  secured  by  real  estate 
mortgages,  the  limitations  of  section  24  would 
apply,  4 — 30. 

MORTGAGE  LOAN. 

A  note  secured  by  a  deed  of  trust  may  be  discounted 
by  a  national  bank  if  maturing  within  required 
time  and  otherwise  eligible,  2 — 679. 

MORTGAGES. 

Chattel.  ( See  Acceptances;  Chattel  mortgages.) 

Live  stock.  (See  Agricultural  and  live-stock  paper.) 

MORTGAGES,  REAL  ESTATE. 

State  banks  may  enter  Federal  Reserve  system  al¬ 
though  holding  real  estate,  permitted  under  State 
law,  but  can  rediscount  only  eligible  paper,  3 — 
950. 

(See  Real  estate  mortgages.) 

MOVEMENT. 

Crops,  1—180,  258,  259,  260. 

(See  Crops.) 

Excess  reserves  (free  gold).  (See  Free  gold.) 

Federal  Reserve  notes.  (See  Federal  Reserve  notes; 

Interdistrict  movement.) 

Gold.  (See  same.) 

Goods.  Review  1920,  6 — 1256. 

Loans,  6 — 920. 

Prices,  1914-1918,  4—504. 

(See  Prices.) 

Reserves.  (See  Reserves.) 

Silver.  (See  same.) 

MULE  PAPER. 

Notes  of  mule  and  cattle  dealers  are  classed  as  mer¬ 
cantile  and  not  as  agricultural  paper,  1 — 212. 

MUNICIPAL  BONDS. 

Purchase  of,  in  open  market,  1 — 221,  268;  2 — 524. 
(See  Discount  and  open-market  operations;  Warrants.) 

MUNICIPAL  EXPENDITURES. 

(See  Capital  Issues  Committee.) 

MUNICIPAL  LOANS,  FOREIGN. 

Placed  in  United  States,  5 — 33;  6 — 689,  901. 

(See  Foreign  loans.) 

MUNICIPAL  WARRANTS. 

(See  Warrants.) 

MUNICIPALITIES. 

(See  Capital  Issues  Committee.) 

MURPHY,  M.  J. 

Elected  Class  A  director,  Philadelphia,  3 — 7. 

MUSIC. 

Terms  of  sale,  6 — 1034. 

MUSICAL  INSTRUMENTS. 

Terms  of  sale,  6 — 1034. 


MUTUAL  SAVINGS  BANKS. 

Amendment  to  Federal  Reserve  Act  suggested — 
Admission  of,  5 — 50. 

Admission  as  associate  members,  3 — 108. 
Admission  to  Federal  Reserve  System.  Not  eligible 
for,  having  no  capital  stock  nor  stockholders,  3 — 
950. 

Assistance  to,  through  member  banks  promised  in 
case  of  withdrawals  of  deposits  in  connection 
with  the  Liberty  loans,  3 — 498. 

Director,  Class  A.  Can  not  serve  as  director  of,  5 — 53. 
Directors,  interlocking.  Person  may  serve  as  director 
of,  and  also  as  director  of  national  bank,  whether 
or  not  in  substantial  competition,  2 — 394. 

(See  also  Savings  banks.) 

N. 

NAME,  CHANGE  OF. 

(See  State  banks  and  trust  companies.) 

NASHVILLE,  TENN. 

Branch  bank,  5 — 821,  919,  1017  (territory);  6 — 61. 
Designated  as  a  reserve  city,  1 — 48. 

NATIONAL  ASSOCIATION  OF  COTTON  MANU¬ 
FACTURERS. 

Acceptances.  Article  by  secretary  of,  4 — 713. 

NATIONAL  ASSOCIATION  OF  CREDIT  MEN. 

Circular  letter.  Abolition  of  exchange  charges,  2 — 
600. 

Trade  acceptances — 

Growth  of,  4 — 1193. 

Resolution,  4 — 606. 

To  furnish  data  as  to  collection  conditions  in  coopera¬ 
tion  with  Federal  Reserve  Board,  5 — 547. 

NATIONAL  ASSOCIATION  OF  FINISHERS  OF 
COTTON  FABRICS. 

Report,  6 — 1145. 

NATIONAL  ASSOCIATION  OF  RAILWAY  AND 
PUBLIC  UTILITY  COMMISSIONERS. 

(See  Capital  Issues  Committee.) 

NATIONAL  BANK,  COPENHAGEN. 

Comparison  with  Federal  Reserve  System.  (See  infra, 
Condition.) 

Condition — 

1913- 1918,  2-331,  332,  659,  6S2;  U-269,  383,  384, 
997,  1077. 

1914- 1919,  5 — 464,  1200;  6—488,  1296,  1297. 
Discounts,  1914-1919,  5—649,  849,  1200. 

Gold  reserves,  1914-1919,  5 — 649,  849,  1200;  6 — 488, 
1296,  1297. 

Note  circulation,  1914^1919,  5 — 649,  849,  1200;  6 — 
488. 

(See  Denmark.) 

NATIONAL  BANK  EXAMINERS. 

Deputy  Federal  Reserve  Agents  no  longer  to  be  ap¬ 
pointed  as,  2 — 2. 

Doughton,  J.  K.,  chief  examiner,  Richmond,  3 — 748. 
Higgins,  E.  F. — 

Acting  chief  examiner,  Richmond,  3 — 748. 

Chief  examiner,  Atlanta,  3 — 748. 

Malburn,  W.  P.,  chief  examiner,  New  York,  3 — 80. 
Relations  with  Federal  Reserve  Banks,  1 — 15. 

NATIONAL  BANK  Ft}R  DEUTSCHLAND. 

Condition,  1914-1919,  6 — 1051. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


157 


NATIONAL  BANK  NOTES. 

Act  October  5,  1917.  Issues  of  small  denominations. 
No  bank  to  have  outstanding  more  than  $25,000 
of  Is  and  2s,  3 — 837. 

Circulation — 

Can  not  agree  to  withhold,  from.  United  States 
Revised  Statutes,  section  5207,  2 — 332. 

By  denominations,  4 — 519. 

( See  infra,  United  States.) 

Cost  of  transportation,  unfit  notes.  Paid  by  Treasury, 

3—242. 

Denominations.  Circulation  of,  by,  4 — 519. 

Deposits  of,  with  Federal  Reserve  Banks  merely  to 
save  cost  of  forwarding  for  redemption  may  be 
refused,  1 — 306. 

Engraved  signatures,  4-  -423:  5 — 21,  228,  699. 

Issues  and  redemptions,  3 — 667,  941. 

Note  redemptions.  Policy,  1 — 306. 

Rechartered.  Circulation  of.  4 — 122. 

Reduction  of.  (S ee  Federal  Reserve  notes;  Currency 
expansion.) 

Reserves.  State  banks  may  count,  as  reserves,  if 
State  law  permits,  1 — 318. 

Security.  Can  not  be  taken  as,  for  loans,  2 — 332. 
Shipment  by  express,  1 — 12. 

United  States  bonds — 

Bank  which  has  reduced  circulation  by  sale  of, 
under  section  18,  may  take  out  additional 
circulation  against,  bought  in  open  market, 
2—65,  72. 

To  secure  circulation,  4 — 15,  91. 

United  States.  In  circulation — 

Fiscal  year  1920,  6—730;  1917-1920,  6—825. 

In  Federal  Reserve  Banks,  Treasury,  etc.,  4— 
506,  684,  795,  915,  1160.  1253;  5—97,  181,  292, 
404,  510,  606,  698,  783,  798, 810, 838,  902, 1101, 
1106,  1198;  6—109,  210,  327,  435,  551,  659, 
730,  762,  825,  890,  1004,  1121.  1250,  1368. 

(See  also  National  banks;  Money  in  United 
States.) 

NATIONAL  BANK  OF  COPENHAGEN. 

(See  supra,  National  Bank,  Copenhagen.) 

NATIONAL  BANK  OF  ROUMANIA. 

Gold  reserve,  1910-1920,  6—1297. 

NATIONAL  BANKS.  (See  also  Opinions  of  counsel.) 
Abstract  title  business.  Can  not  do,  not  involved  in 
transactions  of  bank,  6 — 385. 

Acceptance  liabilities,  2 — 670;  3 — 6,  350,  665;  4 — 11, 
403,  855,  1114;  5—21,  105.  441,  513,  555,  557,  561, 
852,  1152;  6—158,  686,  687. 

Acceptances.  (See  infra,  Guaranty.) 

Accrued  dividends.  National  bank  purchasing  assets 
of  another  national  bank  in  liquidation  not  en¬ 
titled  to  transfer  of  its  Federal  Reserve  Bank  stock 
nor  to,  thereon,  3 — 117,  199. 

Act  July  12,  1882.  (See  infra,  Circulation.) 

Act  March  4,  1907.  (See  infra,  Circulation.) 

Act  July  17,  1916.  May  discount  notes  secured  by 
farm  loan  bonds  issued  under,  4 — 635. 

Act  May  23,  1918.  Red  Cross  contributions,  4 — 428, 
498. 

Act  September  24,  1918.  Permits  discounts  of  war 
paper  in  excess  of  10  per  cent  limitation,  4 — 961 
at  962.  1055. 

Act  November  7,  1918.  Consolidation  of  national 
banks,  4^30,  1178. 


NATIONAL  BANKS — Continued. 

Act  March  3,  1919.  Rediscounts  of  war  paper  over 
10  per  cent  limitation,  5 — 361,  1055. 

Act  October  22,  1919.  Exception  to  10  per  cent 
limitation.  Loans.  Analysis,  5 — 704,  730,  965 
(text),  1055. 

Administration  of  trust  departments.  Regulation  F, 
1920,  6—699. 

Administrator,  no  power  to  act  as,  in  New  York, 

4—12. 

Advertise.  Right  to,  for  savings  accounts,  1 — 18. 
Advisory  Committee.  Status,  Clayton  Act,  3 — 118. 
Agent  to  accept  drafts.  Can  not  appoint.  United 
States  Revised  Statutes,  section  5190,  6 — 835. 
(See,  however,  Volume  7,  Federal  Reserve  Bul¬ 
letin,  May,  1921,  page  547.) 

(See  Acceptances;  Guaranty.) 

Agents.  (See  Approved  reserve  agents;  Fiscal  agents; 

Insurance  companies.) 

Amendments  suggested — 

Branches.  Domestic,  2 — 439;  3 — 100, 106  ;  5 — 21, 
966. 

Insurance  companies.  Agent  for,  2 — 440;  3 — 164. 
Savings  accounts.  Reserve  against,  5 — 50. 
Savings  departments.  Separate,  5 — 50. 
Approved  reserve  agents.  Due  from,  3 — 484. 

Assets — 

May  purchase,  of  bank  in  liquidation  and  may 
consolidate,  but  gives  no  right  to  operate 
branches  in  United  States,  2 — 74. 

Vote  to  sell,  is  not  a  vote  to  liquidate,  2 — 119. 

(See  supra,  Accrued  dividends.) 

(See  infra,  Liquidate;  Liquidation.) 

Assistance  in  winning  war,  3—351,  372,  748. 

Attorney  General  of  United  States.  ( See  infra,  New 
York  national  banks.) 

Authority  to  guarantee  acceptances — 

(See  Acceptances;  Guaranty.) 

(See  also  Volume  7,  Federal  Reserve  Bulletin, 
May,  1921,  page  547.) 

Balances  due  to  foreign  banks  are  individual  and  not 
bank  deposits,  5 — 963  at  964. 

Bills  receivable.  Borrowing  on,  limited  under  United 
States  Revised  Statutes,  section  5202,  to  amount  of 
capital  stock,  2 — 112. 

Borrowed  money.  (See  Acceptances;  Guaranty.) 
Borrower  from.  (See  Borrower.) 

Borrowers,  individual.  (See  Liquidation;  Redis¬ 
counts.) 

Borrowing.  (See  Bills  receivable.) 

Branch.  Foreign — 

Of  national  bank  in  Isthmus  of  Panama  may  loan 
on  real  estate  if  within  100  miles  of  branch, 
under  section  24,  3 — 952. 

Of  national  bank  in  Cuba  may  loan  on  growing 
sugar  crop;  not  a  real  estate  loan,  5 — 362. 

Branches.  Domestic — 

Amendments  suggested,  2 — 439;  3 — 100,  106; 

5—21,  966. 

Can  not  operate  domestic,  2 — 74. 

Comptroller  of  Currency  favors,  4 — 163,  423. 
Federal  Advisory  Council  favors,  1 — 394;  3 — 106. 
Purchase  of  assets  of  bank  in  liquidation  and  con¬ 
solidation  gives  no  right  to  operate  branches 
in  United  States,  2 — 74. 

State  banks  with  branches  may  be  converted  into 
national  banks,  1 — 125. 

(See  Foreign  branches.) 


158 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


NATIONAL  BANKS— Continued. 

Call.  Changes  in  form  of.  Reports  of  condition, 
3—604. 

Capital.  Need  not  surrender  proportionate  part  of, 
because  of  reduction  of  surplus,  1 — 218. 
Capitalization.  Increase  and  decrease  in,  2 — 265; 
3—603;  4—89;  5—30,  128,  252,  358,  465,  562,  650, 
737,  855,  961,  1052,  1153;  6—62,  160,  274,  383, 
492.  609,  697,  833,  946,  1064,  1175,  1300. 

(See  also  Charters.) 

Cash  in  vault — 

To  be  reported,  together  with  cash  in  Federal 
Reserve  Bank  as  one  item,  2 — 668. 

To  be  reported  as  separate  item  only  occasionally 
for  statistical  purposes,  3 — 604. 

Central  reserve  cities.  Banks  situated  in,  can  not 
make  loans  on  real  estate,  2 — 609. 

Certificate  of  deposit.  (See  infra,  Loans;  Usurious.) 
Charters  issued.  New,  2 — 265,  316,  379,  448,  515,  601, 
672;  3—20,  115,  167,  266,  374,  450,  520,  603  (year 
1917),  604,  678,  747,  864,  942;  4—15,  89,  92,  184, 
295,  403,  509,  609,  740,  858,  967,  1099, 1197;  5—30, 
128,  252,  358,  465,  562,  650,  737,  961,  1052,  1153; 
6—62,  160,  274,  383,  492,  609,  697,  833,  946,  1064, 
1175,  1300. 

Charts — 

Actual  and  required  reserves,  3 — 483,  484. 
Deposits,  1914-1919,  5—780,  782. 

Investments,  1914-1919,  5 — 780. 

(See  Charts.) 

Circulation — 

Limitation  of  deposits  to  retire,  is  not  affected  by 
allotments  to  Federal  Reserve  Banks  under 
section  18,  2 — 158. 

Limit  reached  March  16, 1916,  for  month  of  March, 
2—156. 

Limit  for  April,  1916,  reached  on  April  1,  2 — 215 
United  States  bonds  to  secure,  2 — 159;  4 — 15,  91. 
Withdrawal  from.  Agreements  involving,  are  for¬ 
bidden  by  United  States  Revised  Statutes, 
section  5207,  2 — 332. 

(See  United  States  bonds.) 

Clayton  Act — 

'Act  of  May  26,  1920,  amends,  so  that  private 
bankers  under  specified  conditions  may  serve 
as  interlocking  directors  of  member  banks, 
6—948. 

Directors  of  suburban  districts  of  cities  are 
subject  to,  5 — 362. 

Status  of  Advisory  Committee  under,  3 — 118. 

(See  Clayton  Act.) 

Commissions  for  directors,  5 — 253. 

Comptroller  of  Currency — 

Bills  of,  4—163,  414  to  434. 

Favors  domestic  branches,  4 — 163,  423. 

Reports  of  condition.  Changes  in.  Form  of  re¬ 
ports,  3 — 604. 

Reports.  Calls  for.  (See infra,  Condition  reports.) 
Reports.  Interest  earned  but  not  collected,  etc. 
Postponed,  5- — 249. 

Computation  of  reserves,  2 — 672;  3 — 602. 

(See  Reserves.) 

Condition  of  national  banks  doing  acceptance  busi¬ 
ness,  5 — 557. 

Condition  reports,  3 — 161,  372,  604,  665;  4 — 182, 
1093;  5—250,  446,  838,  1153;  6-^42,  443,  726. 
Changes  in  form  of,  3 — 604. 

Last  report  under  old  reserve  requirements,  3 — 665. 


NATIONAL  BANKS— Continued. 

Consolidation — 

Act  November  7,  1918,  4 — 430,  1178. 

Gives  no  right  to  operate  branches  in  United 
States,  2 — 74. 

Contingent  liability — 

Guaranty  of  acceptances,  4 — 311. 

(See,  however,  Volume  7,  Federal  Reserve  Bul¬ 
letin,  May,  1921,  page  547.) 

Philadelphia  national  banks,  3 — 6. 

(See  Contingent  liability.) 

Conversion  into — 

State  banks,  5—521,  649,  738,  1051,  1155;  6—62, 
492,  1063,  1299. 

State  banks  with  branches  may  convert  into  na¬ 
tional  banks,  1 — 125. 

Cost  of  examinations.  (See  infra,  Examinations.) 
Cost  of  transportation  of  unfit  notes,  paid  by  Treasury, 
3—242. 

Deposit.  Certificates  of.  (See  infra,  Loans.) 

Deposit  of  securities,  Missouri,  5 — 655. 

Deposits,  3 — 161,  372,  665. 

1900-1914,  1—235  ;  2—376. 

1913- 1918,  4—337,  502. 

1914- 1920,  6—726,  727,  728. 

Individual,  1914-1919,  5—781,  782,  838. 

Increase  of,  2 — 376. 

Insurance  by  guaranty  company  permitted, 
1—29,  51. 

Net  deposits,  1914-1916,  3—232;  6—726,  727,  728. 
Nonmember  banks.  Deposits  in,  1 — 126. 

Of  foreign  banks  are  individual  and  not  bank 
deposits,  5 — 963. 

Of  national  bank  notes  in  Federal  Reserve  Banks 
to  avoid  cost  of  transportation  for  redemp¬ 
tion  may  be  refused,  1 — 306. 

Time  deposits,  1914-1919,  5 — 781,  782. 

(See  also  Deposits;  Government  deposits;  Time 
deposits.) 

Deposits  to  retire  circulation.  (See  supra  Circula¬ 
tion.) 

Direct  liability.  Guaranty  of  acceptances,  4 — 311. 
(See  Volume  7,  Federal  Reserve  Bulletin,  May, 
1921,  page  547.) 

Directors — 

Fees  of,  2 — 514. 

National  bank  examiners  no  longer  to  be  ap¬ 
pointed,  2 — 2. 

Private  bankers  can  not  serve  as,  2 — 394. 

Changed  by  act  of  May  26,  1920,  6 — 813,  948. 
Suburban  districts.  Directors  of  banks  in,  of 
cities  are  subject  to  Clayton  Act,  5 — 362. 
Discounts,  1913-1918,  4—337,  502. 

Dividends,  1914-1920,  6 — 442,  726. 

On  surrendered  stock,  2 — 17. 

(See  supra,  Accrued  dividends.) 

Double  liability.  National  banks  subject  to,  as  stock¬ 
holders  of  Federal  Reserve  Banks  under  section  2, 
1—273. 

Edge  Act.  Foreign  corporations,  5 — 705,  727,  728, 
S20,  965,  1056;  6—56  (text). 

(See  Edge  Act.) 

Enemies.  Dealings  with  alien,  3 — 431. 

Engraved  signatures  on  national  bank  notes,  4 — 423; 
5—20,  21,  228,  629. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


159 


NATIONAL  BANKS— Continued. 

Examinations  of.  Payment  for,  2 — 122,  213;  3 — 374. 

Excess  loans,  section  19.  Deposits  of  national  banks 
in  nonmember  banks  in  excess  of  10  per  cent  limi¬ 
tation  of  section  19,  must  be  reported  as  excess 
loans,  1 — 126. 

Executor.  No  power  to  act  as,  in  New  York,  4 — 12. 

Failures,  during  last  3  and  last  33  years,  3 — 939. 

Farm  land,  notes  secured  by — 

May  purchase  or  discount,  of  any  maturity  if 
maturing  within  five  years  after  acquirement, 
2—226. 

May  purchase  or  discount,  already  made  and  make 
direct  loans  on  same  under  section  24,  2 — 120. 
( See  Farm  land  loans.) 

Farm  loan  bonds.  May  discount  notes  secured  by, 
issued  under  act  July  17,  1916,  4 — 635. 

Federal  Advisory  Council — 

Favors  domestic  branches,  1 — 394;  3 — 109. 
Favors  stock  ownership  in  foreign  corporations 

1— 394. 

Federal  Reserve  Bank  stock — 

Can  not  deduct  value  of,  in  tax  return  to  State 
for  purposes  of  taxation  of  member  bank 
stockholders,  1 — 315;  3 — 955. 

( See  Taxation.) 

Federal  Reserve  Banks — 

Can  not  cancel  stock  or  refuse  cash  paid  subscrip¬ 
tions  from  a  bank  which  has  voted  to  sell 
assets,  as  a  vote  to  sell  is  not  a  vote  to  liqui¬ 
date,  2—119. 

Cash  in  vault  and  with,  may  be  reported  as  one 
item,  2—668. 

To  be  reported  separately  only  occasionally  for 
statistical  purposes,  3 — 604. 

No  limit  to  rediscounts  with,  except  the  10  per 
cent  limitation  as  to  individual  borrowers, 

2— 112,  274,  457. 

( See  supra,  Accrued  dividends.) 

Federal  Reserve  Board — 

Circular  as  to  holding  political  or  public  offices 
does  not  applv  to  officers  of  national  banks, 
2—168. 

Warning  against  over  investment  in  foreign  gov¬ 
ernment  securities. 

(See  British  exchequer  notes.) 

Federal  Reserve  System.  Number  of  national  banks 
in.  ( See  Number,  etc.,  principal  heading.) 

FeeB.  Directors’,  2 — 514;  5 — 253. 

Fiduciary  powers.  (See  same.) 

Fire  insurance — 

No  power  to  write,  2 — 73. 

Amendment  permitting,  2 — 440. 

Became  law.  Act  of  September  7,  1916, 
2—440;  3—164. 

Regulations,  3 — 164. 

Fiscal  agents  may  sell  thrift  stamps,  war  saving  cer¬ 
tificates,  and  United  States  bonds  as,  4 — 313. 

Foreign  bank  deposits  are  individual  and  not  bank 
deposits,  5—963. 

Foreign  banking  corporations — 

Act  September  17,  1919.  Investment  in  stock  of, 
5—612,  705,  729,  730,  965  (text). 

Edge  Act,  5—705,  727,  728,  820,  965,  1056  ;  6—56, 
1190. 

(See  Edge  Act;  Federal  Advisory  Council;  Joint 
stock  ownership.) 


NATIONAL  BANKS— Continued. 

Foreign  branches.  Loans  of.  (See  Branch,  foreign.) 
Foreign  branches  of  national  and  other  banks,  5 — 23, 
357,  466,  73S,  854  ,  962,  1050,  1154  ;  6—272,  606, 
944,  1298. 

(See  Foreign  branches.) 

Foreign  corporations.  Subscription  to  stockin,5 — 965. 
Foreign  correspondent,  5 — 471. 

(See  Volume  7,  Federal  Reserve  Bulletin,  May, 
1921,  page  547.) 

(See  Acceptances;  Guaranty;  Opinions  of  coun¬ 
sel.) 

Foreign  government  securities — 

Holdings  of,  3—2,  82,  173,  236,  239;  4—263. 
Investments  in,  3 — 2,  82,  173,  236,  239. 
Investments  in.  Warning,  Federal  Reserve 
Board. 

(See  British  exchequer  notes.) 

Gold- 

Holdings,  1914-1916,  3—233;  6—144. 

Reserves,  1900-1918,  5—140;  1900-1919,  6—144. 
Government  deposits  in,  1914-1919,  5—781,  782. 

(See  Government  deposits.) 

Guaranty  company.  Can  insure  deposits  through  a, 
1—29,  51. 

Guaranty  of  acceptances.  A  national  bank  may 
guarantee  acceptances  made  for  it  by  a  foreign 
correspondent  as  an  incident  of  its  authority  to 
accept,  4 — 311. 

(See,  however,  Volume  7,  Federal  Reserve  Bul¬ 
letin,  May,  1921,  page  547.) 

Guaranty  of  bank  deposits.  Can  not  join  Nebraska 
system  of,  1 — 409. 

(See  Guaranty.) 

Guardian,  can  not  act  as,  1 — 269;  4 — 744. 

Holdings — 

Foreign  government  securities,  3 — 2,  82,  173,  236 
239;  4—263. 

Gold,  1914-1916,  3—233  ;  6—144,  1297. 

Liberty  bonds,  5 — 428,  441. 

(See  Liberty  loans.) 

United  States  securities,  5 — 428,  780. 

United  States  treasury  certificates — 
Twenty-three  issues,  4 — 845. 

1917-1919,  5 — 428. 

(See  United  States  Treasury  certificates.) 

War  paper,  5 — 428,  942;  6—1348. 

(See  War  paper.) 

Increase  and  decrease  of  capital.  (See  supra,  Capi¬ 
talization;  Charter.) 

Increase  of  deposits.  (See  Deposits.) 

Individual  deposits — 

1914-1919,  5—781,  782,  838. 

Balances  due  foreign  banks  are,  and  not  bank 
deposits,  5 — 963. 

(S-ee  Deposits.) 

Insurance  companies — 

Act  of  September  17,  1916,  3 — 164. 

As  agents  of,  2 — 440;  3 — 164. 

Regulations,  3 — 164. 

Insurance,  fire,  can  not  write,  2 — 73. 

Insurance  of  deposits  by  guaranty  company,  1 — 29,  51. 
Interest  earned  but  not  collected.  (See  Reports.) 


160 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


NATIONAL  BANKS— Continued. 

Investments— 

Foreign  Government  securities,  3 — 2,  82,  236, 
239. 

(See  British  Exchequer  notes.) 

Total  investments,  4 — 337,  502  ;  5 — 780,  782,  838; 
6—726. 

Trust  funds,  5 — 143. 

( See  Fiduciary  powers.) 

Issues  and  redemptions.  Notes,  3 — 667,  941. 
Isthmus  of  Panama.  ( See  infra,  Real  estate  loans.) 
Joint  stock  ownership.  Federal  Advisory  Council 
favors,  in  foreign  banking  corporations,  1 — 394. 

Liabilities,  1914-1919,  5 — 782. 

(See  supra,  Contingent  liabilities.) 

Liability,  contingent.  (See  Contingent  liability.) 
Liability,  direct.  (See  Direct  liability.) 

Liability,  double,  national  banks  subject  to,  as 
stockholders  of  Federal  Reserve  banks  under 
section  2,  1 — 273. 

Liberty  bonds — 

Holdings,  5—92,  177,  287,  399,  428,  441,  505,  600, 
692,  804,  896,  999,  1095,  1192;  6—329,  438, 
764, 1005. 

(See  Member  bank  condition  statements.) 

Loans  in  excess  of  10  per  cent  limitation  of  United 
States  Revised  Statutes,  section  5200,  as 
amended.  (See  Act  of  September  24,  1918; 
Act  of  March  3, 1919;  Act  of  October  22, 1919.) 

Loans  on  5 — 306,  441,  780,  782. 

Regulations,  5 — 441. 

Subscription  by.  (See  Liberty  bonds.) 
Subscriptions  to  United  States  Treasury  certifi¬ 
cates.  (See  United  States  Treasury  certifi¬ 
cates.) 

Victory  bonds.  Holdings,  5 — 942. 

(See  Victory  bonds.) 

War  paper.  (See  same.) 

Work  of,  4 — 372. 

Limitation  on  retirement  of  circulation.  (See  supra, 
Circulation.) 

Limitations  on  loans.  Amendment  to  United  States 
Revised  Statutes,  section  5200.  (See  Act  of  Sep¬ 
tember  24,  1918;  Act  of  March  3,  1919;  Act 
of  October  22,  1919). 

Liquidate.  Vote  to  sell  is  not  a  vote  to,  2 — 119. 

Liquidated — 

Accured  dividend,  3 — 117. 

Dividends,  4 — 201. 

Liquidation — 

May  purchase  assets  in,  of  another  bank.  2 — 74. 
May  file  application  to  sell  United  States  bonds 
prior  to  surrender  of  stock,  although  it  has 
voted  to  go  into,  2 — 170. 

(See  supra,  Accured  dividends.) 

Loans — 

1913- 1917,  4—337,  502. 

1914- 1919,  5—782,  838. 

1914-1920,  6—726. 

By  foreign  branch  on  real  estate,  3 — 952. 

By  foreign  branch  on  growing  sugar  crop,  5 — 362. 
National  bank  notes  can  not  be  taken  as  security 
for,  2—332. 


NATIONAL  BANKS— Continued. 

Loans — Continued . 

On  Liberty  bonds,  5 — 306,  441,  780,  782. 

Amendment  to  United  States  Revised 
Statutes,  section  5200.  (See  Act  of  Sep¬ 
tember  24,  1918;  Act  of  March  3,  1919; 
Act  of  October  22.  1919.) 

Regulations,  5 — 441. 

Ratio.  Reserves  to  deposits,  1910-1916,  2 — 506 
Real  estate.  Can  not  loan  on,  in  central  reserve 
cities,  2 — 609. 

United  States  Revised  Statutes,  section  5137. 
Loans  acquired  under,  not  within  limitations 
of  section  24,  2 — 606. 

United  States  Revised  Statutes,  section  5200. 
Amendment.  (See  Act  of  September  24, 
1918;  Act  of  March  3,  1919;  Act  of  October 
22,  1919.) 

Usurious.  Note  at  highest  legal  rate  with  ad¬ 
ditional  note  for  which  a  certificate  of 
deposit  is  given,  the  certificate  being  pledged 
for  both  notes  is,  3 — 292. 

War  obligations.  Loans  on,  5 — 441. 

(See  Farm  land  loans;  Real  estate  loans.) 

Minimum  deposit,  United  States  bonds.  (See  infra, 
United  States  bonds.) 

Missouri.  Superintendent  of  banks  must  receive 
deposits  of  securities  from.  5 — 655. 

(See  infra,  Title.) 

Money  borrowed.  (See  Acceptances;  Borrower; 
Guaranty.) 

National  bank  examiners — 

No  longer  to  be  appointed  as  Deputy  Federal 
Reserve  Agents,  2 — 2. 

Relations  with  Federal  Reserve  banks,  1 — 15. 
(See  National  bank  examiners.) 

National  bank  notes — 

Engraved  signatures,  4 — 423;  5 — 21,  229. 

(See  supra,  Circulation;  Cost  of  transporation; 
Deposits.) 

(See  infra,  Shipment  by  express;  State  member 
banks.) 

Nebraska  guaranty  system.  Can  not  join,  1 — 409. 
Net  deposits — 

1914-1916,  3—232. 

1914-1919,  5—428,  838. 

New  York  national  banks  can  not  act  as  adminis¬ 
trator,  executor,  or  trustee  in  New  York,  4 — 12. 
Nonfiduciary  powers.  Can  not  exercise,  merely 
because  competing  State  banks  are  permitted  to 
do  so  by  State  laws,  6 — 949. 

Nonmember  banks.  Deposits  of,  in,  1 — 126. 

Note  redemption.  Policy,  1—306. 

Number  in  Federal  Reserve  System.  (See  Number.) 
Number  rediscounting  at  Federal  Reserve  Banks. 
(See  Discount  and  open-market  operations;  Num¬ 
ber,  etc.) 

Officers  of.  (See  infra,  Political  offices.) 

One  hundred  of  largest.  Distribution  by  States, 
3—19. 

Opinions  of  counsel.  (See  same.) 

Payment  for  examinations,  3 — 374. 

(See  supra,  Examinations.) 

Percentages,  reserve.  (See  infra,  Reserve  percent¬ 
ages.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


161 


NATIONAL  BANKS— Continued. 

Philadelphia  national  banks.  Contingent  liability, 
acceptances,  3 — 6. 

Policy.  Note  redemptions,  1 — 306. 

Political  and  public  officer.  Circular  of  Federal 
Pieserve  Board  does  not  apply  to  officers  of,  2 — -163. 
Private  bankers  can  not  serve  as  directors  of,  2 — 394. 

[Changed  by  act  of  May  26,  1920,  6 — 813,  948.] 
Purchase.  ( See  supra,  Assets;  Liquidation.) 
Purchase  of  stock  of  other  banks  not  permitted  but 
may  purchase  assets  in  liquidation,  2 — 74. 

Ratio.  Reserves  to  loans,  1910-1916,  2 — 506. 

Real  estate  loans.  (See  Real  estate  loans;  National 
banks.) 

Receiver.  Can  not  act  as,  1 — 362. 

Red  Cross,  may  contribute  to.  Act  May  23,  1918, 

4— 428,  498, 

Redemptions.  Issues  and,  3 — 667,  941. 

Redemption  of  notes.  Policy,  1 — 306. 

Rediscounts  with  Federal  Reserve  Banks.  No  limit 
to,  except  10  per  cent  limitation  as  to  individual 
borrowers,  2 — 112,  274,  457. 

Reduction  of  surplus.  Need  not  surrender  propor¬ 
tional  amount  of  capital  stock  because  of,  i — -218. 
Regulation  F,  1920.  Trust  department,  6 — 699. 
Regulations — 

Acting  as  insurance  and  real  estate  agents,  3 — -164. 
Loans  on  Liberty  bonds.  Amendment  to  United 
States  Revised  Statutes,  section  5200,  5 — 441. 
Renewal  draft.  Can  not  accept,  drawn  by  purchaser 
and  secured  at  time  of  original  acceptance  by 
bill  of  lading  or  warehouse  receipt  unless  renewal 
complies  with  law  and  regulations,  6 — 65. 

(See  Acceptances,  renewal;  Renewal.) 
Reports  of  condition,  8 — 161,  372,  604,  665;  4 — 182, 
1093;  5—250,  446,  838,  1153;  6-A42. 

Changes  in  form,  3 — 604. 

Last  report  under  old  reserve  requirements, 

3 — 665. 

Reports  of  interest  earned  but  not  collected,  etc. 
Call  postponed,  5 — 249. 

Required  reserves.  ( See  infra,  Reserves.) 

Reserve  agents.  ( See  supra,  Approved  reserve 
agents.) 

Reserve  computation,  2 — 672;  3 — 602,  614,  692; 

5— 963;  6—3. 

Reserve  percentages,  1914-1916,  3 — 232. 

Reserve  requirements.  Last  report  of  condition 
under  old,  3 — 665. 

Reserves — 

1914-1916,  3—232,  372. 

Actual  and  required,  1915-1917,  3 — 483,  484. 
Computation  of,  2—672;  3—602,  614,  692;  5—963; 

6—3. 

Foreign  branches,  4 — -1123. 

Gold,  1900-1918,  5—140;  6—144. 

Government  deposits.  ( See  Government  de¬ 

posits;  Reserves.) 

Ratio  to  loans,  1910-1916,  2—506. 

Savings  accounts,  1 — 73;  211. 

Savings  banks.  Suggested  amendment,  5 — 50. 
State  member  banks  may  count  national  bank 
notes  as,  when  permitted  by  laws  of  State, 
1—318. 

(i See  Reserves.) 


NATIONAL  BANKS — Continued. 

Resources,  1—61;  2—376;  3—161,  174,  603,  665; 

4— 17,  70,  90,  182,  372,  1093;  5—250,  446,  838, 
1153;  6 — 442,  443,  726. 

Sale  of  assets.  (See  supra,  Assets;  Liquidation; 
Liquidate.) 

Savings  accounts — 

Reserves,  suggested  amendment,  5 — 50. 

Right  to  advertise,  1 — 18. 

Savings  departments  for.  Suggested  amendment, 

5— 51. 

Section  11  (m).  (See  Ten  per  cent  limitation;  Sec¬ 
tion  11  (m).) 

Section  13.  Amendment  of,  by  act  of  March  3, 1919, 
permitting  rediscounts  by  Federal  Reserve 
Banks  of  war  paper  loans  in  excess  of  10  per 
cent  limitations,  5 — 361,  1055. 

Section  18,  Federal  Reserve  Act.  (See  United  States 
bonds.) 

Section  19.  (See  Foreign  banks.) 

Section  24,  Federal  Reserve  Act.  (See  Branch; 
Farm  land  loans;  Real  estate  loans;  United  States 
Revised  Statutes,  section  5137.) 

Securities.  (See  supra,  Missouri.) 

Security — 

Draft  drawn  on  national  bank  secured  by  a  docu¬ 
mentary  draft  drawn  by  same  drawee  upon 
a  foreign  buyer  is  eligible  for  acceptance, 

6—610. 

(See  Acceptances,  domestic;  Foreign  branches; 
Liberty  bonds;  Security;  United  States  Re¬ 
vised  Statutes,  section  5207.) 

Shipment  of  notes  by  express,  1 — 12. 

State  banks — 

Conversion  of,  into  national  banks,  5 — 251,  649, 
738,  1051,  1155. 

With  branches,  1 — 125. 

State  laws  as  to  maximum  loaning  rates  apply  to, 
1—24. 

State  member  banks  may  count  national  bank  notes 
as  reserves  if  laws  of  State  permit,  1 — 318. 

States.  Distribution  by,  of  100  of  largest  national 
banks,  3 — 19. 

Stock.  Double  liability  on,  in  Federal  Reserve  Banks, 
1—273. 

Stock  in  Federal  Reserve  Banks.  Dividends  on,  2 — 17. 
(See  supra,  Accrued  dividends.) 

Stock  in  other  banks.  No  power  to  purchase  stock 
of  other  banks,  2 — 74. 

(See  Purchase  of  stock.) 

Stock  in  Foreign  Banking  Corporations.  (See  Foreign 
Banking  Corporations.) 

Stock  in  foreign  branches.  (See  Foreign  branches.) 
Stock.  Surrender  of.  (See  supra,  Liquidation.) 
Stock.  Taxation  of.  (See  infra,  Taxation.) 
Subscriptions — 

Liberty  bonds.  (See  Liberty  bonds.) 

United  States  Treasury  certificates.  (See  United 
States  Treasury  certificates.) 

Suburban  districts  of  cities.  (See  supra,  Directors.) 
Surplus.  Reduction  of.  Need  not  surrender  propor¬ 
tional  part  of  capital  stock  because  of,  1 — 218. 
Surrender  of  stock.  (See  supra,  Liquidation;  Sur¬ 
plus,  reduction  of.) 

Surrendered  stock.  Dividends  on,  2 — 17. 


37599°— 21 


11 


162 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


NATIONAL  BANKS— Continued. 

Taxation.  Can  not  deduct  value  of  Federal  Reserva. 

Bank  stock  in  return  to  State  for,  1 — 315;  3 — 955. 
Ten  per  cent  limitations  on  loans.  ( See  Ten  per  cent 
limitation.) 

Thrift  stamps.  May  6ell,  as  fiscal  agents,  4 — 313. 

Time  deposits,  1914-1919,  5 — 781,  782. 

( See  same.) 

Title.  When  authorized  to  exercise  fiduciary  powers 
may  use  words  “trust  company”  in,  6 — 497. 

Title  business,  abstract.  Can  not  do,  except  in  con¬ 
nection  with  transactions  of  bank,  6 — 3S5. 
Transfer  agent.  Can  not  act  as,  2 — 456. 

Transfer  of  stock.  ( See  supra,  Accrued  dividends.) 
Trust  department.  Regulation  F,  1920,  6 — 699. 

Trust  funds — 

Investment  of,  5 — 143. 

May  loan,  in  accordance  with  State  law  unaffected 
by  limitations  of  section  24,  6 — 949. 

(See  Fiduciary  powers.) 

Trustee — 

Can  not  act  as,  in  New  York,  4 — 12. 

May  exercise  fiduciary  powers  in  New  York  when 
the  State  permits  competing  State  institu¬ 
tions  to  act.  New  York  Supreme  Court, 
5—1059. 

United  States  bonds — 

May  sell,  owned  by  it  to  a  customer  taking  back 
his  note  secured  by  the  bonds  free  from  limi¬ 
tations  of  section  5200,  3 — 519,  520. 

(See  United  States  bonds,  allotment;  United 
States  bonds,  application ;  United  States  bonds, 
circulation;  United  States  bonds,  fiscal  agent; 
United  States  bonds,  limitations;  United 
States  bonds,  minimum  deposit.) 

United  States  Revised  Statutes — 

Section  5137.  Loans  made  under,  not  subject  to 
limitations  of  section  24,  2 — 606. 

Section  5154.  Amendment  suggested  providing 
for  separate  savings  department,  5 — 50. 
Section  5172.  Amendment  to,  authorizing  en¬ 
graved  signatures  on  national  bank  notes, 
4—423  ;  5—20,  21,  228,  629. 

Section  5190.  (See  supra,  Agent.) 

Section  5200.  (See  Ten  per  cent  limitation; 
United  States  bonds;  United  States  Revised 
Statutes,  section  5200.) 

Sec.  5202- 

Acceptance  by  a  foreign  correspondent  under 
guaranty  of  a,  might  be  treated  as  money 
borrowed  subject  to,  4 — 311. 

(See  Volume  7,  Federal  Reserve  Bulletin, 
May,  1921,  page  547.) 

Borrowing  from  another  bank  on  bills  receiv¬ 
able  is  limited  to  amount  of  capital  stock, 
2—112. 

Further  exception  to  limitations  of.  Liabili¬ 
ties  created  by  indorsement  of  accepted 
bills  payable  abroad  actually  owned  by 
indorsing  bank  and  discounted  at  home 
or  abroad,  5 — 705,  730. 

Sec.  5207- 

National  bank  notes  can  not  be  taken  as 
security  for  loans,  2 — 332. 

Agreements  for  withholding  national  bank 
notes  from  circulation  forbidden  by,  2 — 
332. 

Sec.  5220.  (See  supra,  Liquidate.) 


NATIONAL  BANKS— Continued. 

United  States  securities.  Holdings,  5 — 428,  780. 
United  States  Treasury  certificates — 

Holdings,  4 — 845. 

1917-1919,  S-428,  942. 

Subscriptions  to  six  issues  in  anticipation  of 
Liberty  Loan  III,  4 — 558. 

(See  United  States  Treasury  certificates.) 

Usurious  loans,  3 — 292. 

(See  supra,  Loans,  usurious.) 

Value  of  Federal  Reserve  Bank  stock.  (See  supra, 
Taxation.) 

Vault  cash — 

To  be  reported  with  cash  in  Federal  Reserve 
Banks  as  one  item,  2 — 668. 

To  be  reported  separately  only  occasionally  for 
statistical  purposes,  3 — 604. 

Victory  notes.  Loans  secured  by,  an  exception  to 
limitations  of  United  States  Revised  Statutes, 
section  5200,  5 — 441. 

(See  Act  of  September  24,  1918;  Act  of  March  3, 
1919;  Act  of  October  22,  1919.) 

Vote — 

Must  appoint  officer  to  vote  for  Federal  Reserve 
Bank  directors,  6 — 1178. 

(See  supra,  Assets;  Liquidate;  Liquidation.) 

War.  Assistance  in  winning,  3 — 351,  372,  748. 

War  obligations — 

Holdings,  5 — 428,  942. 

Loans  on,  5 — 441. 

War  savings  stamps.  May  sell,  as  fiscal  agents,  4 — 313. 

NATIONAL  CITY  BANK,  NEW  YORK. 

Foreign  branches,  1 — 51;  2 — 372  ;  4 — 735,  938;  942; 
5—738,  854,  1050,  1154;  6—63,  159,  272,  382, 
492,  606,  944,  1167,  1298. 

Cuban  branches.  Condition.  1914-1919,  6 — 

1167. 

Business  done  by,  4 — 735,  942. 

International  Banking  Corporation.  Permission 
granted  to  acquire  stock  in.  Section  25,  Federal 
Reserve  Act,  4—937. 

NATIONAL  DEFENSE. 

(See  Council  of  National  Defense.) 

NATIONAL  ELECTRIC  LIGHT  ASSOCIATION. 

(See  Capital  Issues  Committee.) 

NATIONAL  ELECTRIC  STREET  RAILWAY  ASSO¬ 
CIATION. 

(See  Capital  Issues  Committee.) 

NATIONAL  FARMERS  UNION. 

Warning  to,  against  holding  cotton  for  speculative 
purposes,  5 — 1109. 

NATIONAL  GAS  ASSOCIATION. 

(See  Capital  Issues  Committee.) 

NATIONAL  INSTITUTE  FOR  FOREIGN  EX¬ 
CHANGES. 

Description  of,  4 — 594. 

Regulations,  lira  exchange,  5 — 469. 

Work  done  by,  5 — 847. 

(See  Italian  Institute  of  Exchange.) 

NATIONAL  PROVINCIAL  AND  UNION  BANK  OF 
ENGLAND  (LIMITED). 

Condition,  1914-1919,  6—1046. 

NAVAL  STORES. 

(See  Physical  volume  of  trade.) 


INDEX-DIGEST  of  federal  reserve  bulletin. 


163 


NEBRASKA. 

Adopts  negotiable  instruments  act,  with  qualifica¬ 
tions,  4—971. 

Guaranty  of  bank  deposits.  National  banks  can  not 
join  system  of,  1 — 409. 

Laws — 

Acceptances,  3 — 531. 

Banking,  amendments,  5 — 567. 

Foreign  corporations,  5 — 58. 

Purchase  of  stock  in  Federal  Reserve  Banks,  1 — 
153. 

Reserves,  3 — 782. 

List,  State  member  banks,  4 — 94. 

NEBRASKA  BANKS. 

Redistricting  decision,  1 — 86. 

NECESSITY  FOR  SAYING,  4—1,  1047,  1053. 

( See  Conservation.) 

NEGOTIABLE.  (See  also  Eligible.) 

Acceptances — 

Payable  at  one  place  as  drawn  but  accepted  pay¬ 
able  at  another  are,  unless  expressly  stipu¬ 
lated  payable  nowhere  else,  3 — 289,  379;  5 — 
142. 

Sight  drafts  accepted  payable  at  a  future  date  are 
not,  5 — 566. 

Bills  accepted  before  signature  of  drawer  are, 
under  negotiable  instruments  act,  5 — 1157. 

Allonge.  Notes  indorsed  on  separate  piece  of  paper 
are,  2 — 610. 

Arrival  of  car.  Drafts  drawn  payable  on,  are  not, 
1—219;  4—31,  436,  437. 

Assignment  of  open  account  is  not,  2 — 227. 

Attorneys’  fees.  Negotiability  not  affected  by  pro¬ 
vision  in  note  for  payment  of  costs  of  collection 
and,  2 — 226. 

Collection  charges — 

Bill  payable  with,  is  not,  3 — 8S0. 

Unless  so  drawn  as  to  show  that  such  charges 
accrue  only  in  case  bill  is  dishonored  at 
maturity,  4 — 745. 

Conditions  under  which  bill  is,  1 — 21. 

Costs  of  collection.  (See  supra,  Attorneys’  fees.) 

Discount  for  prompt  payment — 

Order  to  pay  a  net  amount  after  deducting  dis¬ 
count  for  prompt  payment  at  maturity,  but 
if  not  so  paid  to  pay  full  amount  without  dis¬ 
count,  held  to  be  negotiable,  4 — 200. 

Order  to  pay  full  amount  due,  but  with  provi¬ 
sion  for  deduction  of  discount  of  5  per  cent, 
if  paid  before  maturity,  not  favored  because 
of  conflicting  decisions  as  to  negotiability, 
4—871. 

Drawee.  Bill  payable  to  order  of,  is  not  negotiable 
until  accepted  and  indorsed  by  drawee,  4 — 110. 

Exchange — 

Bill  payable  “in  exchange”  is  payable  not  in 
money  but  in  inland  bills  which  are  property 
rather  than  money  and  is  not  negotiable. 
Federal  Reserve  Banks  must  not  receive 
checks  so  payable,  2 — 457,  459;  3 — 763. 

Bill  payable  “with  exchange”  is  probably  nego¬ 
tiable  although  there  are  conflicting  decisions. 
The  negotiable  instruments  act,  however, 
makes  such  bills  negotiable,  2 — 459;  3 — 880. 

Extension  without  notice.  Note  containing  provi¬ 
sion  for,  is  of  doubtful  negotiability  and  Federal 
Reserve  Banks  should  decline  to  take  it,  4 — 1118. 


NEGOTIABLE— Continued. 

Government  vouchers  are  not  negotiable  nor  assign¬ 
able,  4 — 32. 

Indorsed  on  separate  piece  of  paper.  Are  negotiable, 
2—610. 

Indorser’s  exemption.  Of  genuineness  or  validity  of 
bill  of  lading,  or  as  to  quality,  quantity,  etc.,  of 
goods  covered  does  not  affect  negotiability,  3 — 
457. 

Inspection  of  goods.  Draft  providing  for,  before  ac¬ 
ceptance,  is,  5 — 468,  472. 

Interest.  Payable  with,  after  maturity  is,  3 — 200;  4 — 
109. 

On  or  before  a  fixed  date — 

Note  payable,  is,  2 — 394. 

Draft  payable  “90  days  from  date  or  before  on  5 
days  after  demand  by  holder,”  is,  3 — 291. 
Sight  draft  accepted  payable  at  a  future  date  is  a 
qualified  acceptance  which  holder  may  refuse  to 
take,  but  if  taken  the  drawer  and  indorsers  are 
released  unless  they  have  authorized,  expressly 
or  impliedly,  the  holder  to  take  it,  5 — 565,  566. 
Waiver  of  demand,  notice,  and  protest.  A  note  con¬ 
taining  a,  is,  1 — 277;  2 — 226. 

(See  Acceptances;  Commercial  paper;  Eligible.) 

NEGOTIABLE  INSTRUMENTS  ACT. 

Acceptances  may  be  made  before  signature  of  drawer 
attached,  4 — 1157. 

Adoption  of — 

By  all  States  except  Georgia,  Maine,  Mississippi, 
and  Texas,  4 — 971. 

California  has  adopted,  4 — 1218. 

Georgia  has  not  adopted,  4 — 108. 

Maine  has  not  adopted,  4 — 971. 

Mississippi  has  not  adopted,  4 — 108. 

Adopted  in  part — 

Illinois,  4 — 971. 

Nebraska,  4 — 971. 

South  Dakota,  4 — 971. 

Exchange,  payable  with.  Notes,  made  negotiable, 
2—459;  3—880. 

Payable  at  a  bank.  Equivalent  to  order  on  bank  to 
pay,  4—971. 

Payable  on  or  before  a  date  certain.  Made  negotiable 
by,  2—394. 

Sunday  or  holiday,  falling  due  on — 

Payable  next  succeeding  business  day,  4 — 108. 
Georgia,  same,  4 — 108. 

Mississippi,  payable  next  preceding  business  day, 
4—108. 

NET  DEPOSIT  AND  FEDERAL  RESERYE  NOTE 
LIABILITIES,  4—130,  769;  5—67,  137;  773,774. 
1914-1919,  5—774. 

Fiscal  year  1920,  6—146,  724,  725. 

(See  Resources  and  liabilities.) 

NET  DEPOSITS. 

Federal  Reserve  Banks,  4 — 130,  769;  5 — 4,  67,  138. 
1914-1919,  5—773,  774;  6—146,  724,  725. 

Decrease  in,  5 — 6. 

Weekly,  1918,  5—65,  137,  138. 

Member  banks,  4 — 665;  5 — 428,  838,  905;  6-330,  439, 
765,  1006. 

National  banks — 

1914-1916,  3—232. 

1913- 1917,  4—337. 

1914- 1919,  5—428,  838. 


164 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


NET  DEPOSITS — Continued. 

Ratio.  ( See  Member  banks;  National  banks.) 

State  member  banks.  Ratio  of  reserves  to,  5 — 005; 

6—330,  439,  765,  1006. 

(See  Deposits.) 

NET  EARNINGS. 

Federal  Reserve  Banks,  1918,  5 — 7,  130,  136,  722,  724, 
777;  6—132,  726,  828. 

(See  Earnings.) 

Ratio  to  paid-in  capital,  5 — 133;  6 — 135. 

German  Reichsbank,  1914-1918,  5 — 432. 

Member  banks,  5 — 610.  1104;  6 — 660,  1251. 

National  banks.  (See  same;  Condition  reports.) 

State  member  banks,  5 — 188,  610, 1104;  6 — 660,  1251. 
Must  report,  to  comptroller,  2 — 114.  (Changed 
by  act  of  June  21,  1917.) 

(See  also  Earnings  and  expenses,  Federal  Reserve 
Banks;  State  banks.) 

NET  LIABILITY,  FEDERAL  RESERVE  NOTES. 

(See  Resources  and  liabilities.) 

NET  PROFITS. 

(See  supra,  Net  earnings.) 

NET  SALES. 

(<See  Production;  Retail  trade.) 

NET  TON  MILES. 

(See  Physical  volume  of  trade;  Railroads.) 

NET  TONNAGE. 

Ships  cleared  in  foreign  trade.  (See  Physical  volume 
of  trade;  United  States;  Vessels.) 

NETHERLANDS. 

Foreign  exchange  rates,  4 — 387,  1077. 

Gold  reserves,  1913-1920,  6 — 1296. 

Leading  banks  of  issue.  Condition,  2 — 659;  3 — 331, 
681;  4—269,  376,  996,  1077;  5—140,  464,  641,  649, 
1201;  6 — 488,  1296,  1297. 

Public  debt,  1913-1918,  4—269,  376,  385. 

(See  Amsterdam;  Bank  of  Netherlands.) 

NEUTRAL  COUNTRIES. 

Decline  of  dollar  in,  3 — 582;  5 — 1038,  1039. 

Earnings  of  American  banks  from  exchange  dealings 
with,  4 — 626,  833,  835. 

Dollar  exchange.  Stabilization  of,  4 — 158. 

Federal  Reserve  Banks  to  scrutinize  transfers  of 
funds  to,  3 — 655. 

Foreign  exchange  rates  on,  3 — 405;  4 — 390,  833,  835, 
839,  842,  843,  1198,  1202;  6—1160. 

1914-1917,  3—405. 

1914-1918,  4 — 836,  1198. 

Argentina,  4 — 75,  594. 

Europe,  4^375,  626,  627. 

Gold  reserves,  1913-1920,  6 — 1296. 

South  America,  4 — 375,  626,  627. 

(See  Foreign  exchange;  Netherlands;  Spain; 
Switzerland.) 

Profits.  Inquiry  of  Secretary  of  Treasury  as  to,  of 
American  banks  from  dealings  in  foreign  ex¬ 
change  with,  4 — 626,  833,  835. 

Public  debts  of,  4 — 268,  375,  1057. 

War  debts  of,  4 — 268,  375,  1057. 

(See  also  Dollar  exchange;  Foreign  exchange.) 
NEUTRAL  POWERS. 

(See  Banks  of  issue ;  European  central  banks;  Foreign 
banks  of  issue:  Leading  central  banks. 


NEVADA. 

Laws — 

Acceptance,  3 — 531. 

Banking  laws,  amendments,  5 — 659. 

Foreign  banking  corporations,  5 — 58. 

Reserves,  3 — 782. 

NEW  ACCOUNTS. 

Ruling,  Foreign  Exchange  Division,  4 — 864. 

NEW  CHARTERS,  NATIONAL  BANKS. 

(See  National  banks;  Charters.) 

NEW  ENGLAND. 

List  of  member  State  banks  and  trust  companies  in, 
4—1081. 

NEW  HAMPSHIRE. 

Laws — 

Acceptances,  3 — 532. 

Banking  laws,  amendments,  5 — 567. 

Foreign  banking  corporations,  5 — 58. 

Reserves,  3 — 782. 

NEW  JERSEY. 

Laws — 

Acceptance,  3 — 532. 

Foreign  banking  corporations,  5 — 58. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—153. 

Reserves,  3 — 782. 

List,  State  member  banks,  4 — 94. 

State  banks  may  join  Federal  Reserve  System, 
4—166. 

NEW  JERSEY  BANKS. 

Redistricting  decision,  1 — 86. 

Rights  of  member  banks  in  northern  New  Jersey, 
1—102. 

NEW  MEXICO. 

Laws — 

Acceptances,  3 — 532. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—263. 

Reserves,  3 — 782. 

NEW  ORLEANS  BRANCH. 

Branch  bank,  1 — 123,  251,  298;  4 — 10,  15;  5 — 127, 
705,  778;  6—61. 

Louisiana  banks  transferred  to  New  Orleans  branch, 
2—153,  154. 

Purchase  of  acceptances  by,  3 — 28. 

NEW  YORK. 

Call  loan  rates,  1914-1918,  5 — 429,  617, 1107;  6 — 345, 
368, 369,  942. 

Cost  of  living.  Federal  Reserve  Agent.  Report,  5 — 
632,  1049. 

Foreign  exchange  rates.  (See  Foreign  exchange.) 
Laws — 

Acceptances,  3 — 532. 

Savings  banks  may  invest  in  bankers’ 
acceptances,  4 — 525. 

Fiduciary  powers — 

National  banks  can  not  act  as  executor, 
administrator,  or  trustee.  Attorney 
General  of  United  States,  4 — 12. 

May  act  as  registrar,  3 — 30. 

Amendment  to  section  11  (k)  authorizes  Fed¬ 
eral  Reserve  Board  to  grant  permits 
where  States  give  similar  powers  to 
competing  State  banks  and  trust  com¬ 
panies,  5 — 5. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


165 


NEW  YORK— Continued. 

Laws — Continued. 

FIDUCIARY  POWERS— Continued. 

New  York  Supreme  Court  decides  that 
national  banks  are  entitled  to  exercise, 
in  New  York,  5 — 1059. 

Foreign  banking  corporations,  5 — 59. 

Liberty  bonds — 

Notes  secured  by,  4 — 525. 

Savings  banks  may  receive,  on  deposit  for 
safe-keeping,  4 — 525. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—153. 

Reserves,  3 — 784;  4 — 524. 

In  Federal  Reserve  Banks  to  count  as  re¬ 
serves  on  hand,  4 — 524. 

Savings  banks — 

May  invest  in  bankers’  acceptances,  4 — 525. 
May  accept  deposits  of  Liberty  bonds  for 
safe- keeping,  4 — 525. 

List  of  State  member  banks,  4 — 94. 

Prices  in,  5 — 632,  1049. 

(See  Prices.) 

Rent  problem  in,  5 — 632,  1049. 

Withdrawal  of  funds  from,  3 — 653. 

(See  also  New  York  banks.) 

NEW  YORK  RANKS. 

Acceptance  liabilities,  New  York  and  London. 
5—21, 106. 

Call  loan  rates,  1914-1918,  5—429,  1107;  6—345,  368, 
369, 942. 

Clearing  house  members.  Deposits  of,  3 — 653. 
Commercial  rates  to  customers.  (See  Federal  Re¬ 
serve  Bank  and  branch  cities.) 

Debits  to  individual  account.  Fiscal  year  1920,  6 — 734. 
Deposits,  4 — 664. 

(See  Deposits.) 

Discount  rates — 

New  York  and  London,  5 — 21, 106. 

(See  Discount  rates.) 

Fiduciary  powers — - 

May  act  as  registrar  only,  3 — 30. 

(See  New  York,  fiduciary  powers.) 

Foreign  banking  corporations — 

May  invest  in  capital  stock  of  any,  licensed  to  do 
business  in  New  York,  4 — 525. 

Laws  of  New  York  as  to,  5 — 59. 

Foreign  exchange  rates — - 
Berlin  on,  6—1076,  1319. 

Chile  on,  6—1055. 

Copenhagen  on,  6 — 40,  42. 

London  on,  6 — 1070. 

New  York  on  foreign  countries,  6 — 49,  111,  437, 
763,  1122,  1158,  1159,  1160. 

(See  Foreign  exchange.) 

Paris  on,  6 — 709, 1074. 

Stockholm  on,  6 — 40,  42. 

(See  same.) 

Holdings,  United  States  securities,  4 — llll. 

Interest  on  bank  deposits.  (See  Interest;  Principal 
heading.) 

Investment  companies.  May  invest  in  capital  stock 
up  to  10  per  cent  of  capital  and  surplus  of,  au¬ 
thorized  to  accept  drafts,  issue  letters  of  credit, 
and  to  discount  commercial  bills,  4 — 525. 


NEW  YORK  BANKS— Continued. 

Investments.  (See  supra,  Foreign  banking  corpora¬ 
tions;  Investment  companies.) 

Investments  of,  4 — 665. 

List  of  State  member  banks,  4 — 94. 

National  banks  may  act  as  registrar  only,  3 — 30. 

(See  supra,  New  York;  Fiduciary  powers.) 

Rates.  (See  supra,  Call  loan  rates;  Discount  rates; 
Foreign  exchange  rates.) 

Rates.  Commercial.  (See  Federal  Reserve  Bank  and 
branch  cities.) 

Rates.  Increase  in,  4 — 812,  813. 

(See  Rates,  principal  heading.) 

Reserves,  4 — 524. 

(See  Reserves,  principal  heading.) 

Reserves  in  Federal  Reserve  Banks  may  be  counted 
as  cash  reserves,  4 — 524. 

Savings  banks — 

May  invest  in  bankers’  acceptances,  4 — 525. 

May  receive  deposits  of  Liberty  bonds  for  safe¬ 
keeping,  4 — 525. 

Silver.  Average  price  at,  6 — 111,  1161. 

Sugar,  raw.  Average  monthly  price  at,  6 — 1162. 
United  States  securities.  Holdings,  4 — 1111. 

(See  New  York  Clearing  House  banks.) 

NEW  YORK  CLEARING  HOUSE. 

Acceptances  may  be  cleared  through,  4 — 805,  819. 

NEW  YORK  CLEARING  HOUSE  ASSOCIATION. 

Collection  charges .  Changes  in  rules,  4 — 1056 ;  5 — 243 . 
Deposits  of  members  of,  3 — 653. 

Interest  on  bank  deposits,  resolutions,  1858,  1873, 
1884,  4—286,  287,  290. 

Legal  reserves,  4 — 2 89. 

NEW  YORK  CLEARING  HOUSE  BANKS. 

Bills  payable.  New  item,  5 — 310. 

Collection  charges.  Bankers’  acceptances,  5 — 243. 
Condition.  Changes  in;  4 — 28,  29. 

Deposits,  3 — 653. 

Interest  on  bank  deposits,  4 — 160,  252,  285. 
Agreement  as  to,  4 — 252. 

Approved  by  Federal  Reserve  Board,  4 — 285. 
History  of,  4 — 286. 

New  agreement,  6 — 3,  157. 

NEW  YORK  MARKET. 

Discount  and  interest  rates,  1918-1920,  6 — 941,  942. 

NEW  YORK  MONEY  COMMITTEE. 

Governor  Strong  representing,  calls  on  stock  exchanges 
for  report  of  transactions,  4 — 935. 

Suspension  of,  5 — 205. 

NEW  YORK  NATIONAL  BANKS. 

Can  act  only  as  registrar,  3 — 30. 

Amendment  to  section  11  (k)  gives  full  fiduciary 
powers  to,  5 — 1059. 

(See  New  York,  fiduciary  powers.) 

NEW  YORK  STATE  DEPARTMENT  OF  EDUCA¬ 
TION. 

(See  Capital  Issues  Committee.) 

NEW  YORK  STOCK  EXCHANGE. 

Call  loan  rates,  1914-1918,  5—429,  617,  1107;  6—345, 
368,  369,  942. 

Governor  Strong  to,  on  restriction  of  speculation, 
4—935. 


166 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


NEW  YORK  STOCK  EXCHANGE— Continued. 

Speculative  era,  5 — 523,  536,  617;  6 — 342,  446,  554, 
665,  774,  897,  1012. 

(See  Speculative  activity.) 

NEW  YORK  SUPREME  COURT. 

Amendment  to  section  11  (k)  gives  national  banks 
right  to  exercise  fiduciary  powers  in,  5 — 1059. 

NEW  YORK  TRUST  CO.,  NEW  YORK. 

Reasons  for  joining  Federal  Reserve  System,  3 — 837. 

NEW  ZEALAND. 

Public  debt,  1913-1918,  4—273,  1057-1077. 

Handling  of  bills  of  exchange  in,  6 — 269. 

NEWFOUNDLAND. 

Loans  placed  in  United  States,  5 — 33. 

NEWSOME,  W.  B. 

Appointed  Deputy  Federal  Reserve  Agent,  Dallas, 
2—100. 

NEXT  PRECEDING  BUSINESS  DAY. 

Notes  payable  on  Sunday  or  holiday  in  Mississippi 
are  payable  on,  4 — 108. 

NEXT  SUCCEEDING  BUSINESS  DAY. 

Notes  falling  due  on  Sunday  or  holiday  are  payable 
on,  in  all  States  adopting  negotiable  instruments 
act,  and  also  in  Georgia,  4 — 108. 

NICARAGUA. 

Handling  of  bills  of  exchange  in,  5 — 349. 

Mercantile  Bank  of  the  Americas,  operations  in, 
4—736. 

NIXON,  R.  L. 

Cotton  warehouse  loans,  4 — 1094. 

NOMINATIONS  FOR  DIRECTORS. 

Not  mandatory,  6 — 1178. 

NONESSENTIAL  CREDITS. 

Council  of  National  Defense  on,  4 — 852. 

Curtailment  of,  4 — 2,  249,  250,  486,  685,  688,  802,  855, 
922,  935. 

Federal  Reserve  Board  has  never  defined,  6 — 904. 

( See  Harding,  Governor.) 

War  Industries  Board.  Preferential  list  of,  4 — 932. 
(See  Credits.) 

NONFERROUS  METALS. 

(See  Physical  volume  of  trade;  Prices.) 

NONFIDUCIARY  POWERS. 

(See  National  banks;  Real  estate  loans;  State  laws.) 

NONMEMBER  BANKS.  (See  also  State  banks,  etc.) 
Acceptances  of,  held  by  Federal  Reserve  Banks. 

(See  Discount  and  open-market  operations.) 
Acceptances  of.  Federal  Reserve  Board  favors  slight 
differential  against,  3 — 28. 

“Borrower,”  section  13 — 

Indorsement  of,  on  paper  offered  for  rediscount  by 
member  banks,  does  not  make  the  indorsing 
bank  a  “borrower”  under  section  13,  4 — 520. 

(See  Borrower.) 

Clearing  balances  may  be  required  of,  becoming  clear¬ 
ing  members,  3 — 617. 

Clearing  deposits  made  by,  becoming  clearing  mem¬ 
bers,  3 — 850. 

Clearing  members — 

Abolition  of  exchange  charges  does  not  affect, 
which  are  not.  Attorney  General,  United 
States,  4—367. 


NONMEMBER  BANKS— Continued. 

Clearing  members — Continued. 

List  of,  4 — 75. 

Use  of  words  “clearing  member  ”  in  title — 

Not  objectionable,  3 — 879. 

Objectionable,  4 — 1119,  1216. 

Collection  of  items  drawn  on,  1 — 346. 

Federal  Reserve  Bank  of  San  Francisco  will  re¬ 
ceive  from  member  banks  items  on  all,  in 
district,  2 — 314. 

Voluntary  and  not  mandatory,  2 — 263,  456. 
Definition  of  term  “Nonmember  bank.”  Attorney 
General  of  United  States,  4 — 367. 

Deposits — 

Clearing,  of,  3 — 850. 

Deposits  in  Federal  Reserve  Banks,  3 — 617. 

Of  national  banks  in,  1 — 126. 

Of  public  moneys  in — 

Secretary  of  Treasury  has  no  greater  rights 
as  to  deposit  of  public  moneys  in,  than 
he  had  prior  to  Federal  Reserve  Act,  1 — 
274. 

United  States  Revised  Statutes,  section  3847, 
permitting  postmasters  to  deposit  public 
moneys  in,  was  repealed  by  section  15, 
Federal  Reserve  Act,  2 — 331. 

Act  of  May  18,  1916,  permits  such  deposits, 
2—331. 

Of  public  moneys  in  connection  with  Liberty 
loan  subscriptions,  etc.,  4 — 22,494. 

(See  Government  Deposits;  Postal  savings  funds.) 
Discounts  of.  (See  infra,  War  paper.) 

Exchange  and  collection  agent.  Clearing  members 
can  not  use  these  words  in  title,  4 — 1119. 
Exchange  charges.  Abolition  of,  does  not  affect,  if 
not  clearing  members,  4 — 367. 

(See  Exchange  charges.) 

Federal  Reserve  Banks — 

May  forward  to,  as  agent  of  member  banks, 
checks,  drafts,  bill  of  lading  drafts,  and  ma¬ 
turing  notes  and  bills,  6 — 948. 

Holdings  of  acceptances  of.  (See  Discount  and 
open-market  operations.) 

Federal  Reserve  Board  favors  slight  discrimination  in 
rates  on  acceptances  of,  3 — 28. 

Federal  Reserve  districts,  number  of,  by,  5 — 405. 

(See  Number.) 

Indorsement  of.  (See  supra,  Borrower.) 

Items  on.  (See  supra,  Clearing  balances;  Collection 
of  items.) 

List — 

Clearing  members,  4 — 75. 

On  par  list.  (See  infra,  Number.) 

National  banks.  Deposits  in,  1 — 126. 

“Nonmember  bank.”  Definition.  Attorney  General 
of  United  States,  4 — 367. 

“Nonmember  bank  depositor.”  Can  use  these  words 
in  title,  4 — 1119. 

Notes  of — 

When  offered  by  a  member  bank,  paper  acquired 
from  a  nonmember  bank  is  not  eligible  if 
intention  is  to  loan  to  the  nonmember  bank, 
1—213. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


167 


NONMEMBER  BANKS— Continued. 

Notes  of — Continued. 

Federal  Reserve  Banks  authorized,  from  June  15, 
1917,  to  July  17,  1917,  to  discount  paper  ac¬ 
quired  from  nonmember  banks,  including 
their  direct  obligations,  indorsed  by  member 
banks,  when  proceeds  have  been  used  or  are 
to  be  used  in  meeting  demands  in  connection 
with  Liberty  loan  subscriptions,  3 — 426,  429. 
497,  498,  509. 

Time  extended  subject  to  future  revision,  3 — 497, 
579. 

Notes  of  nonmember  banks  which  are  authorized 
to  deal  in  Government  bonds  may  be  redis¬ 
counted  just  as  other  90-day  eligible  paper, 
when  indorsed  by  member  banks,  provided 
proceeds  have  been  or  are  to  be  used  for  carry¬ 
ing  or  trading  in  United  States  bonds,  3 — 498 ; 
4—743. 

Member  banks  authorized  until  further  notice  to 
act  as  agents  of  nonmember  banks  in  redis¬ 
counting  paper  in  connection  with  Liberty 
bond  subscriptions,  3 — 497,  579. 

Member  banks  may  rediscount  eligible  paper  ac¬ 
quired  in  due  course  of  business  from  non¬ 
member  banks,  bearing  indorsement  of  non¬ 
member  banks,  4 — 520. 

Nonmember  banks  can  not  obtain  indirect  accom¬ 
modation  from  Federal  Reserve  Banks 
through  member  banks  except  with  permis¬ 
sion  of  the  Federal  Reserve  Board,  4 — 520. 
Notes  of  nonmember  banks  for  carrying  or  trading 
in  bonds  or  notes  of  United  States,  acquired 
in  good  faith  by  a  member  bank  and  indorsed 
by  the  member  bank  are  eligible,  4—743. 
Notes  eligible  without  indorsement  of  a  non¬ 
member  bank  are  not  rendered  ineligible 
because  indorsed  “without  recourse  ”  by  the 
nonmember  bank,  4 — 745. 

Number  of — 

List,  by  Federal  Reserve  districts,  5 — 405,  887: 
6—874,  1350. 

Not  on  par  list,  5 — 405,  887;  6 — S74,  1350. 

(See  Clearing  system.) 

Par  list.  ( See  Number  of.) 

Postal  funds.  ( See  supra,  Deposits,) 

Public  moneys,  ( See  supra,  Deposits.) 

Rediscount  privileges  of.  ( See  supra,  Notes.) 

State  banks.  Member,  are  bound  by  section  19  as  to 
deposits  in,  3 — 951. 

War  paper,  discount  of  notes  of  nonmember  banks 
secured  by,  3—426,  429,  430,  509,  579. 

(See  also  Clearing  system;  Savings  banks;  State 
banks.) 

NONNEGOTIABLE. 

(See  Negotiable.) 

NONNEGOTIABLE  WARRANTS. 

Federal  Reserve  Banks  should  not  purchase,  3 — 193. 

NONRESIDENT  ALIENS. 

United  States  bonds,  United  States  notes,  United 
States  Treasury  certificates,  and  War  Finance 
Corporation  bonds  in  hands  of,  are  exempt  from 
income  tax,  5 — 226. 

Withholding  by  banks  of  income  tax  on  deposits  of, 
4—163. 

NORGES  BANK. 

Comparison  with  Federal  Reserve  System,  2 — 659; 
3—682;  4—997;  5—1200;  6—488. 


NORGES  BANK— Continued. 

Condition — 

1914-1917,  2—659;  3—331,  682. 

1914-1918,  4—269,  382,  997,  1064,  1077;  5—140, 
464,  648,  849,  1200. 

1914-1920,  5—1200;  6—488,  1296, 1297. 

Deposits,  1914-1919,  5—648,  849, 1200;  6—488. 

Gold  reserves,  1914-1919,  5—140,  648,  849,  1200;  6— 
488,  1296,  1297. 

Notes,  1914-1919,  5—648,  649,  1200;  6—488. 

Ratio.  Cash  reserve  to  liabilities,  5 — 648,  849;  6 — 
483. 

(See  also  Norway.) 

NORRIS,  G.  W. 

Appointed  Farm  Loan  Commissioner,  2 — 438. 

Elected  governor,  Federal  Reserve  Bank  of  Philadel¬ 
phia,  6 — 348. 

NORTH  CAROLINA. 

Laws — 

Acceptances,  3 — 533. 

Banking  laws,  amendments  to,  5 — 366. 

Reserves,  3 — 784. 

Warehouse,  1 — 261. 

List  of  State  member  banks,  4—94. 

NORTH  DAKOTA. 

Laws — 

Acceptance,  3 — 533. 

Foreign  banking  corporations,  5 — 60. 

Purchase  of  stock  in  Federal  Reserve  Banks,  1 — 
154. 

Reserves,  3 — 784. 

List  of  State  member  banks,  4 — 94. 

NORWAY. 

Balance  of  trade,  1912-1917,  6 — 39. 

Banks  of.  Condition,  1914-1920,  6—488. 

Foreign  exchange  profits  from  exchange  purchased  and 
sold  by  American  banks,  4 — 835. 

Foreign  exchange  rates,  4 — 383. 

On  foreign  countries,  1914-1919,  6 — 43. 

Gold  policy,  1914-1919,  6—35. 

Gold  reserve,  1913-1920,  6—1296,  1297. 

Loans  placed  in  United  States,  5 — 33;  6 — 688. 

Public  debt,  1913-1918,  4—269,  376,  382,  1077. 
United  States.  Government  and  other  loans  placed 
in,  5—33;  6—688. 

(See  Bank  of  Norway;  Christiania;  Norges  bank.) 

NORWOOD,  J.  W. 

Retires  from  Federal  Advisory  Council,  5 — 201. 

NOTE  BROKERS. 

Not  private  bankers  under  Clayton  Act,  2 — 589. 

NOTE  CIRCULATION. 

(See  Austro-Hungarian  bank;  Bank  of  Belgium;  Bank 
of  England;  Bank  of  France ;  Bank  of  Italy;  Bank 
of  Japan;  Bank  of  Java;  Bank  of  Netherlands; 
Bank  of  Spain;  Banks  of  issue,  leading;  Canadian 
banking  and  currency;  Central  banks  of  issue; 
Chile;  Darlehnskassen-Scheine ;  Deutsche  bank; 
Dresdner  bank;  European  banks  of  issue;  Euro¬ 
pean  central  banks ;  Federal  Reserve  notes;  Fed¬ 
eral  Reserve  Bank  notes ;  France ;  German  banks ; 
German  Reichsbank;  Germany;  Great  Britain; 
India;  Italy;  Leading  banks  of  issue ;  League  of 
Nations;  National  banks;  Russia;  State  banks 
and  trust  companies;  War  operations.) 


168 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


NOTE  EXPANSION. 

Federal  Reserve  Board.  I  nquiry  into,  2 — 212 ;  4 — 927. 
Federal  Reserve  notes  and  currency  expansion,  5 — 
699,  813. 

(See  Federal  Reserve  notes;  Inflation.) 

NOTE  ISSUE  DEPARTMENT. 

Commonwealth  bank  of  Australia  creates  a,  6 — 1321. 

NOTE  ISSUE  POWER. 

Federal  Reserve  Banks,  3 — 155. 

(See  Federal  Reserve  notes.) 

NOTES.  (See  also  Commercial  paper.) 

Collateral  trust.  Manufacturers  notes  secured  by  bills 
receivable  are  eligible  and  are  not,  1 — 127. 
Collection  of,  by  Federal  Reserve  Banks,  1 — 346. 
Eligible.  (See  same.) 

Federal  land  banks.  Eligibility  of  notes  of,  6 — 609. 
Federal  Reserve  Bank  notes.  (See  same.) 

Federal  Reserve  notes.  (See  same.) 

Joint-stock  land  banks.  (See  same.) 

Legal  tender  notes.  (See  same.) 

Maturing  notes.  Abolition  of  exchange  charges  does 
not  prevent  charge  for  collecting,  and  drafts. 
2—264;  3—656,  657,  660,  661,  662,  663;  5—964; 
6—948. 

Member  banks  collateral  notes.  (See  same.) 

National  bank  notes.  (See  same.) 

Negotiability  of.  (See  Negotiable.) 

Nonmember  banks.  (See  same.) 

Open-market  purchases  of.  Federal  Reserve  Banks 
can  not  engage  in,  even  as  agents  of  member  banks, 
1—347,  360,  365,  406. 

Producer.  Note  of  owner  or,  for  materials  or  services 
is  technically  eligible,  but  undesirable  where 
ultimate  payment  depends  upon  success  of 
transaction,  6 — 699. 

Promissory  notes.  (See  infra,  Stamp  tax;  Tax.) 
Public  service  corporations.  Test  of  eligibility,  3 — 
527,  949. 

Rates,  preferential — 

War  paper.  (See  same.) 

(See  Discount  rates.) 

Regulations — 

A,  2—530;  3—539;  6—1179. 

B,  3—541;  6—1181,  1182. 

Renewal,  3—287,  765,  922. 

Security  for — 

Pig  iron,  1 — 127. 

Timber,  1 — 126. 

Stamp  tax  on — 

Act  October  22,  1914.  Emergency  revenue  act — 
Tax  on  notes  repealed  by  act  September  8, 
1916,  2—512. 

Note  issued  prior  to  December  1,  1914,  re¬ 
quires  stamp  under,  and  also  under 
existing  law,  4 — 978. 

Act  September  8,  1916.  Repeals  tax  imposed  by 
act  of  October  22,  1919,  2 — 512. 

Act  October  3,  1917.  War  revenue  act — 

Stamp  tax  on  notes  and  renewals  of  2  cents 
for  each  hundred  dollars,  3 — 868.  876. 
[Not  to  apply  to  promissory  notes  secured  by 
ledge  of  bonds  or  obligations  of  United 
tates  issued  after  April  24,  1917,  or  to 
notes  secured  by  the  pledge  of  promis- 


NOTES— Continued. 

Stamp  tax  on — Continued. 

Act  October  3,  1917.  W’ar  revenue  act — Contd. 
sory  notes  themselves  secured  by  pledge 
of  such  bonds,  provided  that  the  par 
value  of  such  bonds  or  obligations  is  not 
less  than  the  amount  of  such  notes.  Act 
February  24,  1919.] 

Interest — 

Payments  of,  indorsed  on  notes  do  not  call 
for  stamp  tax  if  life  of  note  not  contingent 
on  payment  of  interest  and  note  not  ex¬ 
tended  to  certain  future  date,  3 — 950. 
Payment  of  accrued,  on  a  demand  note  is  not 
a  renewal  necessitating  a  stamp  tax, 
3—950. 

Payment  of,  on  overdue  note  is  not  a  re¬ 
newal  calling  for  a  stamp  tax,  3 — 950. 
Railroad  certificates  of  indebtedness.  Notes  se¬ 
cured  by,  are  not  subject  to  stamp  tax  if  par 
value  of  certificates  is  not  less  than  amount 
of  note,  5 — 566. 

Rediscount  of  notes  by  bank  not  subject  to  stamp 
tax,  3 — 950. 

United  States  notes  exempt  from  taxation  in 
hands  of  nonresident  aliens,  5 — 226. 

War  Finance  Corporation  bonds.  Notes  of  one 
bank  to  another  secured  by,  are  subject  to 
stamp  tax,  5 — 566. 

Unfit  notes — 

Insurance  of,  1 — 306. 

(See  Cost  of  transportation.) 

United  States  one-year  gold  notes.  (See  United  States 
one-year  Treasury  notes.) 

(See  also  Agricultural  and  live-stock  paper;  Commer¬ 
cial  paper;  Commodity  paper;  Federal  Reserve 
Bank  notes;  Federal  Reserve  notes;  Gold  notes; 
Legal  holiday;  National  bank  notes;  Promissory 
notes;  Renewal  notes;  Sunday.) 

NOTES  OR  BONDS. 

Proper  proportion  between.  War  Finance,  5 — 304. 

NOTICE. 

Alien  Property  Custodian.  (See  infra.  War  Trade 
Board.) 

Condensation  of  statistical  matter  and  quarterly  pub¬ 
lication  of  other  statistical  matter,  4 — 1142. 
Federal  Reserve  Agents  may  attach  rider  to  pledged 
paper  indorsed  to  Federal  Reserve  Banks  for 
collection  as,  that  banks  have  taken  it  for  collec¬ 
tion  only,  3 — 351. 

Of  withdrawal.  (See  Time  deposits.) 

Thirty  days’  notice.  (See  Savings  accounts;  Time 
deposits.) 

Waiver  of — 

On  bill  discounted  by  member  bank  has  no  effect 
on  acceptor,  1 — 277. 

Does  not  affect  negotiability  of  note,  2 — 226. 

War  Trade  Board.  All  funds  received  from  collec¬ 
tion  of  certain  coupons  to  be  held  in  separate 
account  under  notice  to  Alien  Property  Custo¬ 
dian,  4 — 172. 

Withdrawal.  Notice  of.  (See  Savings  accounts;  Time 
deposits.) 

NUMBER  OF  BANKS  IN  PAR  LIST. 

(See  Clearing  system;  Par  list.) 

NUMBER  OF  EMPLOYEES  IN  FEDERAL  RESERVE 
SYSTEM. 

(See  Employees.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


169 


NUMBER  OF  ITEMS. 

(See  Clearing  system;  Items.) 

NUMBER  OF  MEMBER  BANKS  IN  FEDERAL 
RESERVE  SYSTEM  AND  NUMBER  REDIS¬ 
COUNTING,  5—84,  165,  279,  388,  492,  589,  680,  790, 
882,  987,  1081.  1181;  6—89,  189,  304,  411,  528,  639,  738, 
868,  982,  1017,  1099,  1105,  1229,  1346. 

(See  Discount  and  open- market  operations.) 

NUMBER  OF  MEMBER  STATE  BANKS  AND 
TRUST  COMPANIES,  A-A,  40,  49,  129,  250,  358, 
465,  562,  649,  738,  779,  782,  855,  961,  1081;  6—62,  159, 
273,  383,  492,  607,  697,  833,  945,  1063,  1174,  1299. 

(See  State  banks,  admitted.) 

NUMBER  OF  SUBSCRIBERS. 

Liberty  loans  I  to  V,  5 — 521. 

NUMBERS,  INDEX. 

(See  Indexes;  Prices.) 

O. 

OAKLAND,  CALIF. 

Designated  as  a  reserve  city,  3 — 921. 

OATHS  OF  DIRECTORS. 

Bill,  Comptroller  of  Currency,  4 — 421. 

OATS. 

Acreage  and  production,  1918-1919,  5—636,  737,  853, 
962,  1053;  6—1062. 

(See  Crop  conditions,) 

OBLIGATIONS,  EUROPEAN. 

Holdings  in  United  States.  Maturities,  1914-1916, 
2—592. 

OBLIGATIONS,  FOREIGN. 

(See  Foreign  obligations.) 

OBLIGATIONS  OF  UNITED  STATES. 

Farm  loan  bonds  are  not,  4 — 33. 

(See  also  Farm  land  banks;  United  States  bonds; 
United  States  Treasury  certificates;  War  obli¬ 
gations;  War  paper.) 

Prohibition  as  to  holding  of  political  office  does  not 
apply  to  officers  of  national  banks,  2 — 168. 

OCCASIONAL  EXCHANGE  TRANSACTIONS. 

Ruling,  Foreign  Exchange  Division,  4 — 1121. 

OCCUPATION  OF  BELGIUM,  GERMAN. 

Central  banking  in  Belgium  during  German  occupa¬ 
tion,  5—435. 

OCEAN  FREIGHT  RATES. 

British  ship  owners  reduce,  5—192. 

United  States  Shipping  Board  reduces,  5 — 192. 

OFFICE  APPLIANCES. 

Terms  of  sale,  6 — 1038. 

OFFICER,  BANK. 

Certificate  of  eligibility  of  farm  mortgage  paper  to  be 
given  by,  having  knowledge,  2 — 12. 

(See  Clayton  Act.) 

OFFICERS,  BANK. 

Bonds  of.  Bill  of  Comptroller  of  Currency,  4 — 422. 
Fees  to.  Section  22,  5—253. 

Amendment,  Federal  Reserve  Board,  3 — 100. 
(See  Section  22,  Federal  Reserve  Act.) 

(See  Annual  election;  Directors;  Federal  Advisory 
Council;  National  banks.) 

OFFICES,  POLITICAL  OR  PUBLIC. 

Federal  Reserve  Board  forbids  holding  of,  by  directors 
or  officers  of  Federal  Reserve  Banks,  2 — 2, 16, 168. 
Prohibition  as  to  holding  of  political  office  does  not 
apply  to  officers  of  national  banks,  2 — 168. 


OFFICERS. 

Yearly  appointment,  2 — 51. 

(See  Federal  Reserve  Banks,  tenure  of  office.) 

Compensation.  (See  Directors;  Section  22;  Tenure  of 
office.) 

OFFICIAL  BULLETIN,  GOVERNMENT. 

Announcement  of  publication  of,  4r — 266. 

Success  of  Liberty  loans,  3 — 599. 

OFFICIAL  STATIONERY. 

Use  of,  1 — 404. 

OFFSET. 

Dollar  balances  due  to  a  foreign  bank  can  not  be,  by 
foreign  currency  balances  due  from  same  bank, 
5—963. 

OFFSET  OF  ITEMS. 

Shipment  of  funds,  3 — 615. 

(See  Clearing  system.) 

OHIO. 

Laws — 

Acceptance,  3 — 533. 

Banking  laws,  amendments  to,  5 — 568. 

Foreign  banking  corporations,  5 — 60. 

National  banks,  fiduciary  powers,  1 — 154. 
Purchase  of  stock  in  Federal  Reserve  Banks, 
1—154. 

Reserves,  3 — 786. 

List  of  State  member  banks,  4 — 94. 

OHIO  BANKERS  ASSOCIATION. 

Circulars  on  war  service,  3 — 352. 

Speech,  Governor  Hamlin,  2 — 510. 

OIL. 

(See  Business  conditions;  Physical  volume  of  trade; 
Prices.) 

OIL,  COTTON  SEED. 

6—1301. 

(See  Acceptances,  domestic.) 

OIL,  ILLUMINATING. 

Price,  1914-1920,  6—1214. 

(See  Prices.) 

OIL  REFINERIES. 

(See  Physical  volume  of  trade.) 

OILS. 

Terms  of  sale,  6 — 267. 

OKLAHOMA. 

Laws — 

Acceptance,  3—533. 

Foreign  banking  corporations,  5 — 60. 

Reserves,  3 — 786. 

Warehouse,  1 — 261. 

OKLAHOMA  BANKS. 

Payment  of  accrued  dividends  after  redistricting, 
2—678. 

Redistricting  decision,  1 — 86. 

OKLAHOMA  BRANCH,  5— 1017, 1018;  6— 63,  159,  782. 

OLD  COLONY  TRUST  CO.,  BOSTON. 

Reasons  for  joining  Federal  Reserve  System,  3 — 370. 

OLIVE  OIL. 

Foreign  exchange  problems  connected  with,  3 — 157. 

OMAHA. 

Branch  bank,  3—586;  4—15;  5—127,  779;  6—61. 

OMSK,  RUSSIA. 

American  loan  to,  5 — 1015. 


170 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


ON  ARRIVAL. 

Draft  payable,  or  on  demand  after,  is  a  time  draft 
requiring  a  revenue  stamp,  4 — 31. 

Drafts  payable,  are  not  negotiable,  1 — 219;  4 — 31, 
436,  437. 

ON  DEMAND. 

Oregon  Clearing  House  Association.  Resolution. 

Commercial  paper  payable,  will  not  be  accepted 

after  December  1,  1917,  3 — 930. 

ON  OR  BEFORE. 

Notes  payable,  a  fixed  date  are  negotiable,  2 — 394; 
3—291. 

ONE-DAY  RATE. 

Establishment  of,  3 — 498. 

ONE  HUNDRED  PER  CENT. 

Acceptances  up  to,  etc.  ( See  Acceptances,  one 
hundred  per  cent.) 

ONE  PER  CENTUM  OF  GROSS  RESOURCES. 

Secretary  of  Treasury  asks  banks  to  set  aside,  weekly 
for  subscription  to  United  States  Treasury  cer¬ 
tificates,  4 — 161. 

ONE  YEAR  GOLD  NOTES. 

( See  United  States  one  year  Treasury  notes.) 

ONE-YEAR  TREASURY  NOTES. 

(See  United  States  one-year  Treasury  notes.) 

ONIONS. 

Warehouse  requirements,  4 — 405. 

OPEN  ACCOUNT. 

An  acceptance  to  enable  domestic  concerns  to  extend 
credit  on,  to  foreign  purchasers  is  not  an  export 
acceptance,  5 — 254. 

Assignment  of,  not  eligible  for  rediscount,  2 — 227. 

Balance  on.  Bill  drawn  for,  may  be  a  good  trade 
acceptance  but  is  not  drawn  against  “actually 
existing  value’  ’  under  section  13,  3 — 387. 

OPEN  DISCOUNT  MARKET. 

Governor  Harding  on,  5 — 106. 

Organization  of  American  Acceptance  Council  and 
New  York  Discount  Corporation  to  develop, 
5—114. 

OPEN  MARKET. 

Federal  Reserve  Banks  can  not  purchase  promissory 
notes  in,  1 — 347,  360,  365,  406. 

OPEN-MARKET  OPERATIONS. 

(See  Acceptances;  United  States  bonds;  United  States 
Treasury  certificates;  Warrants. 

OPERATING  UNDER  LAWS  OF  UNITED  STATES, 
CLAYTON  ACT. 

(See  Opinions  of  Attorney  General;  State  banks.) 

OPERATIONS,  DISCOUNT  AND  OPEN-MARKET. 

(See  Discount  and  open-market  operations.) 

OPERATIONS,  FEDERAL  RESERVE  BANK 
BRANCHES,  5—769,  777;  6—11. 

(See  Branches.) 

OPERATIONS,  FEDERAL  RESERVE  BANKS. 

Comment  on,  Federal  Reserve  Bulletin.  (See  Re¬ 
view  of  month.) 

(See  Discount  and  open-market  operations ;  Resources 
and  liabilities;  Total  investment  operations.) 

OPERATIONS,  FEDERAL  RESERVE  CLEARING 
SYSTEM. 

(See  Clearing  system.) 

OPERATIONS,  FISCAL. 

Federal  Reserve  Banks,  2 — 671;  5 — 134,  723,  777;  6 — 
135,  726,  830. 

National  banks.  (See  same.) 


OPERATIONS,  INVESTMENT. 

Federal  Reserve  Banks.  (See  Discount  and  open- 
market  operations;  Total  investment  operations.) 

OPERATIONS  OF  CLEARING  SYSTEM. 

(See  Clearing  system.) 

OPERATIONS,  TOTAL  INVESTMENT. 

(See  Member  bank  condition  statements;  Total  in¬ 
vestment  operations.) 

OPERATIONS,  WAR. 

(See  War.) 

OPINIONS,  ATTORNEY  GENERAL  OF  UNITED 
STATES. 

Act  September  17,  1916,  amending  section  13.  (See 
infra,  Exchange  charges.) 

Act  June  21,  1917,  amending  section  13.  (See  infra, 
Exchange  charges.) 

Agency,  bank.  (See  infra,  Branch  bank.) 

Bonded  warehouse.  (See  infra,  Whisky.) 

Branch  bank.  Distinction  between  agency  and,  3 — 

952. 

Branch  banks.  State  banks  may  become  national 
banks  and  keep  their  branches,  1 — 125. 

Certificate.  Warehouse.  (See  infra.  Whisky.) 

Certificates  of  stock,  Federal  Reserve  Banks.  (See 
infra,  Tax.) 

Charges.  Exchange.  (See  infra,  Exchange  charges.) 

Charter,  forfeiture  of.  (See  infra,  Federal  Reserve 
Banks.) 

Clayton  Act.  (See  infra,  State  banks.) 

Clearing  members.  (See  infra.  Exchange  charges.) 

Corporation.  (See  infra,  Liberty  bonds;  Tax.) 

Deposits.  Insurance  of.  (See  infra.  National  banks.) 

Directors.  Interlocking.  (See  infra,  State  banks.) 

District  of  Columbia.  (See  infra,  State  banks.) 

Dividends.  (See  infra,  Tax.) 

Exchange  charges,  section  13,  Federal  Reserve  Act — 
The  power  given  to  Federal  Reserve  Board, 
under  section  13,  as  amended  by  the  act  of 
September  7,  1916,  and  the  act  of  June  21, 
1917,  to  determine  and  regulate  reasonable 
exchange  charges  which  member  or  non¬ 
member  banks  are  entitled  to  make,  is  limited 
to  national  banks,  State  member  banks  and 
trust  companies,  and  nonmember  clearing 
depositor  banks.  It  does  not  apply  to  non¬ 
member  banks  which  are  not  clearing  mem¬ 
bers,  4 — 367. 

The  above  banks  can  adjust  exchange  charges  as 
agreed  upon  between  themselves,  not  to  ex¬ 
ceed  10  cents  per  $100,  but  can  not  make 
such  charges  against  Federal  Reserve  Banks 
nor  can  Federal  Reserve  Banks  pay  such 
charges,  4 — 367. 

The  claim  that  the  prohibition  of  exchange 
charges  against  Federal  Reserve  Banks  is 
limited  to  checks  owned  by  them,  as  distin¬ 
guished  from  checks  deposited  to  be  cleared 
or  collected  for  the  account  of  a  member  or 
depositor,  has  no  foundation,  4 — 367. 

The  Federal  Reserve  Banks  probably  do  own  all 
checks  received  for  clearing  or  collecting, 
but  whether  they  do  or  not  is  not  material, 
as  the  prohibition  applies  to  all  checks 
whether  technically  owned  by  them  or  not, 
4—367. 

Excise  taxes.  Corporation  owning  Liberty  bonds  is 
not  to  that  extent  exempt  from  excise,  franchise, 
and  other  taxes  of  United  States,  3 — 601. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


171 


OPINIONS,  ATTORNEY  GENERAL  OF  UNITED 
STATES — Continued. 

Federal  Reserve  Banks — 

Abolish.  Federal  Reserve  Board  can  not  abol¬ 
ish,  1—396. 

Capital.  Reduction  of  minimum  capital  of  4 
millions  of  dollars  by  withdrawal  of  State 
member  banks  after  organization  and  open¬ 
ing  will  not  operate  as  a  forfeiture  of  its  char¬ 
ter,  2—207,  209. 

Checks.  Can  not  clear  nor  collect  checks  on  non¬ 
member  banks  not  clearing  members  which 
deduct  exchange  charges,  4 — 367. 

Exchange  charges.  No  exchange  charges  can  be 
deducted  from  checks  presented  for  payment 
by  Federal  Reserve  Banks,  whether  or  not 
such  checks  are  owned  by  Federal  Reserve 
Banks,  4 — 370. 

Federal  Reserve  Board  can  not  change  location  of, 

2— 207. 

Location  of.  Federal  Reserve  Board  can  not 
change,  2 — 207. 

Stock  certificates.  ( See  infra,  Tax.) 

(See  also  supra,  Exchange  charges.) 

(See  also  infra,  Tax.) 

Federal  Reserve  Board — 

(See  supra,  Federal  Reserve  Banks.) 

(See  infra,  Federal  Reserve  districts.) 

Federal  Reserve  districts.  Federal  Reserve  Board 
can  not  abolish,  1 — 396. 

Federal  Reserve  notes.  No  franking  powers  in  con¬ 
nection  with,  1 — 355. 

Fiduciary  powers.  (See  infra,  National  banks;  New 
York  national  banks.) 

Forfeiture  of  charter.  (See  supra,  Federal  Reserve 
Banks.) 

Franchise  taxes.  (See  supra,  Excise  taxes.) 

Franking  privilege.  (See  supra,  Federal  Reserve 
notes.) 

Hardwick  amendment.  (See  supra,  Exchange 
charges.) 

Income  tax.  (See  infra,  Tax.) 

Insurance  of  deposits.  (See  infra,  National  banks.) 

Interlocking  directors.  (See  infra,  State  banks.) 

Liberty  bonds — 

Dividends  payable  in,  are  subject  to  income  tax, 

3— 601. 

Corporation  owning,  is  not  to  that  extent  exempt 
from  excise,  franchise,  and  other  corporation 
taxes  of  United  States,  3 — 601. 

Location,  Federal  Reserve  Banks.  (See  supra,  Fed¬ 
eral  Reserve  Banks.) 

Member  banks.  Withdrawal  of.  (See  supra,  Federal 
Reserve  Banks.) 

National  banks — 

Fiduciary  powers.  New  York,  can  not  act  as  ex¬ 
ecutor,  administrator,  or  trustee,  4 — 12. 
Insurance  of  deposits.  Can  effect,  through  guar¬ 
anty  company,  1 — 29,  51. 

State  banks  can  become,  with  all  their  branches, 
1—125. 

(See  also,  supra,  Exchange  charges.) 

New  York  national  banks.  (See  supra,  National 
banks.) 

Nonmember  banks.  (See  supra,  Exchange  charges.) 


OPINIONS,  ATTORNEY  GENERAL  OF  UNITED 
STATES — Continued. 

State  banks — 

Can  become  national  banks  with  all  their  branches, 
1—125. 

Federal  Reserve  Act,  section  9,  as  amended  by 
act  of  June  21 ;  1917,  permits  State  banks  and 
trust  companies  to  have  interlocking  direc¬ 
tors  with  other  State  banks  and  trust  com- 

ganies,  whether  or  not  members  of  Federal 
Reserve  System,  3—744. 

If  doing  business  in  District  of  Columbia,  how¬ 
ever,  they  are  subject  to  Clayton  Act,  whether 
or  not  member  banks,  as  they  are  “operating 
under  the  laws  of  the  United  States,”  3 — 744. 
If  organized  under  Code  of  District  of  Columbia, 
they  are  both  organized  and  operating  under 
the  laws  of  the  United  States,  3 — 744. 

State  member  banks  would  be  “operating  under  the 
laws  of  the  United  States,”  were  it  not  for  the 
amendment  to  section  9,  Federal  Reserve  Act, 
3—744. 

(See  supra,  Exchange  charges.) 

Stock  certificates,  Federal  Reserve  Banks.  (See 
infra,  Tax.) 

Stockholders.  (See  infra,  Tax.) 

Tax — 

Section  7,  Federal  Reserve  Act.  Exemption  of 
certificates  of  stock  issued  by  Federal  Re¬ 
serve  Banks  to  member  banks  from  stamp 
tax  under  act  October  22,  1914,  2 — 172. 
Stockholders  are  liable  to  income  tax  on  divi¬ 
dends,  payable  in  Liberty  bonds,  3 — 601. 

A  corporation  owning  Liberty  bonds  is  not  to  that 
extent  exempt  from  excise,  franchise,  and 
other  corporation  taxes  of  United  States, 
3—601. 

Warehouse.  Bonded.  (See  infra,  Whisky.) 
Warehouse  certificates.  (See  infra,  Whisky.) 

Whisky.  Sale  of  warehouse  certificate  on  whisky  in 
bond,  subject  to  tax  before  removal,  is  not  a  sale 
for  beverage  purposes,  as  its  removal  from  bond 
for  such  purposes,  except  for  export,  would  be  in 
violation  of  law,  5 — 968. 

Withdrawal  of  member  banks.  (See  supra,  Federal 
Reserve  Banks.) 

OPINIONS,  ATTORNEY  GENERAL  OF  MISSOURI. 

Superintendent  of  State  banks  of  Missouri  is  bound 
to  receive  from  national  banks  authorized  to 
exercise  fiduciary  powers  deposits  of  securities 
in  order  to  qualify  in  same  manner  as  from  domes¬ 
tic  trust  companies,  and  can  not  demand  from 
them  a  bond,  5 — 655. 

OPINIONS,  COMMISSIONER  OF  INTERNAL 
REVENUE. 

(See  Income  tax;  Tax.) 

OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT. 

Acceptance  credit.  National  banks  may  agree  to 
accept  for  a  definite  sum  for  a  period  exceeding 
six  months,  but  each  draft  under  the  credit 
must  comply  with  existing  law  and  regulations, 
1—269;  6—66. 

Acceptances.  (See  infra,  Acceptor;  Accommodation 
acceptance;  Actually  existing  values;  Agricul¬ 
tural  paper;  Demand  bills;  Discount;  Discount 
of  acceptances;  Domestic  acceptances;  Exporta- 


172 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

tion  and  importation;  Federal  Reserve  notes; 
Foreign  countries;  Inspection;  Limitations; 
Maturity;  National  banks;  New  York  laws; 
Purchaser  of  goods ;  Qualified  acceptance ;  Rail¬ 
road  supplies;  Rediscounts;  Section  13,  Federal 
Reserve  Act;  Security;  Security,  release  of; 
Trade  acceptances;  Trust  receipts;  United  States 
Revised  Statutes,  sections  5200,  5202;  Waiver; 
War  savings  stamps;  Warehouse  receipts.) 
Acceptor  not  released  by  waiver  of  demand,  etc., 
1—277. 

Accommodation  acceptance.  Not  authorized  by  law, 
4 — 311. 

Accounts.  ( See  Savings  accounts;  Time  deposits.) 
Accrued  dividends .  Right  of  liqu  idated  national  bank 
to,  3—117. 

Act  of  May  30,  1908,  Aldrich-Vreeland.  Amends 
United  States  Revised  Statutes,  section  5191. 
Member  banks  need  keep  no  reserves  against 
public  deposits.  Repealed  by  section  27,  Fed¬ 
eral  Reserve  Act,  3 — 458. 

Act  of  April  24,  1917  (Bond  Act),  prescribes  that 
member  banks  need  keep  no  reserve  against 
public  deposits,  1 — 91,  409;  3 — 458. 

( See  infra,  Government  deposits;  Postal  savings 
deposits.) 

Act  August  10,  1919.  Amendment  to  Lever  Act 
profiteering,  5 — 967. 

Act  September  17,  1919.  Amends  section  25.  Na¬ 
tional  banks.  Subscription  authorized  up  to  5 
per  cent  in  stock  of  foreign  banking  and  finan¬ 
cial  institutions  in  aid  of  export  trade,  5 — 965. 
Act  March  3,  1919.  New  section,  11  (m).  Federal 
Reserve  Board,  by  vote  of  five  members,  may 
extend  10  per  cent  limitation  of  section  9  and 
section  13  up  to  20  per  cent  when  paper  is  secured 
by  notes  or  bonds  of  United  States  issued  since 
April  24,  1917,  up  to  like  face  amount,  or  by 
United  States  certificates  of  indebtedness.  To 
expire  December  31,  1920,  5 — 361,  1056. 
(Extended  with  limitations  to  October  31,  1921. 
Act  of  February  27,  1921.  See  Volume  7,  Fed¬ 
eral  Reserve  Bulletin,  March,  1921,  page  310.) 

Act  October  22,  1919.  ( See  infra,  United  States  Re¬ 

vised  Statutes,  section  5200.) 

Actual  security.  Trust  receipts.  Section  13.  ( See 

Trust  receipts.) 

Actually  existing  values — 

Section  13.  Includes  drafts  or  bills  secured  by 
shipping  documents,  and  bankers’  accept¬ 
ances,  although  not  specifically  mentioned, 
by  analogy  with  amendment  to  United  States 
Revised  Statutes,  section  5200,  by  act  of 
October  22,  1919,  5—1055. 

Bill  of  exchange  discounted  before  acceptance 
is  drawn  against,  only  when  secured  by 
shipping  documents,  warehouse  receipts, 
etc.,  3—195. 

An  accepted  bill  of  exchange  discounted  after  ac¬ 
ceptance  may  be  considered  drawn  against, 
only  if  drawn  at  time  of  or  within  reasonable 
time  after  shipment  or  delivery  of  goods  sold. 
In  latter  case,  must  be  reasonable  grounds  for 
believing  that  goods  are  in  existence  in  hands 
of  drawee  or  proceeds  of  sale  in  his  hands, 
3—195. 

Trade  acceptances  are  not  subject  to  limitations 
of  section  13  when  drawn  against,  4 — 974. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
Actually  existing  values — Continued. 

Trade  acceptances.  Bills  drawn  by  seller  against 
purchaser  and  accepted  prior  to  sale  or  deliv¬ 
ery  are  not  drawn  against,  4 — 974. 

United  States  Government.  Bills  drawn  to  fi¬ 
nance  sales  to  United  States  Government  are 
not  drawn  against,  4 — 32. 

Advertise.  Right  of  national  banks  to — 

Federal.  In  title,  3 — 615;  4 — 521. 

Government  protection,  1 — 362;  6 — 65. 

Reserve.  In  title,  4 — 521. 

Savings  accounts,  1 — 18. 

Trust  company.  In  title,  6 — 497. 

Advertising  space.  Trade  acceptances  drawn  against 
sale  of,  are  valid,  3 — 116. 

Advisory  Committee,  member  banks.  Status.  Clay¬ 
ton  Act,  3 — 118. 

Agent.  Bill  drawn  by,  of  corporation  against  corpo¬ 
ration  not  negotiable,  2 — 462. 

Agents,  fiscal.  (See  Fiscal  agents;  Railroad  Adminis¬ 
tration.) 

Agricultural  paper — 

Based  on  sale  of  agricultural  products  or  imple¬ 
ments  are  mercantile  rather  than  agricultural 
transactions.  2 — 526. 

Based  on  live  stock.  Bill  or  note  of  packing  com¬ 
pany  proceeds  to  be  used  in  purchase  of  live 
stock  for  slaughter,  is  not  based  on  live  stock 
under  section  13  and  not  eligible  if  maturity 
exceeds  90  days,  3 — 616. 

Paper  for  purchase  of  commodities  for  use  in  farm¬ 
ing,  is,  4 — 312. 

Aldrich-Vreeland  Act.  ( See  Act  May  30,  1908.) 
Allied  Purchasing  Committee.  Stamp  tax  on  ship¬ 
ments  to,  4 — 614,  972,  1218. 

Allonge.  Indorsement  of  note  on  separate  piece  of 
paper.  Valid,  2 — 610. 

Allotments  of  United  States  bonds.  (See  United  States 

bonds.) 

Anticipation  of  assured  revenues.  (See  Warrants.) 
Arrival  of  car,  drafts  payable  on,  not  negotiable, 
1—219;  4—31. 

Assets.  (See  Liquidated  bank.) 

Assets,  inadmissible.  (See  War  Finance  Corporation 
Act.) 

Assignment  of  open  accounts  not  eligible  for  redis¬ 
count,  2 — 227. 

Assured  revenues,  warrants;  Definition,  2 — 170. 
Attorney  General  of  United  States.  (See  Warehouse 
receipts;  Opinions,  Attorney  General,  principal 
heading.) 

Attorneys’  fees.  Provision  for,  in  bill,  does  not  affect 
negotiability,  2 — 226;  4 — 745. 

Balances.  (See  Computation  of  reserves.) 

Bankers’  acceptances.  (See  individual  titles.) 
Bankers,  private.  (See  Private  bankers.) 

Banking  laws  of  States.  (See  State  laws,  principal 
heading.) 

Based  on  live  stock.  (See  Agricultural  paper.) 

(See  also,  Act  of  October  22,  1919.) 

Bill  of  lading.  (See  Security.) 

Bill  of  lading  drafts — 

Right  reserved  of  inspection  of  goods  before  ac¬ 
ceptance  does  not  affect  negotiability,  5 — 472. 
(See  Exportation;  Renewal.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


173 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Bill  of  sale.  ( See  Security.) 

Bills  of  exchange.  ( See  Agent;  Attorneys’  fees; 
Drawee;  Drawer;  Negotiable;  Sight  drafts; 
Waiver.) 

Bonds,  revenue.  (See  Warrants.) 

Borrower — 

Section  9.  The  10  per  cent  limitation  relates  to 
total  capital  and  surplus  of  State  bank  and 
is  not  limited  to  that  part  assigned  under 
State  law  to  commercial  department  of  the 
bank,  6 — 495. 

Section  13.  Maker  of  note  to  member  bank  which 
is  rediscounted  with  Federal  Reserve  Banks 
ceases  to  be  a,  of  member  bank,  4 — 638,  867. 
Federal  Reserve  Banks  may  limit  amount  of 
paper  they  will  discount  for  any  one  borrower 
for  all  of  their  member  banks,  6 — 278. 

United  States  Revised  Statutes,  section  5200. 
Definition  of  extended,  by  acts  of  March  3, 
1919,  and  October  22.  1919,  amending 
section  5200,  5 — 361, 1055. 

( See  Act  of  September  24,  1918;  Act  of 
March  3,  1919;  Act  of  October  22,  1919.) 
( See  Borrower.) 

Branches,  foreign.  ( See  Foreign  branches.) 

Branches.  National  banks — 

National  banks  consolidating  with  State  banks 
can  not  operate  branches,  2 — 74. 

Senate  passes  bill  for,  5 — 966. 

(< See  Foreign  branches;  National  banks.) 

Branches  of  State  banks,  when  in  different  district 
from  parent  member  bank,  need  not  join  Federal 
Reserve  Bank  of  their  district,  4 — 522. 

California.  ( See  Savings  accounts.) 

Canal  Zone.  Status  of,  1 — 91. 

Canceled  stock.  Dividends  on,  4 — 201. 

Cancellation  of  stock.  ( See  Liquidated  member 
bank.) 

Capital — 

Dividends  to  increase,  are  subject  to  income  tax, 
5—526. 

( See  State  banks.) 

Capital  stock — 

Deduction  of  value  of  Federal  Reserve  Bank  stock 
can  not  be  made  by  member  banks  in  returns 
to  State  for  taxation,  1 — 315;  3 — 955. 
Payment  of  dividends  on,  1 — 220. 

Surrender  of,  1 — 218 . 

(a See  Liquidated  member  bank;  Surplus.) 

Cattle  loan  company.  ( See  Security.) 

Central  reserve  cities — 

National  banks  in,  can  not  loan  on  real  estate, 
2—609. 

Reserves  in  outlying  districts  of,  4 — 1124. 
Certificates  of  deposit.  (See  Time  certificates  of 
deposit.) 

Certificates.  Warehouse.  (See  Warehouse  certifi¬ 
cates.) 

Charges.  Transportation.  (See  Federal  Reserve 
notes.) 

Chattel  mortgage  on  cattle.  (See  Security.) 

Checks.  Collection  of,  drawn  on  savings  accounts, 
5—654. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Clayton  Act — 

Advisory  committee  member  banks,  status,  3 — 
118. 

Director  may  serve  until  October  15, 1916,  1 — 365. 
Interpretation  of,  1 — 27.  222. 

Kern  amendment,  2 — 396. 

Savings  and  loan  associations,  2 — 118. 

State  banks  doing  business  in  District  of  Colum¬ 
bia  are  subject  to,  2 — 526. 

(See  Operating;  Organized.) 

Clearing  system.  (See  infra,  Par  collections.) 
Collateral,  Federal  Reserve  notes.  (See  Federal 
Reserve  Agent;  Federal  Reserve  notes.) 
Collecting  agents.  (See  Federal  Reserve  Banks.) 
Collection  charges — 

Bill  providing  for,  if  dishonored  at  maturity  is 
negotiable,  4 — 745. 

Bill  drawn  for  fixed  sum  “  with  collection  charges” 
not  negotiable  unless  so  drawn  as  to  show  no 
such  charges  included  unless  dishonored  at 
maturity,  4 — 745. 

Note  providing  for,  is  negotiable,  2 — 226. 

Contra,  3 — 880. 

Collection  of  notes.  Implied  powers  given  by  sec¬ 
tion  4,  gives  right  of,  to  Federal  Reserve  Banks, 
1—104. 

Commercial  paper — 

Conditions  of  negotiability,  1 — 21. 

Federal  Reserve  Banks  can  not  purchase,  in  open 
market,  1—347,  360,  365,  406. 

Commissioner  of  Internal  Revenue — 

Income  from  Liberty  bonds  subject  to  tax,  3 — 459. 
Negotiable  instruments .  Stamp  tax  on,  4 — 316. 
Renewal  of  notes.  Stamp  tax  on,  4 — 977. 

(See  Tax.) 

Committee.  Advisory.  (See  Advisory  committee.) 
Commodity  paper.  Paper  to  finance  sales  to  United 
States  Government  is  not,  4 — 32. 

Compensation.  (See  Officers.) 

Comptroller  of  Currency.  (See  State  banks.) 
Computation  of  reserves — 

Deduction  of  Government  deposits,  3 — 692. 
Dollar  balances  due  to  foreign  banks  can  not  be 
offset  by  foreign  currency  balances  due  from 
same  foreign  banks,  5 — 963. 

Foreign  banks — 

Balances  due,  are  individual  and  not  bank 
deposits,  5 — 963. 

Balances  due  from,  can  not  be  deducted  from 
balances  due  to  domestic  banks,  5 — 963. 
Balances  due  other  banks  do  not  include 
balances  due  to  foreign  banks,  5 — 963. 
New  method  of  computing,  6 — 3. 

(See  Reserves.) 

Condition.  (See  Reports  of  condition;  State  banks.) 
Condition  of  negotiability,  commercial  paper  and 
bills  of  exchange,  1 — 21. 

Congress.  (See  Discount  rates.) 

Consolidation  of  national  banks,  2 — 74. 
Constitutionality.  (See  Fiduciary  powers.) 
Continental  United  States.  (See  Acceptances.) 
Correspondent,  foreign,  (See  Acceptances.) 


174 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Costs  of  collection.  ( See  Bills  of  exchange.) 
Conversion  of.  United  States  bonds.  ( See  Exchange; 
United  States  bonds.) 

Counsel.  Certified  opinion  as  to  warrants,  1 — 221. 
Credit  or  redemption.  ( See  Federal  Reserve  notes.) 
Currency.  ( See  Unfit  currency.) 

Damages.  ( See  Railroad  Administration.) 
Deductions.  ( See  Computation  of  reserves ;  Govern¬ 
ment  deposits.) 

Definitions — 

“Assured  revenues,”  warrants,  2 — 170. 
“Exportation,”  1 — 91. 

“Revenue  bonds,”  warrants,  1 — 221. 

“United  States,”  1 — 95. 

“Value  of  taxable  property,”  warrants,  1 — 221. 
Delegation  of  power  to  Federal  Reserve  Board  by 
Congress,  1 — 24. 

(See  Discount  rates.) 

Demand  bills.  Presentation  for  payment  must  be 
made  within  a  reasonable  time.  If  held  more 
than  reasonable  time  they  become  overdue  paper 
and  in  effect  promissory  notes  of  acceptor  subject 
to  United  States  Revised  Statutes,  section  5200, 
3—31. 

Demand  deposits.  (See  Time  certificates.) 
Dependencies  of  United  States.  Discount  of  accept¬ 
ances  between  United  States  and,  1 — 91. 

Deposit  of  securities.  (See  Securities.) 

Deposit.  Reserves  on.  New  York  laws  exclude  from 
term,  deposits  with  Federal  Reserve  Bank  of  New 
York,  4—524. 

Deposits — 

Federal  Reserve  Agent.  Gold  or  lawful  money, 

1—273. 

Government,  1 — 91,  274,  409;  3 — 458  ,  692. 
Individual.  (See  Computation  of  reserves.) 
National  banks  can  not  join  Nebraska  system  of 
guaranty  of  bank,  1 — 409. 

National  banks  may  insure,  through  a  guaranty 
company,  1 — 29. 

State  member  banks  can  receive,  of  postal  sav¬ 
ings  funds,  1 — 274;  2 — 331. 

Act  of  September  24;  1917,  permits  deposits  of 
public  moneys  in  connection  with  bond 
subscriptions,  4 — 494. 

(See  Certificates  of  deposits  ^Computation  of 
reserves;  Demand  deposits;  Farm  land 
banks;  Government  deposits;  Nonmember 
banks;  Time  deposits.) 

Digest  and  index — 

Opinions  of  counsel,  1917,  to  April,  1918,  4 — 571. 
State  laws — 

Fiduciary  powers  to  national  banks,  1 — 150. 
Joining  Federal  Reserve  System,  1 — 150. 
Warehouse  laws,  1 — 260. 

(See  State  laws;  Laws  of  States;  Principal 
heading.) 

Directors — 

Fees,  1 — 16. 

Loans  to,  3 — 694. 

Qualification  of,  1 — 103. 

Term  of  office,  3 — 290. 

( See  Clayton  Act.) 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
Discount — 

Allowed  in  trade  acceptance  for  payment  at  ma¬ 
turity.  Held  negotiable,  4 — 200. 

For  payment  at  fixed  date  before  maturity.  Prob¬ 
ably  negotiable  but  not  favored,  4 — 871. 

Discount  of  acceptances — 

Federal  Reserve  Banks — 

Based  on  movement  between  United  States 
and  Porto  Rico,  Philippines,  and  Canal 
Zone  permitted  as  export  transactions, 
1—91. 

Between  United  States  and  Hawaii  not  per¬ 
mitted,  1 — 91. 

Any  acceptances  which  member  banks  may 
make  are  technically  eligible  under 
section  13,  5 — 255. 

National  banks  have  had  this  power  since  1864, 

2—  6S0  at  683. 

Discount  rates — 

Based  on  date  of  maturity,  2 — 461. 

Congress  has  delegated  to  Federal  Reserve  Banks 
and  Federal  Reserve  Board  the  right  to  fix, 
unaffected  by  State  laws  or  by  United  States 
Revised  Statutes,  section  5198,  as  to  national 
banks,  1 — 24. 

Forward  rates.  Sections  4  and  14  give  Federal 
Reserve  Banks  right  to  establish,  1 — 97. 

Discounts  of  member  banks  transferred  to  other  dis¬ 
tricts,  1 — 102. 

District,  Federal  Reserve.  (See  Discounts.) 

District  of  Columbia.  (See  Clayton  Act.) 

Districts.  Outlying.  Reserves,  4 — 1124. 

Dividends — 

To  increase  capital  are  subject  to  income  tax, 
5—256. 

Liquidated  national  banks,  4 — -201. 

Payment  of,  1 — 220. 

Semiannual,  can  not  be  declared,  1 — 220. 
Surrendered  stock,  2 — 17;  4 — 201. 

(See  Accrued  dividends;  Tax.) 

Documents.  (See  Domestic  acceptances;  Security.) 
Documents,  shipping.  (See  Domestic  acceptances; 
Security.) 

Dollar  balances.  (See  Computation  of  reserves.) 
Dollar  exchange  drafts.  Limitation  of  50  per  cent 
on,  separate  and  distinct  from  50  per  cent  limita¬ 
tion  on  domestic  acceptances,  3 — 528. 

Domestic  acceptances — 

Can  not  be  used  to  finance  goods  during  process 
of  manufacture  into  finished  products,  6 — 66. 
Documents  securing,  need  not  be  physically  at¬ 
tached  to  bill;  sufficient  if  in  possession  of 
accepting  bank  at  time  of  acceptance, 

3— 765. 

Draft  on  a  national  bank  covering  current  domes¬ 
tic  shipments  not  eligible  unless  shipping 
documents  attached  at  time  of  acceptance, 
5—471. 

Draft  not  eligible  as  a  domestic  acceptance 
merely  because  bill  of  lading  or  warehouse 
receipt  attached,  3 — 380;  6 — 66. 

Limitation  of  50  per  cent  on,  separate  and  dis¬ 
tinct  from  50  per  cent  limitation  on  dollar 
exchange  drafts,  3 — 528. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


175 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Domestic  acceptances — Continued. 

Mississippi  amends  banking  laws  to  authorize 
domestic  bankers’  acceptances  involving 
shipments,  6 — 701. 

Release  of  security  for.  ( See  Security.) 

Domicile  bills  drawn  by  exporter  of  cotton  on  a  foreign 
spinner  indorsed  by  foreign  bank,  payable  in 
dollars  in  United  States  if  within  90-dav  maturity 
limit  are  technically  eligible  as  trade  acceptances 
but,  in  view  of  difficulty  of  realizing  on  them, 
Federal  Reserve  Banks  may  refuse  to  discount  or 
purchase  them,  6 — -386. 

Double  liability.  Stockholders.  ( See  State  member 
banks.) 

Drafts.  ( See  Acceptance  credit;  Arrival  of  car; 
Chattel  mortgage;  Export;  Food  Administration 
Grain  Corporation;  Foreign  drafts;  Indorsement; 
Inspection;  Interest;  Payable;  Railroad  supplies; 
Railroad  Administration;  Renewal;  Sight  drafts; 
Warehouse  receipts.) 

Drawee.  Bill  payable  to  order  of,  not  negotiable  until 
indorsed,  4 — 110. 

Drawer — 

Acceptance  may  be  given  under  negotiable  instru¬ 
ments  act,  before  signature  of,  5 — 1157. 

(See  United  States  Revised  Statutes,  section  5200.) 

Edge  Act.  Federal  charter  for  foreign  banking  cor¬ 
porations,  5 — 965. 

(See  Edge  Act.) 

Eligible  paper — 

(See  supra,  Accommodation  acceptance;  Adver¬ 
tising  space;  Agricultural  paper;  Attorneys’ 
fees;  Bill  of  lading  draft;  Collection  charges; 
Commercial  paper;  Discount;  Discount  of 
acceptances;  Domestic  acceptances;  Drawee; 
Drawer.) 

(See  infra,  Exportation  and  importation;  Food 
Administration  Grain  Corporation;  Hawaii; 
Homestead  rights;  Inspection;  Interest;  Ma¬ 
turity;  Member  bank  collateral  notes;  Nego¬ 
tiable  instruments  act;  Open  accounts;  Open 
market;  Purchaser  of  goods;  Qualified  accept¬ 
ance;  Railroad  supplies;  Real  estate  loans; 
Real  estate  mortgage;  Rediscounts;  Security; 
Sight  bills;  Trade  acceptances;  United  States 
Government;  Waiver;  War  savings  stamps; 
Warehouse  receipts;  Warrants;  Without  re¬ 
course.! 

Escheat  law,  Pennsylvania,  does  not  affect  national 
banks,  2 — 115. 

[Overruled  by  opinion  of  Attorney  General,  1920.] 

Exchange  of  United  States  bonds.  (See  United  States 
bonds.) 

Exchange.  Bill  or  note  payable  in,  not  negotiable, 
2—459. 

Exchange.  Bill  or  note  payable  with,  negotiable, 
2—459;  3—880. 

Expense  of  shipment.  (See  Unfit  currency.) 

Export  corporations,  Edge  Act,  Federal  charter, 
5—965. 

Exportation  and  importation — 

Acceptances  based  on.  Definition  of  export,  1 — 91 . 
Bill  drawn  by  contractor  to  furnish  materials  to 
company  under  contract  to  manufacture  and 
export,  is  not  eligible  as  export  acceptance, 
1—276. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Exportation  and  importation — Continued. 

Character  of  assurances  required  on  drafts  by 
dealers  in  both  domestic  and  export  goods  of 
similar  kind,  4—314,  438. 

Drafts  drawn  by  one  who  agrees  to  manufacture 
and  import  goods  before  maturity  consigned 
to  bankers  procuring  the  acceptance  is  not 
eligible  for  acceptance  as  an  import  trans¬ 
action,  4 — 976. 

Acceptance  to  enable  domestic  concerns  to  extend 
credits  on  open  account  to  foreign  purchasers 
are  not  export  transactions,  5 — 254. 

There  must  be  an  existing  contract  for  exportation. 
Mere  intent  to  export  will  not  suffice,  6—66. 

(See  Discount  of  acceptances.) 

Farm  land  banks.  Deposits  in  Federal  Reserve 
Banks,  3 — S81. 

Farm  land.  Loans  on  improved  farm  lands,  3 — 618. 
(See  Real  estate  loans.) 

Farm  loan  bonds  not  eligible  as  collateral  for  member 
bank  collateral  notes,  4 — 33. 

Federal  Reserve  Agents — ■ 

Deposits  of  gold  or  lawful  money  with,  1 — 273. 
Indorsement  of  collateral  to,  1 — 363. 

May  deposit  in  gold  settlement  fund,  1 — 273. 

Federal  Reserv  e  Banks- 

Capital  stock.  (See  State  laws.) 

Collecting  agents.  (See  Implied  powers.) 
Discount  power.  May  discount  any  acceptance 
which  member  banks  may  legally  make 
under  section  13,  5 — 254. 

Discount  rates.  Forward  rates,  1 — 97. 

Dividends — 

Canceled  stock,  4 — 201. 

Liquidated  member  bank,  4 — 201. 

Payments  of,  1 — 220. 

Domicile  bills.  (See  supra,  same.) 

Farm  land  banks.  Deposits  in,  3 — 881. 

Member  bank  collateral  notes.  (See  infra, 
same.) 

Nonmember  banks.  Deposits  of,  in,  3 — 617. 
Open  market.  Can  not  purchase  promissory 
notes  in,  1—347,  360,  365,  406. 

Par  collections.  (See  infra,  same.) 

Rediscounts  with.  Limitations,  2 — 224,  274. 

Tax  on  stock  of.  Can  not  deduct  value  of,  in 
return  to  State,  1 — 315;  3 — 955. 

(See  also  Borrower;  Directors;  Dividends;  Liquidated 
banks;  Profits;  Surplus;  Term;  Surrendered  stock; 
Unfit  currency;  United  States  bonds;  United 
States  one-year  Treasury  notes.) 

Federal  Reserve  Board — 

Has  discretion  not  to  require  member  bank  reduc 
ing  surplus  to  surrender  a  proportional  part 
of  its  stock  in  Federal  Reserve  Bank,  1 — 218 

Has  no  power  to  reduce  number  of  Federal  Re¬ 
serve  districts,  2 — 20,207. 

Opinion  of  Special  Counsel  Cotton  contra, 
2—25. 

(See  Opinions,  Attorney  General  of  United 
States;  Fiduciary  powers.) 

Federal  Reserve  districts.  (See  supra,  Federal  Re¬ 
serve  Board.) 


176 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Federal  Reserve  notes — 

Collateral — 

Acceptances  indorsed  by  member  banks  of 
other  Federal  Reserve  districts  may  be 
taken  as  collateral  for,  1 — 98,  99. 

Pledge  of  collateral  for,  1 — 363. 

Paper  drawn  for  carrying  or  trading  in  Gov¬ 
ernment  obligations  is  good  collateral  for, 
3 — 459. 

Redemption  or  credit,  1 — 276. 

Reserves  for  State  member  banks,  1 — 318. 
Transportation  charges,  2 — 71. 

Federal  Reserve  System — 

Powers  of  State  banks  joining,  3 — 696. 

Private  bankers  can  not  join,  3 — 693. 

State  laws.  Membership  in,  4 — 166. 

(See  State  laws,  principal  heading.) 

Fees — 

Attorneys’.  ( See  Bills  of  exchange.) 

Directors,  section  22,  1 — 16. 

Officer  of  national  banks  may  receive  reasonable 
fees  for  services  as  trustee  under  foreclosure 
proceedings  in  which  his  bank  is  interested, 
5—253. 

Fiduciary  powers — 

Digest.  State  laws  as  to  national  banks,  1 — 150; 
3—697,  767. 

(See  State  laws.) 

Federal  Reserve  Board —  * 

Under  amendment  to  section  9,  may  grant 
applications  unless  State  laws  directly  or 
by  necessary  implication  forbid,  5 — 362. 
If  State  laws  permit  such  powers  to  competing 
State  institutions,  Federal  Reserve  Board 
may  grant  permits  to  national  banks,  5 — 
362. 

Hawaii.  Right  of  national  banks  in,  to  exercise, 
5—366. 

Oregon  national  banks,  1 — 319. 

State  laws,  1—150;  3—528,  697,  767. 

(See  State  laws,  principal  heading.) 

Supreme  Court  of  Illinois — 

Sec.  11  (k)  held  not  constitutional,  2 — 28. 
Appeal,  3 — 254. 

Decision  of  United  States  Supreme  Court, 
3—534. 

State  can  not  withhold  authority  from  national 
banks  to  exercise,  while  permitting  compet¬ 
ing  State  banks  to  do  so.  Opinion.  Supreme 
court  of  Connecticut.  6 — 610. 

New  York  Supreme  Court,  5 — 1059. 

National  banks  authorized  to  exercise,  in  Missouri 
may  use  words  “trust  company”  as  part  of 
title,  6—497. 

New  York  Supreme  Court.  Decision,  5 — 1059. 
Wisconsin  laws  prohibiting  appointment  of  any 
but  Wisconsin  trust  companies  to  exercise, 
held  unconstitutional.  Supreme  court  of 
Wisconsin,  6 — 700. 

Financial  corporations.  (See  Act  September  17,  1919; 

Foreign  Banking  corporations;  National  banks.) 
Fire  insurance.  (See  Insurance.) 

Fiscal  agents.  National  banks  as,  may  sell  United 
States  bonds,  thrift  stamps,  and  war  savings  cer¬ 
tificates,  4 — 313. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Fiscal  year.  (See  Profits;  Surplus.) 

Food  Administration  Grain  Corporation,  Federal  Re¬ 
serve  Board  may  permit  member  banks  to  accept 
drafts  of,  4 — 976. 

Foreign  banking  corporations — 

Edge  Act,  5 — 965. 

Subscription  to  stock  in,  5 — 965. 

Foreign  banks.  (See  Computation  of  reserves.) 

Foreign  branches — 

National  banks.  Reserves,  4—1123. 

Not  independent  corporations,  3 — 198. 

Real  estate  loans  by,  3 — 952;  5 — 362. 

(See  National  banks.) 

Foreign  correspondent.  Acceptances  by,  of  national 
bank  guaranteed  by  national  bank  are  direct  ac¬ 
ceptance  liabilities  and  must  be  reported  as  such, 
4—311. 

(See,  however,  Volume  7,  Federal  Reserve  Bulle¬ 
tin,  May,  1921,  page  547.) 

Foreign  countries.  Acceptances  between,  may  be  dis¬ 
counted  by  Federal  Reserve  Banks,  1 — 91. 
Foreign  drafts.  ( See  Warehouse  receipts.) 

Forward  discount  rates,  1 — 97. 

Gold  order  certificates.  Indorsement  to  Federal  Re¬ 
serve  Agent,  1 — 363. 

Gold  settlement  fund — 

Gold  in,  to  count  as  reserves,  1 — 9. 

(See  Federal  Reserve  Agent.) 

Government  depositories,  State  banks  as.  (See  supra, 
Deposits.) 

Government  deposits — 

Deduction  of,  in  computing  reserves  of  member 
banks,  3—692. 

No  reserves  need  be  kept  against,  by  member 
banks,  1—91,  409;  3-A58. 

Government  obligations.  (See  Federal  Reserve  notes.) 

Grain  corporation.  (See  Food  Administration  Grain 
Corporation.) 

Guaranty.  (See  Foreign  correspondent;  National 
banks.) 

Guaranty  company.  National  banks  may  insure  de¬ 
posits  through  a,  1 — 29. 

Guaranty  of  acceptances.  (See  Foreign  correspond¬ 
ent.) 

Guaranty  of  deposits.  National  banks  can  not  join 
Nebraska  system,  1 — 409. 

Hawaii — 

Federal  Reserve  Banks  can  not  discount  accept¬ 
ances  between  United  States  and,  1 — 91. 
Right  of  national  banks  in,  to  exercise  fiduciary 
powers,  5 — 366. 

Homestead  right.  Waiver  of,  does  not  affect  negotia¬ 
bility,  2 — 226. 

Illinois  Supreme  Court.  (See  Fiduciary  powers.) 
Implied  powers.  Section  4  in  granting  incidental 
powers  to  Federal  Reserve  Banks  grants  right  of 
collecting  bills  and  notes,  1 — 104. 

Importation.  (See  Exportation  and  importation.) 
Improvements.  (See  Farm  land  loans;  Real  estate 
loans.) 

Inadmissible  assets.  (See  War  Finance  Corporation 
Act.) 

Incidental  powers.  (See  Implied  powers.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


177 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
Indorsement — 

Bill  payable  to  order  of  drawee  must  have  his,  to 
be  negotiable,  4 — 110. 

Of  collateral  to  Federal  Reserve  Agent,  1 — 363. 
On  separate  piece  of  paper.  Allonge,  2—610. 
Without  recourse  by  nonmember  bank.  Does 
not  affect  negotiability,  4 — 745. 

Federal  Reserve  Banks  may  discount  acceptances 
indorsed  by  member  banks  of  other  districts, 
1—98. 

Ineligible.  ( See  Eligible.) 

Inspection.  Provision  giving  right  of,  before  accept¬ 
ance,  is  valid,  5 — 472. 

Insular  possessions.  Acceptances  between  United 
States  and,  1 — 91. 

(See  Hawaii.) 

Insurance — 

National  banks  may  take  out,  of  deposits  through 
a  guaranty  company,  1 — 29. 

Have  no  right  to  write,  2 — 73. 

(Changed,  as  to  certain  national  banks  by  act 
of  September  7,  1916,  3 — 164.) 

Interest.  N otes  payable  with ,  after  maturity  are  nego¬ 
tiable,  3 — 200. 

Kern  amendment.  ( See  Clayton  Act.) 

Lawful  money.  Deposits  of,  with  Federal  Reserve 
Agent,  1 — 273. 

Lever  Act.  Amendment  to;  profiteering,  5 — 967. 
Liability,  double.  ( See  Double  liability.) 
Limitations — 

Discounts  and  acceptances,  section  13  and  United 
States  Revised  Statutes,  sec.  5200,  2 — 224, 
274;  3—528,  696;  4—32,  34,  638,  808,  863, 
867;  5—143,  253,  254,  362,  364,  458,  1055, 

1157;  6—276,  278,  495. 

(See  Ten  per  cent  limitations.) 

Domestic  acceptances,  5 — 254. 

( See  Acceptances;  Rediscounts.) 

Section  18.  ( See  United  States  bonds.) 

( See  Act  March  3,  1919.) 

Liquidated  member  bank — 

Cancellation  and  refund  of  capital  stock,  2 — 119. 

Dividends  on  stock,  4 — 201. 

National  bank  acquiring  assets  of,  has  no  right  to 
transfer  of  Federal  Reserve  Bank  stock, 

3— 199. 

( See  Accrued  dividends,  principal  heading.) 
Liquidating  national  bank.  Sale  of  United  States 
bonds  by,  2 — 170. 

Live  stock.  Paper  based  on,  3 — 616. 

Loan  associations.  Status.  Clayton  Act,  2 — 118. 
Loans.  ( See  Farm  land  loans;  Real  estate  loans.) 
Loans  to  directors.  Section  22  as  amended,  3 — 694. 
Maturity — 

Provision  for  fixed  sum  including  discount  for 
payment  at  maturity,  but,  if  not  so  paid,  for 
a  sum  exclusive  of  the  discount,  is  valid, 

4— 200. 

Provision  for  discount  if  paid  at  fixed  day  before 
maturity,  should  not  be  approved  by  Federal 
Reserve  Banks,  although  probably  negotiable, 
4—871. 

(See  Discount  rates.) 

37599°— 21 - 12 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
Member  bank  collateral  notes — 

Advances  on.  Rests  in  discretion  of  Federal 
Reserve  Banks,  6 — 163. 

Farm  loan  bonds  not  eligible  as  collateral  for, 
4—33. 

Federal  Reserve  Banks  may  decline  to  make  ad¬ 
vances  on,  secured  by  war  paper  unless  actu¬ 
ally  owned  by  member  bank  and  unless  its 
Government  deposits  are  secured  by  war 
paper  actually  owned  by  it,  6 — 163. 
Indorsement  of  eligible  paper  as  collateral  for, 
not  necessary  if  already  in  negotiable  form, 
2—685. 

Renewal  of,  3 — 765. 

Perfential  rates  on,  secured  by  war  obligations, 
6—163. 

Security  for.  Warrants  not,  2 — 609. 

Member  banks — 

Discounts  of,  transferred  to  another  district,  1 — 

102. 

Rediscounts,  limitations,  2—224,  274;  3 — 528,  696; 
4—32,  34,  638,  808,  863,  867;  5—143,  253,  362, 
364,  458,  1055,  1157;  6—276,  278,  495. 

(See  Ten  per  cent  limitations.) 

Rights  of,  in  northern  New  Jersey,  1 — 102. 
Surplus.  Federal  Reserve  Board  not  bound  to 
require  member  bank  reducing  its  surplus  to 
surrender  proportional  part  of  capital  stock, 
1—218. 

(See  Liquidated;  Member  banks;  Rediscounts; 
Savings  accounts.) 

Mississippi.  (See  supra,  Domestic  acceptances.) 
Money.  (See  Lawful  money.) 

National  bank  notes — 

National  banks  can  not  agree  to  withdraw,  from 
circulation,  2 — 332. 

Can  not  take,  as  security  for  loans,  2 — 332. 

Right  to  increase,  2 — 65,  72. 

National  banks — 

Acceptances — 

By  foreign  correspondent  under  guaranty  of, 
is  a  direct  acceptance  liability  and  must 
be  so  reported,  4 — 311. 

(See,  however,  Volume  7,  Federal  Reserve 
Bulletin,  May,  1921,  page  547.) 

Draft  drawn  on,  covering  domestic  shipments 
not  eligible  for  acceptance  unless  ship¬ 
ping  documents  attached  at  time  of 
acceptance,  5 — 471. 

(See  Acceptances.) 

Agent  to  accept.  Can  not  appoint,  and  pay 
drafts  drawn  on  it  in  another  city  out  of  funds 
in  control  of  agent,  6 — 835. 

(See,  however,  Volume  7,  Federal  Reserve 
Bulletin,  May  1921,  page  547.) 

Branches,  domestic,  5 — 966. 

(See  Consolidation.) 

Circulation — 

Can  not  agree  to  withhold  notes  from,  2 — 332. 
Right  to  increase  circulation,  2 — 65,  72. 
Consolidation  with  State  banks  gives  no  right  to 
operate  branches,  2 — 74. 

Escheat  law,  Pennsylvania.  Does  not  apply 
to,  2—115. 

(Overruled  by  Attorney  General,  1920.) 


178 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
National  banks — Continued. 

Fee.  Officers  of,  entitled  to  reasonable  fee  for 
services  as  trustee  in  foreclosure  proceedings 
in  which  bank  is  interested,  5 — 253. 

Federal  Reserve  Bank  stock.  Can  not  deduct 
value  of,  in  return  to  State  for  taxation  of  its 
shareholders,  1 — 315;  3 — 955. 

Foreign  corporations.  Subscription  to  stock  in, 
5—965. 

Fiscal  agents.  May  sell  United  States  bonds,  etc., 
as,  4 — 313. 

Guaranty  of  deposits.  Can  not  join  Nebraska 
system,  1 — 409. 

Insurance  of  deposits.  May  effect,  through  guar¬ 
anty  company,  1 — 29. 

Insurance.  No  right  to  write,  2 — 73. 

Liquidated — 

Accrued  dividends,  3 — 117. 

Dividends,  4 — 201. 

Missouri — 

May  deposit  securities  in,  for  exercise  of 
fiduciary  powers,  5 — 655. 

Need  not  give  bond,  5 — 655. 

National  bank  notes — 

Can  not  agree  to  withdraw  from  circulation, 

2—332. 

Can  not  receive,  as  security  for  loans,  2 — 332. 
Real  estate  loans.  Can  not  make,  in  central  re¬ 
serve  cities,  2 — 609. 

Reserves.  Foreign  branches,  4 — 1123. 

Reserves.  Government  deposits,  1 — 409;  2 — 331; 

3—692. 

Usurious  charges  by,  3 — 292. 

(See  also  Edge  Act;  Fiduciary  powers;  Foreign 
branches;  Foreign  corporations;  Liquidating 
banks;  Real  estate  loans;  United  States  bonds.) 

Nebraska.  National  banks  can  not  join,  system  of 
guaranty  of  deposits,  1 — 409. 

Negotiability.  Conditions  affecting,  1 — 21. 
Negotiable.  ( See  Collection  charges;  Bills  of  ex¬ 
change;  Eligible;  Exchange.) 

Negotiable  instruments  act.  Acceptances  may  be 
given  before  signature  of  drawer  attached  under, 
5—1157. 

Negotiable  paper.  ( See  Allonge;  Indorsement.) 

New  Jersey.  Rights  of,  in  northern.  ( See  Member 
banks.) 

New  York  laws.  Reserves  on  deposit  do  not  include 
reserves  in  Federal  Reserve  Bank,  4 — 524. 

Nonmember  banks — 

Deposit  of  postal  funds  in,  1 — 274;  2 — 331. 
Deposit  of,  in  Federal  Reserve  Banks,  3 — 617. 
(See  Government  deposits;  Nonmember  banks; 
Postal  savings  funds. ) 

Notes,  promissory,  Federal  Reserve  Banks  can  not 
purchase,  in  open  market,  1 — 347,  360,  365,  406. 
Notes,  unfit.  (See  Unfit  currency.) 

Notice.  (See  Savings  accounts.) 

Officers — 

Compensation,  1 — 16. 

Fees.  Amendment  to  section  22,  5 — 253. 

On  or  before.  Payable.  Negotiable,  3 — 291. 

Open  account.  (See  Exportation  and  importation.) 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Open  accounts — 

Can  not  rediscount  assignment  of,  2 — 227. 

(See  Time  deposits.) 

Open  market — 

Federal  Reserve  Banks  can  not  purchase  promis¬ 
sory  notes  in,  1 — 347,  360,  365,  406. 

(See  Commercial  paper;  United  States  bonds.) 
Oregon  national  banks.  Fiduciary  powers,  1 — 319. 
Outlying  districts.  Reserves,  4 — 1124. 

Own  acceptances — 

Purchase  of,  need  not  be  included  in  aggregate 
authorized  by  section  13,  2 — 397. 

(See  Acceptances;  United  States  Revised  Statutes, 
section  5200.) 

Par  collections.  Mississippi  law  preventing  Federal 
Reserve  Banks  from  cashing  checks  over  counter  of 
bank,  6 — 387. 

Federal  Reserve  Banks  sustained — 

United  States  District  Court,  6 — 496. 

United  States  Circuit  Court  of  Appeals,  6 — 
1303. 

(Pending  in  United  States  Supreme  Court.) 
Payable — 

At  other  than  residence  of  acceptor  is  a  general 
acceptance  unless  expressly  stated  payable 
nowhere  else,  3 — 289;  5 — 142. 

Sight  drafts  accepted,  at  future  date,  not  nego¬ 
tiable,  5 — 565. 

With  attorneys’ fees.  Negotiable,  2 — 226;  4 — 745. 
With  collection  charges.  Not  negotiable  unless 
so  drawn  as  to  show  no  such  charges  included 
unless  bill  is  dishonored  at  maturity,  2 — 226; 

4—745. 

(See  Collection  charges;  Drafts;  Exchange 
charges.) 

Payment.  (See  Presentation  for  payment.) 
Pennsylvania.  (See  Escheat  law.) 

Philippines.  Status,  1 — 91. 

Porto  Rico.  Status,  1 — 91. 

Possessions  of  United  States.  (See  Acceptances.) 
Postal  savings  deposits — 

State  member  banks  can  receive  only  deposits  of, 
section  15,  1 — 274. 

Deposits  of,  in  nonmember  banks,  2 — 331. 
Reserves  against,  1 — 409;  2 — 331;  3 — 692. 

(See  Deposits;  Postal  savings  funds;  State  mem¬ 
ber  banks.) 

Powers,  Federal  Reserve  Board.  (See  Federal  Re¬ 
serve  Board.) 

Powers.  Implied.  (See  Implied  powers.) 
Presentation  for  payment.  Demand  and  sight  bills, 
3—31. 

Private  bankers  can  not  join  Federal  Reserve  system, 
3—693. 

Profits,  Federal  Reserve  Banks  can  not  carry,  to  sur¬ 
plus  before  end  of  fiscal  year,  1 — 220. 

Profiteering.  Amendment  to  Lever  Act,  5 — 967. 
Promissory  notes — 

Federal  Reserve  Banks  can  not  purchase  in  open 
market,  1—347,  360,  365,  406. 

Stamp  tax  on  renewals,  4 — 977. 

Public  moneys.  (See  Deposits;  Postal  savings  de¬ 
posits;  Reserves.) 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


179 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
Purchase  of  stock  in  Federal  Reserve  Banks.  ( See 
State  laws,  principal  heading.) 

Purchaser  of  goods.  Bill  of,  against  a  national  bank 
not  eligible  for  acceptance,  merely  because  secured 
by  a  bill  of  lading  of  the  goods,  3 — 380;  6 — 65,  66, 
1301. 

Qualified  acceptances,  2 — 463. 

Railroad  Administration.  Liability  for  damages  on 
bills  of  lading  issued  by  its  agents,  4 — 872. 
Railroad  supplies.  Draft  for,  eligible,  4 — 974. 

Real  estate  loans — 

Foreign  branches  of  national  banks,  3 — 952;  5 — 
362. 

Improvements  as  part  of  value,  2 — 608. 

Maturity  of,  2 — 226. 

National  banks  in  central  reserve  cities  can  not 
make,  2 — 609. 

Purchase  of,  by  national  banks,  2 — 120. 

Subject  to  United  States  Revised  Statutes,  sec¬ 
tion  5200,  2—171. 

(See  Farm  land  loans.) 

Real  estate  mortgage.  An  eligible  note  or  bill  is  not 
made  ineligible  because  secured  by  a,  3 — 458. 

Recourse.  Without.  Indorsement  of  a  nonmember 
bank  does  not  affect  negotiability,  4 — 745. 
Redemption.  Credit  or.  ( See  Federal  Reserve  notes.) 
Rediscount.  Can  not,  assignment  of  open  accounts, 
2—227. 

Rediscounts  with  Federal  Reserve  Banks — 

Only  limitations,  2 — 112,  224,  274,  456. 

Maker  of  note  rediscounted  by  member  bank  is 
no  longer  a  borrower  from  member  bank,  4 — 
638,  867. 

(See  State  banks.) 

Reduction  of  surplus.  (See  Surplus.) 

Regulation  F,  1915.  Warrants,  1 — 221. 

Regulations.  Open  market  purchases,  United  States 
bonds,  1 — 99. 

Release  of  security  after  acceptance,  5 — 143,  253,  468. 

(See  Security.) 

Renewals — 

Member  bank  collateral  notes,  3 — 765. 

Stamp  tax  on,  of  notes,  4 — 972. 

National  bank  can  not  accept  with  agreement  for 
renewal,  6 — 277. 

Renewal  bill  not  eligible  when  bill  of  lading  is 
surrendered  after  acceptance,  6 — 66. 

(See  infra,  Warehouse  receipts.) 

Reports  of  condition — 

By  State  Banks  to  Comptroller,  2 — 114. 

(Report  to  Federal  Reserve  Bank.  (Act  of 
June  21,  1917,  2—114.) 

(See  infra,  State  banks.) 

Reserve  cities.  Outlying  districts  of.  Reserves,  4 — 
1124. 

Reserves _ 

Computation  of,  3 — 692;  5 — 963. 

(See  Computation  of  reserves.) 

Federal  Reserve  notes  as,  for  State  banks,  1 — 318. 
Foreign  branches.  National  banks,  4 — 1123. 
Gold  settlement  fund.  Gold  in,  to  count  as  re¬ 
serves,  1 — 9. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
Reserves — Continued. 

Member  banks,  Government  deposits,  8 — 458. 
New  York  laws.  Deposits  of  reserves,  4 — 524. 
Outlying  districts,  4 — 1124. 

State  laws  as  to.  (See  State  banks,  etc.;  Laws  of 
States.) 

(See  supra,  Computation  of  reserves.) 

(See  Postal  savings  deposits;  Savings  funds.) 
Revenue  bonds.  Warrants,  definition,  1 — 221. 
Revenues,  assured.  (See  Warrants.) 

Salaries.  (See  Officers.) 

Savings  accounts — 

Right  to  advertise,  1 — 18. 

Time  deposits,  as,  2 — 611. 

Thirty  days’  notice,  4 — 199. 

(See  Time  deposits.) 

Savings  and  loan  associations.  Status.  Clayton  Act, 
2—118. 

Savings  deposits.  (See  Deposits;  Savings  funds.) 

Savings  funds.  Member  bank  may  deposit,  as  reserve 
against  savings  deposits  although  under  State  law 
such  deposit  is  not  subject  to  any  claim  of  Fed¬ 
eral  Reserve  Bank  against  the  member  bank  as 
distinct  from  the  savings  department,  5 — 654. 

Sections,  Federal  Reserve  Act — 

Section  2.  (See  State  member  banks;  Surplus.) 
Section  4.  (See  Forward  discount  rates;  Implied 
powers;  United  States  bonds.) 

Section  5.  (-See  Surplus.) 

Section  7.  (See  Dividends;  Semiannual  divi¬ 
dends;  United  States  bonds.) 

Section  9.  (See  Borrower;  Double  liability;  Re¬ 
ports  of  condition;  State  banks.) 

Section  11  (k).  (See  Fiduciary  powers.) 

Section  11  (m).  (See  Act  March  3,  1919.) 

Section  13 — 

Acceptance  purchased  by  accepting  bank  and 
rediscounted  with  Federal  Reserve  Bank 
is  not  subject  to  section  5200,  3 — 696. 

“Actually  existing  values”  includes  drafts 
and  bills  secured  by  shipping  documents 
and  bankers  acceptances  described  in  sec¬ 
tion  13,  although  not  specifically  stated  as 
in  act  of  October  22,  1917,  amending 
United  States  Revised  Statutes,  section 
5200,  5—1055. 

(See  Acceptances;  Bills  of  exchange;  Bor¬ 
rower;  Incidental  powers;  Limitations; 
State  banks;  Trust  receipts.) 

Section  14.  (See  Forward  discount  rates;  Open 
market;  Promissory  notes;  Warrants;  United 
States  bonds.) 

Section  16.  (See  Federal  Reserve  Agents;  Fed¬ 
eral  Reserve  notes.) 

Section  18.  (See  United  States  bonds.) 

Section  19.  (See  Computation  of  reserves;  De¬ 
posits;  Postal  savings  deposits;  Savings  ac¬ 
counts.) 

Section  22.  (See  Fees;  Directors;  Officers.) 
Section  25.  (See  Act  September  17,  1917;  For¬ 
eign  banking  corporations;  Foreign  branches.) 

Section  27.  (See  Act  May  30,  1908,  Aldrich- 
Yreeland.) 


180 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Security — 

Bills  drawn  to  purchase  goods  and  secured  by 
bill  of  sale  of  stock  in  hand  are  not  eligible 
for  purchase  under  Regulation  B,  1916,  2 — 
684. 

Member  bank  can  not  accept  draft  of  a  cattle  loan 
company  secured  by  notes  of  cattle  owner 
in  turn  secured  by  chattel  mortgage  of  cattle 
owner  to  cattle  loan  company,  4 — 871. 
Acceptance  of  an  unsecured  draft  in  excess  of  10 
per  cent  is  not  eligible  whether  or  not  the 
customer  guaranteeing  the  acceptance  is  the 
drawer,  5 — 143. 

Draft  drawn  by  purchaser  of  goods  secured  by 
bill  of  lading  of  same  is  not  necessarily 
eligible  for  acceptance,  3 — 380. 

Acceptances  in  excess  of  10  per  cent  must  be 
secured  throughout  life  of  draft,  5 — 143, 
254,  364. 

( See  Acceptances,  domestic;  Security.) 

Security,  release  of — 

May  be  released  after  acceptance  on  execution 
of  a  trust  receipt  or  agreement,  5 — 143. 

Or  by  substitution  of  other  security  growing  out 
of  same  transaction,  5 — 253,  468. 

(See  Acceptances;  Security.) 

Security.  Trust  receipts,  3 — 881. 

Semiannual  dividends  not  permissible,  1 — 220. 

Shipment.  Expense  of.  (See  Unfit  currency.) 

Shipments.  (See  Allied  purchasing  committee.) 

Shipping  documents  as  security.  Must  be  indorsed 
or  made  out  so  as  to  secure  or  convey  title  to  ac¬ 
cepting  bank,  4 — 198.  (See  National  banks.) 

Sight  bills — 

Presentation  for  payment,  3 — 31. 

Accepted  payable  within  three  months  are  not 
negotiable,  2 — 463. 

Sight  draft  accepted  payable  at  future  date  is  a 
qualified  acceptance  which  holder  may  refuse  to 
take,  but,  if  taken,  drawer  and  indorsers  are  re¬ 
leased  unless  they  have  expressly  or  impliedly 
authorized  holder  to  take  it  or  have  subse¬ 
quently  assented  thereto,  5 — 565,  566. 

Stamp  tax.  (See  Tax.) 

State  banks — 

District  of  Columbia,  doing  business  in,  are 
subject  to  Clayton  Act,  2 — 526. 

(See  Opinions,  Attorney  General.) 

Government  depositories,  1 — 274. 

(See  supra,  Deposits;  Postal  funds;  Govern¬ 
ment  deposits.) 

Membership — 

Application  for,  before  beginning  business, 

3— 953. 

In  Federal  Reserve  System,  State  laws, 

4— 166. 

(See  State  banks,  etc.) 

Powers  of,  entering  Federal  Reserve  System, 
3—696. 

Subscriptions  to  capital  of  Federal  Reserve  Banks. 
(See  infra,  State  laws;  State  member  banks.) 

State  laws — 

Acceptances,  3 — 529. 

Fiduciary  powers,  1 — 150. 

Foreign  banking  corporations,  5 — 54. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

State  laws — Continued. 

Purchase  of  stock  in  Federal  Reserve  Banks,  1 — . 
150;  3—696;  4—166,  315,  526,  978;  5—366, 
566,  658,  741,  849,  967. 

Reserves,  3 — 767. 

Warehouse  laws,  1—260. 

(See  State  laws,  principal  heading.) 

State  member  banks — 

Branches.  Where  branches  of,  are  in  district 
different  from  that  of  parent  bank,  the 
branches  need  not  join  Federal  Reserve  Bank 
of  their  district,  4 — 522. 

Deposits,  Government — 

Can  receive  only  postal  savings,  1 — 274. 
Reserve  against,  1 — 409. 

(See  supra,  Deposits.) 

Federal  Reserve  notes  may  be  held  as  reserves 
when  State  law  permits,  1 — 318. 

Rediscounts — 

Loan  of  30  per  cent  of  capital  and  surplus  to 
one  borrower;  rediscount  of  20  per  cent 
with  another  bank;  remaining  10  per 
cent  may  be  rediscounted  with  Federal 
Reserve  Bank,  4 — 638. 

Are  subject  to  limitations  of  section  13  unless 
drawn  against  actually  existing  values, 

5—1157. 

Effect  on,  of  amendment  to  United  States 
Revised  Statutes,  section  5200,  and 
amendment,  section  11  (m),  of  Federal 
Reserve  Act,  5 — 1056. 

(See  Borrower.) 

Reports  of  condition  to  Comptroller,  1 — 319. 
(Report  to  Federal  Reserve  Bank.  Act  of 
June  21,  1917,  2—114.) 

Stockholders’  liability.  Subject  to  double  lia¬ 
bility  but  not  their  stockholders,  1 — 273. 
State  taxation.  (See  Tax.) 

State  warehouse  laws.  (See  State  laws.) 

Status — 

Advisory  Committee,  Clayton  Act,  3 — 118. 

Canal  Zone,  1 — 91. 

Hawaii,  1 — 91. 

Philippines,  1 — 91. 

Porto  Rico,  1 — 91. 

Qualified  acceptances,  2 — 463. 

Savings  and  loan  associations,  Clayton  Act,  2 — 

118. 

Stock.  (See  Canceled  stock;  Capital  stock;  Liqui¬ 
dated  bank;  State  laws;  Surrendered  stock.) 
Stockholders.  (See  State  member  banks.) 

Surplus — 

Can  not  carry  profits  to,  until  end  of  fiscal  year, 
1—220. 

Federal  Reserve  Board  not  bound  to  require  mem¬ 
ber  bank  reducing,  to  surrender  proportionate 
part  of  capital  stock,  1 — 218. 

Surrender  of  stock.  (See  Capital  stock;  Member 
banks;  Surplus.) 

Surrendered  stock,  dividends  on,  2 — 17 ;  4 — 201. 

Tax.  Stamp — 

Allied  purchasing  committee.  Shipments  to, 
4—614,  972,  1218. 

Dividends  to  increase  capital,  5 — 256. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


181 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Tax.  Stamp — Continued. 

Negotiable  instruments,  4 — 316. 

Notes.  Renewals  of,  4 — 977. 

Railroad  certificates  of  indebtedness.  Notes 
secured  by,  not  subject  to  stamp  tax  if  par 
value  is  not  less  than  amount  of  notes,  5 — 566. 
Trade  acceptances,  4 — 977. 

War  Finance  Corporation  bonds.  Notes  of  one 
bank  to  another  secured  by  War  Finance 
Corporation  bonds  are  subject  to,  5 — 566. 

Taxation,  State.  Member  bank  in  return  for,  can  not 
deduct  value  of  Federal  Reserve  Bank  stock, 
1—315;  3—955. 

Terms — 

Directors,  3 — 290. 

(See  Clayton  Act.) 

Texas  banking  laws.  Amendment,  6 — 950. 

Thirty  days’  notice.  ( See  Savings  accounts.) 

Thrift  stamps.  National  banks  may  sell,  as  fiscal 
agents,  4 — 313. 

Time  certificates  of  deposit  when  becoming  payable 
in  30  days  become  demand  deposits,  5 — 655. 

Time  deposits — 

Open  accounts,  2 — 686. 

Savings  accounts,  2 — 611. 

Trade  acceptances — 

Actually  existing  values.  Are  subject  to  limita¬ 
tions  of  section  13  unless  drawn  against,  4 — 
974. 

Collection  charges.  Pavable  with,  not  negotiable, 
3—880.  (See,  2—226;  4—745.) 

Conditional  sales  can  not  be  basis  of,  5 — 964. 
Discount  for  payment  before  maturity,  not  ap¬ 
proved,  4 — 871. 

Discount  to  be  added  for  nonpayment  at  matu¬ 
rity,  approved,  4 — 200. 

Exchange.  Payable  with,  negotiable,  3 — 880. 
(See  supra,  Exchange.) 

Extension  of  time.  Note  providing  for,  not  ap¬ 
proved,  4 — 870. 

Sales  corporation.  Draft  drawn  by  lumber  corpor¬ 
ation  against  a,  in  which  it  owns  stock,  when 
accepted  is  a  valid  trade  acceptance  if  an 
actual  sale  made  in  good  faith,  4 — 33. 

Stamp  tax  on,  4 — 977. 

(See  supra,  Domicile  bills.) 

Transportation.  Expense  of.  (See  Federal  Reserve 
notes.) 

Trust  receipts — 

Security  for  acceptances,  3 — 881. 

Permitting  access  to  goods  by  owner  is  not  “actual 
security’  ’  under  section  13,  5 — 254. 

Trustee.  (See  Fiduciary  powers.) 

Unfit  currency.  Deposit  of,  in  Federal  Reserve  Banks 
to  avoid  expense  of  shipment  to  Washington  for 
redemption  may  be  refused,  2 — 115. 

United  States.  Definition  of  term,  1 — 91. 

United  States  bonds — 

Allotments.  Amounts  bought  by  Federal  Re¬ 
serve  Banks  in  open  market  should  be  de¬ 
ducted  irom,  1 — 99. 

Conversion  privileges.  Effective  on  passage  of 
act,  1 — 101. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

United  States  bonds — Continued. 

Exchange  of.  Federal  Reserve  Board  may  per¬ 
mit,  by  Federal  Reserve  Banks  however  ac¬ 
quired,  1 — 101. 

Liquidating  banks.  Sales  of  United  States  bonds 
by,  2—170. 

National  banks  may  sell,  as  fiscal  agent,  4 — 313. 
Open  market.  Federal  Reserve  Banks  may  buy, 
in  open  market  under  sections  4  and  7,  sub¬ 
ject  to  regulations  of  Federal  Reserve  Board, 
free  from  limitations  of  section  18,  1 — 99. 
United  States  one-year  Treasury  notes.  Conver¬ 
sion  of  United  States  2  per  cent  bonds  into, 
1—101,  102;  2—330. 

United  States  Circuit  Court  of  Appeals.  (See  supra, 
Par  collections.) 

United  States  District  Court,  Georgia.  (Se  supra, 
Par  collections.) 

United  States  Government.  Drafts  drawn  to  finance 
sales  to,  are  not  bills  drawn  against  actually  exist¬ 
ing  values  nor  can  they  be  discounted  as  com¬ 
modity  paper,  4—32. 

United  States  one-year  Treasury  notes — 

Conversion  of  United  States  2  per  cent  bonds  into, 
1—101,  102;  2—330. 

Rights  and  obligations  of  Federal  Reserve  Bank 
to  which  issued,  2 — 330. 

United  States  Revised  Statutes,  section  5191.  (See 
Act  May  30,  1908,  Aldrich-Vreeland.) 

United  States  Revised  Statutes,  section  5198.  Pro¬ 
visions  of,  making  State  interest  rates  applicable 
to  national  banks  does  not  affect  Federal  Reserve 
Banks  in  fixing  discount  rates,  1 — 24.  (See  Dis¬ 
count  rates.) 

United  States  Revised  Statutes,  section  5200 — 
Acceptances — 

Does  not  apply  to  acceptances,  2 — 680. 

Does  apply  to  purchase  of  own  acceptances 
which  are  in  effect  loans  to  customer,  2 — 
680. 

If  bank  subsequently  rediscounts  its  own 
acceptance  with  Federal  Reserve  Bank, 
section  5200  would  not  apply,  3 — 696. 

Acceptor.  Demand  bills  held  beyond  reasonable 
time  become  in  effect  promissory  notes  of 
acceptor,  subject  to,  3 — 31. 

Act  October  22,  1919 — ■ 

Analysis  of  act  of  October  22,  1919,  amend¬ 
ing,  5 — 1055. 

Text,  5 — 965. 

Federal  Reserve  Banks.  Act  October  22, 
1919,  does  not  affect  discount  power  of, 
5 — 1055. 

Real  estate  loans  are  subject  to  United  States 
Revised  Statutes,  section  5200,  2 — 171. 
United  States  Revised  Statutes,  section 
5202.  Act  of  October  22,  1919,  amends 
section  5202  by  adding  an  additional  excep¬ 
tion:  Liabilities  created  by  the  indorsement 
of  accepted  bills  of  exchange  payable 
abroad  actually  owned  by  the  indorsing 
bank  and  discounted  at  home  or  abroad — • 
Text,  5—965,  966. 

Analysis,  5 — 1055. 

Value.  (See  Capital  stock;  Real  estate  loans.) 


182 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 

Value  of  taxable  property.  Warrants,  definition,  1 — 

221. 

Values,  actually  existing.  ( See  Act  October  22,  1919; 

Acceptances,  actually  existing  values;  Act  of 

March  3,  1919;  Act  of  October  22,  1919;  Bills  of 

exchange;  State  banks;  Trade  acceptances; 

United  States  Government.) 

Waiver — 

Of  demand,  etc.,  does  not  release  acceptor,  1 — 
277. 

Of  demand,  etc.,  does  not  affect  negotiability,  2 — 
226. 

Of  homestead  rights  does  not  affect  negotiability, 
2—226. 

War  Finance  Corporation.  Inadmissible  assets,  5 — 472. 

War  Finance  Corporation  Act.  Pending  amendment, 

5—966. 

War  Finance  Corporation  bonds.  ( See  Tax.) 

War  Finance  Corporation  has  no  jurisdiction  over 

Federal  Reserve  Banks,  4 — 1216. 

War  prohibition  act.  ( See  Warehouse  certificates.) 

War  savings  stamps — 

National  banks  may  sell,  as  fiscal  agents,  4 — 313. 

Notes,  drafts,  and  bills  secured  by,  proceeds  of 
which  used  to  purchase  or  carry,  are  not 
eligible  for  rediscount,  4 — 637. 

Warehouse  laws,  State.  Digest  of,  1—260. 

Warehouse  receipts — 

A  draft  secured  by,  covering  automobiles  or  tires 
is  not  eligible  for  acceptance  by  a  bank,  as 
they  are  not  readily  marketable  staples  under 
section  13,  6 — 65. 

A  draft  secured  by,  covering  automobiles  or  tires 
in  process  of  shipment  would  be  eligible, 
6—65. 

A  foreign  draft,  payable  in  United  States,  se¬ 
cured  by  domestic,  is  eligible  for  acceptance, 
but  not  for  purchase  by  Federal  Reserve 
Banks  under  existing  regulations,  5 — 740. 

Drafts  secured  by,  are  eligible  for  acceptance  only 
if  drawn  to  carry  goods  pending  a  reasonably 
immediate  sale  or  distribution,  6 — 66. 

National  banks  can  not  accept  a  90-day  draft 
secured  by,  with  agreement  for  renewals, 
6—277. 

If,  however,  a  sale  within  90  days  is  originally 
contemplated,  but  for  some  unforeseen  reason 
is  not  consummated,  a  new  acceptance  may 
be  issued  complying  as  to  terms  and  condi¬ 
tions  of  an  original  acceptance,  6 — 277. 

Sale  of,  covering  whisky  in  bond  is  not  in  viola¬ 
tion  of  war  prohibition  act,  5 — 968. 

(See  Acceptances,  warehouse  receipts;  Ware¬ 
house  receipts.) 

Warrants — 

Assured  revenues.  In  anticipation  of,  2 — 170. 

Eligible  for  purchase  if  having  not  more  than  six 
months  to  run  at  time  of  purchase,  1 — 221. 

Member  bank  collateral  notes.  Warrants  are  not 
eligible  security  for,  2 — 609. 

Purchase  of,  3 — 32. 

Revenue  bonds.  Definition,  1 — 221. 

Valuation  of  taxable  property  includes  franchises 
when  such  franchises  are  actually  taxed  upon 
the  valuation  set  forth  in  return  by  the 
municipality  of  taxable  property,  1 — 221. 


OPINIONS;  COUNSEL  OF  FEDERAL  RESERVE 
BOARD;  LAW  DEPARTMENT— Continued. 
Withdrawal,  notice  of.  ( See  Savings  accounts.) 
Without  recourse.  An  indorsement  by  a  nonmem¬ 
ber  bank  does  not  affect  negotiability,  4 — 745. 

OPINIONS,  SOLICITOR  OF  INTERNAL 
REVENUE. 

Capital  stock  of  Federal  Reserve  Banks  is  exempt 
from  tax  under  act  of  October  22,  1914,  1 — 211. 
Instruments  issued  by  Federal  Reserve  Banks.  Appli¬ 
cation  of  tax  to,  under  act  of  October  22,  1914, 
1—211. 

OPTICAL  MERCHANDISE. 

Terms  of  sale,  6 — 1034. 

OPTIONAL  RESERVES. 

(See  Uncollected  funds.) 

ORANGES. 

(See  Physical  volume  of  trade.) 

ORDER  CERTIFICATES. 

(See  Gold  order  certificates.) 

ORDER,  EXECUTIVE. 

(See  Executive  order.) 

ORDER  TO  DESIST,  2—606. 

(See  Clayton  Act.) 

ORDERS,  OUTSTANDING. 

(See  Retail  trade.) 

ORDERS,  PRIORITY. 

(See  War  Industries  Board.) 

ORE  IN  GROUND. 

Paper  based  on,  not  eligible,  1 — 126. 

OREGON. 

Laws — 

Acceptance,  3 — 533. 

Amendments  to  banking  laws,  5 — 568. 

Foreign  banking  corporations,  5 — 60. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—154. 

Reserves,  3 — 788. 

List  of  State  member  banks,  4 — 95. 

State  banking  department  favors  State  banks  joining 
Federal  Reserve  System,  3 — 934. 

ORGANIZATION  CHART. 

Federal  Reserve  Banks,  4 — 374. 

ORGANIZATION  EXPENSE. 

Excess  of  expenses  over  earnings  from  November  16, 
1914,  to  December  31,  1915,  to  be  charged  as, 
2—12. 

Cost  of  issue  of  Federal  Reserve  notes,  in  case  of  a 
deficiency  of  earnings  to  be  charged  to,  2 — 12. 

ORIGINAL  ISSUES,  FEDERAL  RESERVE  NOTES. 

(See  Federal  Reserve  notes.) 

OTHER  LIABILITIES. 

(See  Resources  and  liabilities.) 

OUTLYING  DISTRICTS. 

New  reserve  requirements  for,  in  discretion  of  Federal 
Reserve  Board,  4 — 1055. 

Established  for  New  York,  4 — 1086. 

Reserves,  4 — 1124. 

(See  Reserves.) 

OUTSIDE  OF  TREASURY,  ETC.,  MONEY. 

(See  Money  in  United  States.) 

OUTSTANDING. 

(See  Federal  Reserve  notes;  Money;  Paper  currency.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


183 


OUTSTANDING  ORDERS. 

(See  Retail  trade.) 

OVERDRAFTS. 

Not  subject  to  stamp  tax  as  notes,  2 — 211. 

( See  Comptroller  of  Currency.) 

OVERDUE  PAPER,  3—31. 

( See  Presentment;  Sight  drafts.) 

OVERINVESTMENT  IN  FOREIGN  SECURITIES. 

Warning  of  Federal  Reserve  Board  against.  (See 
British  exchequer  notes.) 

OVERSUBSCRIPTION. 

(See  Liberty  bonds;  United  States  Treasury  certifi¬ 
cates.) 

OWEN,  R.  t. 

Introduces  18  bills  for  Comptroller  of  Currency, 
4 — 163. 

Foreign  exchange  bank,  text  of  bill,  4 — 722. 
Questionnaire  to  bankers  on  foreign  exchange  bank, 
4—832. 

(See  Foreign  exchange  bank.) 

OWN  ACCEPTANCES. 

Federal  Reserve  Board  on  purchase  of.  (See  Accept¬ 
ances;  Own  acceptances.) 

Member  bank  can  not  deduct  exchange  charges  in 
accounting  to  Federal  Reserve  Bank  for  its,  for¬ 
warded  for  collection  by  Federal  Reserve  Bank, 
6—162. 

(See  Exchange  charges.) 

OWN  KNOWLEDGE. 

Certificates  of  eligibility  of  farm  mortgage  paper  must 
be  based  on,  of  officer  of  purchasing  bank,  2 — 12. 

OWNED,  ACTUALLY. 

Federal  Reserve  Banks  may  decline  to  discount  mem¬ 
ber  bank  collateral  notes  secured  by  Government 
obligations  unless  such  securities  are,  by  it  and 
unless  the  Government  deposit  if  any  is  secured 
by  United  States  obligations,  by  it,  6—183. 

OWNED,  COMMERCIAL  OR  BUSINESS  PAPER 
ACTUALLY.  UNITED  STATES  REVISED  STAT¬ 
UTES,  SECTION  5200. 

(See  Acceptances;  Actually  owned;  Commercial  or 
business  paper.) 

P. 

PACIFIC  BANK,  NEW  YORK. 

Reasons  for  joining  Federal  Reserve  System,  3 — 837. 

PACKAGES,  PARCEL  POST,  4—17. 

(See  Tax;  Federal  Reserve  Banks.) 

PACKING  COMPANY,  3—616. 

(See  Agricultural  paper;  Meat  packing.) 

PACKING  HOUSE  PRODUCTS. 

(See  Acceptances.) 

PADDOCK,  W.  W. 

Appointed  chief,  Division  of  Operations  and  Exami¬ 
nations,  5 — 919. 

Resignation  of,  6 — 1134. 

PAID-IN  CAPITAL. 

Chart  showing,  2 — 123. 

Ratio,  net  earnings  to.  (See  Ratio.) 

(See  Reduction  of  capital  stock;  Resources  and  liabili¬ 
ties.) 

PAINTS. 

Terms  of  sale,  6 — 940. 

PAISH  FINANCIAL  COMMISSION. 

Governor  Hamlin  explains  appointment  of,  1 — 50. 


PALMER,  B.  W. 

Appointed  counsel  for  Federal  Reserve  Board  Capital 
Issues  Committee,  4 — 73. 

PAN  AMERICAN  FINANCIAL  CONGRESS. 

Addresses — 

Governor  Hamlin,  1 — 136. 

Warburg,  P.,  1 — 132. 

Notice  as  to  convention,  1 — 35. 

Participation  of  Federal  Reserve  Board,  1 — 131. 
Recommendations  of,  1 — 128. 

Report,  Secretary  of  Treasury  on,  1 — 313. 

Statement,  Federal  Reserve  Board,  1 — 348. 

PAN  AMERICAN  JOINT  HIGH  COMMISSION. 

Secretary  McAdoo  and  Mr.  Warburg  to  attend  meeting 
of,  2—152. 

PANAMA. 

Branch  of  International  Banking  Corporation  at, 
4 — 946 . 

Foreign  branch  of  national  bank  at,  may  loan  on  real 
estate  situated  within  100  miles  of  branch,  under 
section  24,  3—952. 

Loans  placed  in  United  States,  5 — 33;  6 — 688. 

Terms  of  sale,  6—1034,  1036,  1074. 

PAPER. 

Public  service  corporation.  Test  of  eligibility,  3 — 
527,  949. 

Suspended  bank.  Federal  Reserve  Banks  may  re¬ 
quire  indorsement  or  guaranty  of  directors  of  a, 
2 — 66. 

(See  Acceptances;  Agricultural  and  live  stock  paper; 
Bills  of  exchange;  Brokers’  paper;  Commercial 
paper;  Cattle  paper;  Commodity  paper;  Cotton 
factors’  paper;  Cotton  mill  paper;  Eligible; 
Enemy  paper;  Factors’  paper;  Farm  mortgage 
paper;  Federal  Reserve  agents;  Finance  paper; 
Guaranty  of  directors;  Notes;  Overdue  paper; 
Promissory  notes;  Public  service  corporation 
paper;  Single  name  paper;  Suspended  bank; 
Ten-day  paper;  Trade  acceptances;  War  paper.) 

PAPER  CURRENCY  OUTSTANDING. 

(See  Money.) 

PAPER  OF  FINANCE  COMPANIES. 

(See  Finance  paper.) 

PAPER,  PRODUCTION  OF. 

(See  Physical  volume  of  trade.) 

PAR  COLLECTION. 

Definition,  2 — 310. 

(See  Clearing  system;  Opinions  of  counsel.) 

PAR,  IMMEDIATE  AVAILABILITY  AT. 

Federal  Reserve  transfer  drafts,  3 — 78,  337,  440,  591. 
(See  Clearing  system;  Federal  Reserve  transfer  drafts.) 

PAR  LIST. 

(See  Clearing  system.) 

PAR  POINT  MAP. 

(See  Clearing  system.) 

PAR  POINTS. 

(See  Clearing  system.) 

PAR,  TELEGRAPHIC  TRANSFERS  AT,  4—371. 

PARCEL  POST  PACKAGES. 

(See  Tax.) 

PARENT  BANK. 

Creditors  of  branches  are  general  creditors  of,  3 — 198. 
Branches  of  State  member  banks  situated  in  Federal 
Reserve  districts  other  than  that  of  the,  need  not 
join  the  Federal  Reserve  Bank  of  the  district  in 
which  situated,  4 — 522. 


184 


INDEX-DIGEST  OF  FEDERAL.  RESERVE  BULLETIN. 


PARENT  BANK— Continued. 

If  capital  of  a,  owning  a  chain  of  branches  which  are 
not  independent  corporations,  is  sufficient  to  en¬ 
able  it  to  become  a  national  bank,  it  may  become 
a  member  bank  together  with  its  branches  what¬ 
ever  their  capital  may  be,  4 — 971. 

PARIS  BANK,  LIMITED. 

Condition,  1914-1919,  6—1047. 

PARIS,  FRANCE. 

Foreign  exchange  rates — 

Berlin  on,  6 — 1076,  1319. 

Chile  on,  6—1055. 

Copenhagen  on,  6 — 41,  44. 

Italy  on,  1914-1919,  5—846. 

London  on,  6 — 1070. 

Madrid  on,  1914-1919,  5—1041,  1042. 

New  York  on,  4 — 1199;  6 — 49,  1159. 

On  foreign  countries,  6 — 709,  1074,  1204,  1315. 
Stockholm  on,  6 — 40,  42. 

(See  Foreign  exchange;  France.) 

PARK  UNION  FOREIGN  BANKING  CORPORA 
TION,  NEW  YORK. 

Foreign  branches,  5—738,  855,  1154;  6—273,  607,  945, 
1299. 

PARTICIPATION,  CERTIFICATE  OF. 

In  a  note  is  not  eligible  for,  rediscount,  3 — 949. 

PASS  BOOKS. 

Presentation  of,  on  withdrawal  of  savings  accounts, 
2 — 168.  ( See  Savings  accounts.) 

PASSMORE,  E.  P. 

Resignation  as  governor  of  Federal  Reserve  Bank  of 
Philadelphia,  6 — 348. 

PATENTS,  ENEMY-OWNED. 

Payment  of  fees  on,  4 — 87. 

PAY  ROLL  PURPOSES. 

Notes  for,  are  eligible,  3 — 949. 

PAY  ROLL  REQUIREMENTS,  3—301. 

(See  Vault  cash.) 

PAYABLE,  BILLS. 

At  or  before  a  future  date.  Negotiable,  2 — 394. 

At  or  before  90  days  after  sight.  Not  favored,  3 — 949. 
At  place  other  than  residence  of  acceptor  is  a  general 
acceptance  unless  specifically  stated  to  be  pay¬ 
able  nowhere  else,  3 — 289,  379;  5 — 142. 

At  sight — 

Payable  when  presented  without  da  vs  of  grace, 

4— 109. 

Drawn  at  sight  but  accepted  payable  in  three 
months  is  a  conditional  acceptance  and 
drawer  and  indorsers  are  released,  2 — 463; 

5— 564. 

Attorneys  fees.  Payable  with,  negotiable,  2 — 226; 
4—745. 

B  ills  payable .  New  item  in  New  York  Clearing  House 
statements,  6 — 310. 

Collection  charges.  Payable  with,  not  negotiable, 
3—880.  (But  see,  2— 22C.) 

Unless  so  drawn  as  to  show  only  payable  in  case 
bill  is  dishonored  at  maturity,  4 — 745. 
Exchange.  Payable  in,  not  negotiable,  2 — 459. 
Exchange.  Payable  with,  negotiable,  2 — 459;  3 — 880. 
Ninety  days  after  date,  or  before  on  five  days  after 
demand.  Negotiable  and  eligible,  3 — 291. 

On  arrival  of  car — 

Not  negotiable,  1 — 219;  4 — 31,  436,  437. 

Requires  revenue  stamp,  4 — 31. 


PAYABLE,  BILLS — Continued. 

Out  of  United  States.  (See  Acceptances.) 

(See  Exchange  charges;  Interest.) 

PAYMENT,  NATIONAL  BANK  EXAMINATIONS, 

3—374.  See  also  2—122,  213. 

(See  National  banks.) 

PAYMENT  OF  ACCEPTANCES. 

(See  Acceptances.) 

PAYMENT  OF  COUPONS. 

(See  Coupons.) 

PAYMENT  OF  FEES. 

On  enemy-owned  patents,  4 — 87. 

(See  Directors.) 

PAYMENT  OF  FRANCHISE  TAX. 

(See  Franchise  tax.) 

PAYMENT  OF  RESERVES. 

Method  prescribed,  1 — 361. 

(See  Anticipation;  Reserves.) 

PAYMENT  OF  SUBSCRIPTIONS. 

To  liquidated  bank,  3 — 457. 

(See  Liquidation.) 

(See  Liberty  loans;  United  States  Treasury  notes.) 

PAYMENT  OF  SURRENDERED  STOCK,  2—168. 

(See  Liquidation.) 

PAYMENT  OF  UNFIT  FEDERAL  RESERVE  NOTES, 

1—404. 

(See  Federal  Reserve  notes.) 

PAYMENT,  PLACE  OF. 

(See  Place  of  payment.) 

PAYMENTS,  FOREIGN. 

(See  Foreign  payments.) 

PAYMENTS,  LIBERTY  BONDS. 

Cash,  credit,  and  certificates,  4 — 580;  5 — 100. 

(See  Liberty  loans.) 

PAYMENTS,  LIBERTY  LOAN  I-IV,  5—100. 

(See  Liberty  loans.) 

PAYMENTS,  REPARATION. 

(See  Reparation  payments.) 

PAYMENTS  TO  UNITED  STATES. 

Due  from  Europe,  1914-1916,  2 — 592. 

PAYMENTS,  VICTORY  LIBERTY  LOAN,  5—521. 

PEACE  CONFERENCE. 

T.  W.  Lamont  and  Albert  Strauss  to  represent  Treas¬ 
ury  at  Paris,  5 — 108. 

PEACE  PROBLEMS. 

Federal  Reserve  System,  5 — 4. 

Prices  after  peace,  5 — 9,  191. 

(See  Prices.) 

Readjustment  of  labor,  5 — 11. 

(See  Labor.) 

Transition.  War  to  peace,  5 — 9. 

Wages  after  peace,  5 — 9. 

(See  Business  readjustment;  Readjustment.) 

PEACE  CONFERENCE. 

Declaration  of  supreme  council;  League  of  Nations; 
Economic  conditions,  6 — 363,  451. 

(See  International  financial  conference,  Brussels; 
League  of  Nations.) 

PEGGING  OF  FOREIGN  EXCHANGE. 

France.  Suspended,  5 — 312,  525. 

Great  Britain.  Suspended.  Effect  of,  5 — 311,  411, 
413,  414,  525,  1038,  1039,  1110;  6—216,  1260. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


185 


PEGGING  OF  FOREIGN  EXCHANGE— Continued. 
Lira  exchange.  Suspended,  5 — 311,  525. 

(See  Foreign  exchange;  Sterling  exchange.) 

PENAL  STATUTE. 

Federal  Reserve  Board  declines  to  rule  whether  an 
indorsement  by  a  director  comes  within  prohibi¬ 
tion  of  section  22,  as  it  is  a  penal  statute,  8 — 763. 

PENALTIES. 

(See  Penalty.) 

PENALTY. 

Impaired  reserves.  Federal  Reserve  Banks  to  fix, 
2—314. 

Penalty  collected  for  impaired  reserves,  1 — 35;  2 — 
314;  5—132. 

Trading  with  enemy  act.  Violation  of,  3 — 859. 

PENALTY  ENVELOPES. 

Can  not  be  used  for  Federal  Reserve  notes,  1 — 355. 

PENNSYLVANIA. 

Escheat  law  as  to  deposits  does  not  apply  to  national 
bank  deposits,  2 — 115,  121. 

[Overruled  by  Attorney  General  of  United  States, 
1920.] 

Laws — 

Acceptance,  3 — 533. 

Banking  laws,  amendments,  5 — 744. 

Foreign  banking  corporations,  5 — 61. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
3—666. 

Reserves,  3 — 788. 

PEORIA,  ILL. 

Designated  as  a  reserve  city,  3 — 921. 

PER  CAPITA,  CIRCULATION. 

(See  Money.) 

PER  CAPITA  TAXATION. 

(See  Taxation.) 

PER  CENT,  ONE  HUNDRED. 

(See  Acceptances.) 

PERCENTAGE. 

Cost  of  living.  Increased,  Great  Britain,  6 — 1313. 
(See  Prices.) 

Foreign  trade.  Tonnage  of  American  ships  in,  1918- 
1920,  6—1258. 

Outstanding  orders  to  total  purchases,  6 — 1067,  1308. 
(See  Retail  trade.) 

Reserve.  (See  Resources  and  liabilities.) 

Sales  increase.  Department  stores,  6 — 1258. 

Sales.  Wholesale  trade,  6 — 1274. 

Stocks.  Average.  Percentum  of  average  monthly 
sales,  6—1067,  1308. 

(See  Retail  trade.) 

(See  Rates;  Ratio.) 

PERCENTAGE  OF  QUOTA. 

Liberty  bonds  and  Treasury  certificates  subscribed 
by  Federal  Reserve  Banks,  5 — 100,  521. 

PERIOD  OF  CREDIT. 

(See  Acceptances,  domestic.) 

PERMANENT  INVESTMENTS. 

Notes  representing,  are  not  eligible,  6 — 699. 

PERMISSIVE. 

Clearing  balances  of  nonmember  banks  are,  and  not 
mandatory,  3 — 579,  617,  951. 

(See  Clearing  system.) 


PERRIN,  J.,  FEDERAL  RESERVE  AGENT. 

Address  delivered  at  Oakland,  Calif.,  1 — 186. 

PERSON’S  BUSINESS  BAROMETER,  5—333. 

PERSONNEL,  CHANGES  IN. 

Federal  Advisory  Council,  5 — 200. 

Federal  Reserve  Banks,  1915-1919,  5 — 530,  769,  778. 
(See  Federal  Reserve  Banks.) 

PERU. 

Loans  placed  in  United  States,  5 — 33. 

Silver  production,  1900-1918,  5 — 141. 

PESETAS. 

History.  Premium  on,  4 — 394. 

Leffingwell,  Assistant  Secretary,  on,  4 — 940. 

(See  Madrid;  Spain.) 

PETROGRAD. 

Foreign  exchange  rates,  4 — 1199. 

PETROLEUM. 

Price,  1914-1920,  6—1214. 

Production.  (See  Business  conditions;  Physical 
volume  of  trade.) 

Terms  of  sale,  6 — 267. 

PHELAN  BILL.  ACT  OF  MARCH  3,  1919. 

Amending  Federal  Reserve  Act,  5 — 21,  228. 

PHILADELPHIA  CLEARING  HOUSE. 

Acceptances  clearable  through,  4 — 819. 

Cooperation  with  Capital  Issues  Committee,  4 — 265. 

PHILADELPHIA  STOCK  EXCHANGE. 

Cooperation  with  Capital  Issues  Committee,  4 — 265. 

PHILIPPINE  ISLANDS. 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipments  between  continental  United 
States  and,  1—91. 

Branch  of  International  Banking  Corporation  in, 

4— 946. 

Shipments  from  territorial  United  States  to  are  not 
shipments  to  foreign  countries  but  are  exempt 
from  stamp  tax  by  specific  provision  of  law, 

5— 467. 

PHILIPPINE  NATIONAL  BANK. 

Branches,  4 — 1084. 

Condition,  4 — 1085. 

Foreign  agent  of  Federal  Reserve  Bank  of  San  Fran¬ 
cisco,  3 — 239. 

History  of,  4 — 1084. 

Willis,  H.  P.  Given  leave  of  absence  by  Federal 
Reserve  Board  to  go  to  Manila  and  organize  and 
open  the  new,  2 — 152. 

PHILIPPINE  NATIONAL  BANK  ACT. 

Amended  by  Philippine  Legislature,  4 — 728. 

PHYSICAL  OUTPUT  OF  COMMODITIES. 

Increased  during  war  by  from  16  to  18  per  cent,  5 — 613. 

PHYSICAL  VOLUME  OF  TRADE,  5—77,  157,  267, 
379,  484,  580,  670,  753,  867,  974,  1067,  1164;  6—74,  174, 
288,  329,  398,  480,  516,  624,  714,  853,  968,  1085,  1216, 
1330,  1913-1920.  6-480. 

Discussion  of,  6 — 343,  453,  561,  668,  772,  906,  1017, 
1125,  1255. 

Review  1920,  6 — 1255. 

PIG  IRON. 

Note  of  a  furnace  company  secured  by,  held  eligible, 
1—127. 

Price,  1914-1920,  6—1214. 


186 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


PIG  IRON — Continued. 

Production,  Great  Britain,  6 — 709, 844, 1071, 1202,1313. 
Terms  of  sale,  6 — 148. 

(See  Business  conditions;  Physical  volume  of  trade; 
Prices.) 

PIG  TIN. 

(See  Physical  volume  of  trade.) 

PIGOU,  A.  C. 

Credit,  currency,  and  exchange  fluctuations,  Inter¬ 
national  Financial  Conference,  Brussels,  6 — 1282. 

PINE. 

Price,  1914-1920,  6—1213. 

(See  Physical  volume  of  trade.) 

PITTMAN  SILVER  ACT.  ACT  OF  APRIL  23,  1918. 

Analysis  of  act,  4 — 363. 

Instructions,  4 — 493. 

Issue  of  Federal  Reserve  bank  notes,  4 — 487,  493. 
Price  of  bullion  fixed,  4 — 807,  818. 

Purchases,  6 — 563,  779. 

Text  of  act,  4 — 395. 

(See  Act  of  April  23,  1918.) 

PITTSBURGH. 

Branch  bank,  3—923;  4—10,  15;  5—127,  705,  778; 
6—61. 

Redistricting  decision  postponed,  1 — 86. 

(See  Redistricting.) 

PLACE  OF  BUSINESS. 

(See  Acceptances;  Change  of  place  of  business.) 

PLACE  OF  PAYMENT. 

(See  Acceptances;  Payable.) 

PLAN. 

Daily  clearings.  Gold  settlement  fund,  4 — 591,  610. 
Index  of  business  conditions,  4 — 597. 

(See  same.) 

PLATT,  EDMUND. 

Appointed  a  member  of  Federal  Reserve  Board, 
6—566. 

Designated  as  vice  governor,  to  August  10,  1922, 
6-782. 

PLEASURE  OF  DIRECTORS. 

(See  Tenure  of  office.) 

PLUNKETT,  W.  B. 

Elected  Class  B  director,  St.  Louis,  3 — 8. 

POLICY. 

Acceptances,  renewal.  (-See  acceptances.) 

Against  further  Government  loans  to  Allies,  5 — 1012. 

(See  Secretary  of  Treasury.) 

Banking,  6 — 556. 

Discount  rates.  (See  Discount  rates.) 

Federal  Reserve  Board.  (See  same.) 

Renewal  acceptances,  5 — 309. 

Report,  Federal  Reserve  Agents.  Liquidations  of  war 
paper,  5 — 325. 

Uniform  debt  policy,  5 — 100. 

(See  Federal  Reserve  Board.) 

POLICYHOLDER. 

Draft  for  premiums  by  casualty  company  against  a, 
is  not  a  valid  trade  acceptance,  4 — 309. 

POLITICAL  OR  PUBLIC  OFFICES. 

Directors  of  Federal  Reserve  Banks  may  not  hold, 
2—2,  16. 

Does  not  apply  to  officers  of  national  banks,  2—168. 
Resignations  of  directors  in  accordance  with,  6 — 10. 


POLLS. 

(See  Directors.) 

POOLING  OF  GOLD. 

International  financial  conference,  Brussels,  6 — 1129. 

POPULATION. 

By  Federal  Reserve  districts,  3 — 668. 

PORTLAND,  OREG. 

Branch  bank,  3—339;  4—10,  15;  5—127,  779;  6—61. 

PORTLAND  CLEARING  HOUSE  BANKS. 

Resolution.  Commercial  paper  payable  on  demand 
will  not  be  accepted  after  December  1,  1917. 
Must  have  fixed  date  of  maturity  not  to  exceed 
six  months,  3 — 930. 

PORTO  RICO. 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipments  between  United  States 
and,  1 — 91. 

Shipments  from  territorial  United  States  to,  are  not 
shipments  to  foreign  countries,  but  are  exempt 
from  stamp  tax  by  specific  provision  of  law, 
5—467. 

Status  of,  1 — 91. 

PORTUGAL. 

Handling  of  bills  of  exchange  in,  5 — 355. 

PORTUGUESE  AFRICA. 

Gold  imports  from,  5—6. 

POSSESSION  BY  BORROWER. 

(See  Acceptances.) 

POSSESSIONS,  INSULAR. 

Federal  Reserve  Banks  may  discount  acceptances 
based  on  shipments  to  or  from,  except  Hawaii, 

1— 93. 

POST  DATED  CHECKS. 

Not  subject  to  stamp  tax  as  promissory  notes,  2 — 211. 

POSTAGE. 

Expense  of,  1918,  5 — 132. 

(See  Earnings  and  expenses;  Tax.) 

POSTAL  SAVINGS  FUNDS. 

Deposits  of,  by  postmasters  in  State  banks,  1 — 273; 

2— 331. 

Reserves  against,  1 — 101,  408. 

United  States  Revised  Statutes,  section  3847,  as 
amended  by  act  of  May  27,  1908  (Aldrich-Vree- 
land)  permitted  deposits  of,  by  postmasters,  in 
State  banks.  Section  15  Federal  Reserve  Act 
repealed  this.  Act  May  18,  1916,  permits  such 
deposits  under  prescribed  conditions,  2 — 331. 
(See  Government  deposits.) 

POSTMASTERS. 

(See  Postal  savings  funds.) 

POTATOES. 

Not  eligible  as  security  for  commodity  paper,  1 — 406. 

Ruling  reversed.  Eligible  if  properly  warehoused, 

3— 614. 

Warehouse  requirements,  4 — 405. 

POTATOES,  SWEET. 

Warehouse  requirements,  4 — 405. 

POTTERY. 

Terms  of  sale,  6 — 1031. 

POULTRY. 

Warehouse  requirements,  4 — 406. 

POWER  COMPANIES. 

Test  of  eligibility  of  paper  of,  3 — 527,  949. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


187 


POWER,  NOTE  ISSUE. 

(See  Federal  Reserve  notes;  Note  issue  power.) 

POWERS,  ALLIED  AND  CENTRAL. 

(See  Allied  powers;  Banks  of  issue;  European  central 
banks;  Foreign  banks  of  issue;  Leading  banks  of 
issue.) 

POWERS,  FEDERAL  RESERVE  BOARD. 

Discount  rates,  1 — 24. 

Federal  Reserve  Banks.  Can  not  abolish  or  change 
location  of,  1—396;  2—20,  207. 

Federal  Reserve  districts — 

Can  not  abolish,  1 — 396;  2 — 20,  25,  207. 

(See  Federal  Reserve  Board.) 

POWERS,  FIDUCIARY. 

(See  Fiduciary  powers.) 

POWERS,  NATIONAL  BANKS. 

(See  National  banks.) 

PRACTICE  OF  HANDLING  BILLS  OF  EXCHANGE. 

In  foreign  countries.  (See  Bills  of  exchange.) 

PRAGUE. 

(See  Foreign  exchange  rates.) 

PRECEDING  BUSINESS  DAY,  NEXT. 

(See  Mississippi.) 

PREFERENCE  LIST. 

War  industries  Board.  Warehouse  requirements, 
4—931. 

PREFERENTIAL  RATES. 

Liberty  bonds.  Made  to  help  subscribers  to,  but 
used  for  other  purposes,  5 — 1108. 

(See  Profit;  Speculation.) 

Paper  secured  by  Government  obligations,  3 — 197,424, 
429,  922;  4—922;  5—361;  6—162, 163. 

Prevent  effectiveness  of  discount  rates,  5 — 2,  524, 
1108;  6—117,  223. 

(See  Profit;  Speculation.) 

Should  be  abolished,  5 — 524,  1009,  1010. 

War  period,  5 — 943. 

(See  Federal  Advisory  Council;  Federal  Reserve 
Agents;  Discount  rates;  Opinions  of  Counsel; 
Trade  acceptances;  War  paper.) 

PREMIUMS. 

Bill  drawn  by  casualty  company  against  a  policy¬ 
holder  for,  is  not  a  trade  acceptance,  4 — 309. 

PREPARATION  FOR  FOREIGN  TRADE. 

Discount  companies.  Foreign  branches.  Organi¬ 
zation  of  foreign  banking  corporations,  4 — 695. 

PRESENTMENT  FOR  ACCEPTANCE. 

2—608;  3—31;  4—109,  1119. 

PRESENTATION  FOR  PAYMENT. 

Demand  and  sight  bills,  3 — 31;  4 — 1119. 

PRESENTS,  HOLIDAY. 

Use  of  gold  coin  for,  deprecated,  3 — 931,  951;  4 — 1216. 

PRESIDENT  OF  UNITED  STATES. 

Act  June  15, 1917.  Exports  council,  etc.,  3 — 582  at  5S3. 
Address  to  Congress.  Taxation,  4 — 497. 

American  Relief  Associations.  (See  Federal  Re¬ 
serve  Board.) 

Business  readjustment.  Conference,  governors  of 
States,  5 — 192. 

Capital  Issues  Committee.  Dissolves,  5 — 1053. 
Congress.  (See  Address.) 

Coupons.  Foreign.  (See  Federal  Reserve  Board.) 


PRESIDENT  OF  UNITED  STATES— Continued. 
Dealers  in  foreign  exchange.  Instructions,  4 — 185. 
Enemy  countries.  Remittances  to,  only  under  license 
of  War  Trade  Board,  5 — 653. 

Executive  order — 

Certificates  from  Federal  Reserve  Board  by 
holders  of  foreign  coupons,  4 — 172. 

Exports  of  coin,  etc.,  3 — 736. 

Federal  Reserve  Board — 

Delegation  to,  exports  of  coin,  etc.,  4 — 499. 
Instructions  to  dealers  in  foreign  exchange 
under,  4 — 185. 

Revokes  delegation  of  power  over  exports  of 
coin,  etc.,  with  certain  exceptions,  5 — 
653. 

Foreign  exchange.  Regulation  of,  4 — 81,  185. 
Forms,  3—674,  675,  676;  4—85. 

Exports  council,  3 — 582. 

Exports  of  coin,  etc. — 

Proclamation,  3 — 582,  584,  672;  4 — 23,499;  5 — 653. 
Control  continued,  3 — 736,  833. 

Delegation  to  Federal  Reserve  Board,  4 — 499. 
Delegation  abrogated  with  certain  exceptions, 
5—653. 

Exports.  Licenses  for,  3 — 582,  668,  672,  861. 

List,  3—584,  673. 

Farmers.  Direct  loans  to.  (See  Loans.) 

Federal  Reserve  Board — 

Certificates  from.  By  holders  of  foreign  coupons, 
4—172. 

Delegation  to.  Exports  of  coin,  etc.,  4 — 499. 

Abrogated  with  certain  exceptions,  5 — 653. 
Instructions  to  dealers  in  foreign  exchange, 
4—185. 

Foreign  coupons.  (See  Federal  Reserve  Board.) 
Foreign  exchange — 

Executive  order,  3 — 736;  4 — 81,  172,  185;  5 — 653. 
Forms,  3—674,  675,  676;  4—85. 

Instructions  to  dealers,  4 — 185. 

Glass,  Carter.  Letter  to,  on  appointment  to  United 
States  Senate,  5 — 1113. 

Governors  of  States.  Conference,  business  readjust¬ 
ment,  5 — 192. 

Liberty  bonds,  purchase  of,  4 — 483. 

Licenses,  (See  supra,  Exports.) 

Loans  to  farmers.  Sets  aside  5  million  dollars  for 
direct  loans  to  farmers  by  Treasury  and  Depart¬ 
ment  of  Agriculture,  4 — 829. 

McAdoo,  Secretary.  Letter  to,  accepting  resignation, 
4—1174. 

Proclamations — 

July  19,  1917.  Orders  and  regulations  by  Sec¬ 
retary  of  Commerce,  3- — 584. 

August  28,  1917 — 

Exports  council,  licenses,  Exports  Adminis¬ 
trative  Board,  3 — 582,  861 

Forms,  3 — 674,  675,  676. 

List,  3 — 584,  673. 

Capital  Issues  Committee.  Dissolution  of,  5 — 1053 
Federal  Reserve  Board — 

Delegation  to,  exports  of  coin,  etc.,  4 — 499. 
Revoked,  with  certain  exceptions,  5 — 653. 
Imports,  4 — 172. 

(See  Executive  order.) 


188 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


PRESIDENT  OF  UNITED  STATES— Continued. 
Regulations — 

Export  of  coin,  etc.,  3 — 736;  4 — 81,  185. 

Trading  with  enemy  act,  3 — 860. 

State  banks.  Urges,  to  join  Federal  Reserve  System, 

3—827;  4—3. 

System  of  taxation,  4 — 487,  497. 

Taxation — 

Address  to  Congress,  4 — 497. 

System  of,  4 — 487. 

Thrift  stamps,  4 — 483. 

Trading  with  enemy  act.  Regulations,  3 — 860. 
War-savings  stamps,  4 — 483. 

War  Trade  Board.  ( See  Enemy  countries.) 

Warburg,  P.  M. — 

Letter  to  President  declining  reappointment, 

4—816. 

Reply  of  President,  4 — 817. 

PRESS  STATEMENTS. 

(See  Comptroller  of  Currency;  Federal  Advisory 
Council;  Federal  Reserve  Board;  Secretary  of 
Treasury.) 

PRICE  CONTROL. 

Germany,  6 — 1207. 

Great  Britain,  1913-1919,  6 — 243. 

Italy,  1913-1919,  6—243. 

United  States,  1913-1919,  6 — 243. 

PRICES. 

Argentina.  Wheat  prices,  5 — 194. 

Australia,  1914-1920,  5 — 477;  6—28,  164,  279,  388,  506. 
Australia,  wheat,  5 — 194. 

Bank  credit  expansion  and,  5 — 323,  814. 

Bank  deposits  and.  McKenna,  6 — 247. 

Business  readjustment  and,  5 — 192. 

Calcutta,  6 — 954,  963. 

1914-1920,  6—1079,  1324. 

Canada,  6 — 962. 

1913-1920,  6—167,  954,  849,  850,  1069,  1323. 
Chart.  Great  Britain  and  United  States,  1914-1918, 

5— 246. 

Commodities,  1914—1919,  5 — 1159. 

(See infra,  Index  numbers.) 

Comparison  of,  with  Federal  Reserve  note  issues  and 
gold,  1914-1919,  5—838. 

Control  of.  ( See  Price  control.) 

Cost  of  living  and,  5 — 813. 

Credit  expansion  and,  4 — 1048;  5 — 814,  911,  1110; 

6— 666. 

Credit.  Normal  value  of.  Adjustment  to  prices, 
5—411. 

Debits  to  individual  credit  and  prices,  6 — 604,  605. 
Decrease  in,  6 — 771,  1127,  1210. 

Discussion  of,  5—9,  191,  195,  310,  409,  526,  613,  813, 
911,  1110;  6—8,  119,  344,  452,  561,  666,  771,  905, 
1016,  1127,  1254,  1260. 

Expansion  of  bank  credits  and,  5 — 323,  814. 

Saving  will  avoid,  5 — 323. 

Taxation  will  avoid,  5 — 323. 

Expenditures,  Government — 

Prices  and,  4—179. 

Report,  British  commission,  4 — 179;  5 — 323,  814. 
Export  trade  and,  5 — 191,  528,  613. 

(See  Export  trade.) 


PRICES — Continued. 

Exports  and  imports.  Value  at  1913  prices,  6 — 841, 
953,  1068,  1197,  1257,  1309. 

Federal  Reserve  Board.  Statement  as  to,  4 — 486, 1170. 
Federal  Reserve  notes.  High  prices  not  caused  by, 
5—699,  813. 

(See  Federal  Reserve  notes  and  currency  expansion.) 
Foreign  countries.  United  States  and,  6—905,  1310. 

(See  infra,  Index  numbers.) 

Foreign  exchange  and  high,  6 — 119,  905. 

France — 

1913-1918,  5—544;  6—166,  846,  954,  957,  959, 
1069,  1072,  1313,  1315,  1316. 

Higher  increase  than  in  Great  Britain,  5 — 544. 
Higher  increase  in  Italy  than  in,  5 — 544. 

(See  France.) 

French  3  per  cent  rentes.  Prices  of,  6 — 1073,  1203, 
1315. 

Germany,  6—847,  1075,  1207,  1318. 

Gold  subsidy  would  increase,  5 — 124. 

Great  Britain — 

1913-1918,  5—476,  544;  6—166,  845,  954,  957, 
1069,  1070,  1201,  1310. 

Divergence  between  United  States  and,  in  speci¬ 
fied  commodities,  5 — 544. 

Increase  greater  in  France  than  in,  5 — 544. 
Increase  greater  in  Italy  than  in,  5 — 543. 

Margin  between  United  States  and,  much  greater 
than  before  war,  5 — 543. 

Maximum  rise  of,  exceeded  that  of  United  States 
by  from  15  to  20  per  cent  of  United  States 
index  numbers,  5 — 543. 

Rose  a  year  earlier  than  in  United  States,  5 — 543. 
Rose  in  latter  part  of  1917  when  fairly  stable  in 
United  States,  5 — 543. 

Guaranty  of  wheat  prices,  4 — 1088. 

Increase  in  production  will  bring  about  lower,  5 — 913. 
Index  numbers — 

United  States — 

1914-1920,  4 — 504,  810,  1005,  1100,  1203; 
5—71,  150,  261,  263,  372,  373,  417,  438, 
480,  546,  574,  632,  665,  748,  832,  838,  860, 
862,  969,  1061,  1062,  1158,  1159;  6—26, 
68,  164,  169,  279,  282,  388,  393,  506,  511, 
611,  616,  702,  708,  836,  842,  850,  851,  905, 
954,  962.  964,  965,  966,  1069,  1081,  1082, 
1083,  1127,  1198,  1210,  1212,  1213,  1310, 
1322,  1325,  1326,  1327. 

Review,  1920,  6—666,  1260. 

United  States  and  foreign  countries,  1913-1920, 
5—476,  477,  544;  6—1069,  1198,  1210,  1310. 
Industrial  board.  Stabilization  of  prices.  Plan, 
5—196,  246,  341,  344. 

Industrial  transition  and,  5 — 104. 

Inflation  of — 

(See  supra,  Expansion;  Federal  Reserve  notes.) 
(See  Expansion,  principal  heading;  Inflation, 
principal  heading.) 

International  price  index.  (See  same.) 

International  price  levels.  Adjustment  of,  5 — 411. 
Italy — 

1913-1918,  5—478,  544. 

1913-1920,  6—166,  754,  848,  960,  1080,  1321,  1069. 
Increase  greater  than  in  United  States,  5 — 544. 
Increase  greater  than  in  France  or  Great  Britain, 
5 — 544. 

(See  Italy.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


189 


PRICES  — Continued . 

Japan,  6 — 848,  954,  960,  1076,  1208  (cotton  yarn),  1208 
(raw  silk),  1320,  1069,  1076. 

Loans.  Foreign.  Increase  domestic  prices,  5 — 1014. 
McKenna,  R.  Price  situation,  Great  Britain,  6 — 247. 
Movement  of  prices — 

1914-1918,  4—504. 

1914-1919,  5—8,  12,  102,  103,  109,  193,  195,  203, 
310,  314,  409,  410,  522,  523,  532,  546,  574,  620; 
6—8,  119,  344,  452,  561,  666,  771,  905,  1016, 
1127,  1254,  1260. 

Chart,  5 — 546. 

Peace.  Prices  after,  5 — 9. 

Peace  conference.  Supreme  council  of,  on,  6—363, 
451. 

Price  control.  1913-1919.  Foreign  nations,  6 — 243, 
1207. 

Raw  materials.  Prices  of,  1914-1919,  5 — 1159. 

Production.  Increased,  will  cause  lower  prices, 
5—913. 

Readjustment.  ( See  supra,  Industrial  board.) 
Readjustment  of  prices — 

To  normal  value  of  credit,  5 — 9,  191, 195,  310,  409, 
411,  526,  613,  813,  911,  1110. 

(See  supra,  Industrial  board.) 

Reduction  of  prices  an  urgent  problem,  5 — 191. 
Review,  1920,  6 — 1254. 

Saving  will  avoid  price  expansion,  5 — 323. 

Silver — 

1878-1898,  4—397. 

1900-1918,  5—141. 

India,  5 — 945. 

London — 

1914-1918,  4—67,  1199. 

1873-1918,  5—949. 

Pittman  Act,  4 — 807,  818. 

Rupee,  gold  value,  1914-1919,  5 — 949. 
Stabilization  of  prices.  Industrial  board,  5 — 196, 
246,  341,  344. 

Subsidy.  Gold,  would  enhance  prices,  5 — 124. 

Sugar.  Raw,  New  York,  6 — 1162. 

Supreme  council  of  peace  conference  on,  6—363,  451. 
Sweden — 

1913-1918,  5—544. 

1913-1920,  6—166,  849,  954,  1069,  1080,  1324. 
Greater  increase  than  in  United  States,  5 — 544. 
Extraordinary  advance  in  1918,  5 — 544. 

Taxation  will  avoid  undue  expansion  of  prices,  5 — 323. 
Trade  and,  6 — 1260. 

United  States — 

1913-1920.  (See  supra,  Index  numbers.) 
Suddenly  rose  after  entrance  into  war,  5 — 543. 

In  latter  part  of  1917  fairly  constant  while  rising  in 
Great  Britain,  5—543. 

Increase  less  than  in  France,  Great  Britain,  Italy, 
or  Sweden,  5 — 476,  544. 

Rose  later  than  in  Great  Britain,  5 — -543. 

Margin  between  Great  Britain  and,  much  greater 
than  before  war,  5 — 543. 

Maximum  prices  in  Great  Britain  from  15  to  20 
per  cent  above  United  States  index  numbers, 
5—543. 

Specified  commodities.  Divergence  between 
Great  Britain  and  United  States,  5 — 544. 


PRICES — Continued. 

United  States — Continued. 

Increase  greater  in  Italy  than  in  United  States, 
5 — 544. 

Rose  much  quicker  in  Italy  than  in  United 
States,  5 — 544. 

Increase  greater  in  Sweden  than  in  United  States, 
5—544. 

Upward  movement  in  United  States  November 
1919,  5—1110. 

Decline  in,  6 — 771,  1127. 

Foreign  countries,  United  States  and,  6 — 905, 
1310. 

(See  supra,  Index  numbers.) 

United  States  Bureau  of  Labor  Statistics.  Difference 
between  index  numbers  of,  and  Federal  Reserve 
Board,  6 — 1211. 

War  and,  4 — 1165. 

War  loans.  Liquidation  of,  and  increased  production 
will  cause  lower  prices,  5 — 913. 

Wheat  prices,  Australia,  5 — 194. 

Wholesale  prices — 

(See  supra,  Index  numbers.) 

(See  Price  control;  Silver;  Wholesale  prices.) 

PRINCIPAL  BANKS  OF  ISSUE. 

(See  Banks  of  issue.) 

PRIORITIES. 

Preference  list,  War  Industries  Board,  4 — 931. 
Rationing  of  industry,  4 — 922,  931. 

Rulings,  War  Trade  Board,  4 — 1090. 

PRIORITY  CLASSIFICATION. 

War  Trade  Board,  4 — 1089. 

PRIORITY  ORDERS. 

All,  canceled  by  War  Industries  Board,  5 — 3. 

PRISONERS  OF  WAR. 

Ruling,  Foreign  Exchange  Division,  4 — 866. 

PRIVATE  BANKER. 

Director  of  national  bank.  Can  not  serve  as,  2 — 394. 

[Changed  by  act  of  May  26,  1920,  6—813,  948.] 
Definition  of  term,  2 — 588. 

Federal  Reserve  System.  Can  not  join  nor  become  a 
clearing  member  of,  3 — 693. 

Term  does  not  include  ordinary  stock,  note,  or  com¬ 
modity  broker,  2 — 589. 

PRIVATE  BANKING  FIRM. 

Member  of,  can  not  serve  as  director  of  national  bank, 
2—394. 

[Changed  by  act  of  May  26,  1920,  6 — 813,  948.] 

PRIVATE  BANKS. 

Federal  Reserve  bank  holdings  of  acceptances  of.  (See 
Discount  and  open-market  operations.)  ■ 

PRIVATE  OR  GOVERMENT  FINANCING. 

Of  export  trade,  5 — 308,  528,  611,  1009,  1012,  1110. 
(See  Export  trade.) 

PRIVILEGE,  CIRCULATION. 

(See  National  banks;  United  States  bonds.) 

PRIVILEGES,  CLEARING. 

(See  Clearing  system;  Nonmember  banks;  Private 
banks.) 

PROBLEMS. 

Crop  moving.  (See  same.) 

Export.  (See  same.) 


190 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


PR  0  B  LEM  S — Continued. 

Investment.  ( See  same.) 

Peace.  ( See  same.) 

Reconstruction.  ( See  same.) 

Rent.  ( See  same.) 

PROCEEDS. 

Use  of,  in  first  instance  determines  eligibility  of 
paper,  1 — 268;  6 — 1176. 

(See  Acceptances;  Commercial  paper;  Eligible;  Nego¬ 
tiable.) 

PROCLAMATIONS. 

(See  President.) 

PROCTER,  W.  C. 

Resignation  as  director  of  Cincinnati  branch,  6 — 10. 
PRODUCER. 

Note  of  owner  or,  for  materials  or  services  is  technically 
eligible  but  undesirable  where  ultimate  payment 
depends  on  success  of  transaction,  6 — 699. 

PRODUCTION. 

Agricultural  products,  1914-1920,  6 — 636,  737,  853; 
6—1062,  1125. 

Belgium.  Increase  in,  6 — 907. 

Collections,  6 — 1031. 

Commodities.  Production  increase  during  war  of, 
from  16  to  18  per  cent,  5 — 613. 

Corn.  Forecast  of,  6 — 1175. 

Cost  of  production.  (See  same.) 

Cotton  fabrics,  6 — 1027,  1275. 

Development  of,  6 — 668. 

Drugs,  6 — 1031. 

Dry  goods,  6 — 1031. 

Foreign  exchange  and,  6 — 908,  1260. 

France,  6 — 906. 

Furniture,  6 — 1031. 

Germany,  coal,  6 — 907,  1318. 

(See  Germany.) 

Gold.  (See  same.) 

Great  Britain,  6 — 906,  956,  1071  (coal  and  iron),  1202 
(1913-1920),  1313  (ships). 

Groceries,  6 — 1031. 

Increase  and  decrease.  Leading  cities,  6 — 1031. 
Increase  in,  6 — 772,  906. 

Index  of,  6—74,  174,  228,  398,  516,624,  714,853,  968, 
1017,  1086,  1216,  1330. 

(See  same.) 

Iron,  Great  Britain,  6 — 1071,  1313. 

(See  Great  Britain.) 

Knit  goods,  6—1027,  1145,  1275. 

Raw  materials,  1913-1918,  5-336. 

Restriction  of,  4 — 1052. 

Review,  1920,  6—668,  1255,  1260. 

Shoes,  6 — 1031. 

Shortage  of,  6 — 452,  561. 

Silver.  (See  same.) 

Stationery,  6 — 1031. 

Sugar,  6 — 1163. 

Trade  and.  Discussion,  6 — 343,  453,  561, 668,  772,  906, 
1017,  1125,  1255. 

Underwear,  6 — 925. 

United  States — 

1913-1920,  6—1082. 

(See  Wholesale  trade.) 


PRODUCTION  OF  BOOKS  AND  PAPERS. 

Act  October  6,  1917.  Trading  with  enemy,  3 — 853. 
Secretary  of  Treasury  may  order,  in  investigation  of 
foreign  exchange  transactions,  3 — 861. 

PRODUCTS,  PACKING  HOUSE. 

(See  Acceptances.) 

PROFIT. 

Member  banks  cautioned  not  to  discount  purely  for, 

4— 1169;  5—311,  523,  617,  1009,  1107,  1108. 
Speculation  can  not  be  effectively  controlled  because 

of,  from  rediscounting  at  preferential  rates  on 
war  paper,  5—524,  1010,  1108,  1109. 

PROFIT  AND  LOSS  ACCOUNT,  FEDERAL  RE¬ 
SERVE  BANKS. 

To  December  31,  1915,  2 — 59. 

1917,  4—102. 

1918,  5—133. 

1919,  6—135,  726,  838. 

Six  months  ending  June  30,  1919,  5 — 723. 

Cost  of  vaults  to  December  31,  1917,  to  be  charged  to, 

5— 26. 

PROFITEERING. 

Act  August  10,  1917,  amending  Lever  Act,  5 — 967. 

PROFITS. 

Excess.  (See  Act  Apr.  24,  1917.) 

Foreign  exchange,  transactions  in — 

Report  on,  4 — 626,  627,  833,  834,  835. 

(See  Secretary  of  Treasury.) 

Net.  (See  Ratio.) 

Surplus  not  to  be  carried  to  surplus  before  end  of  fiscal 
year,  1 — 220. 

Tax,  excess  profits.  (See  Excess-profits  tax.) 

(See  supra,  Profit.) 

PROGRESS  OF  INFLATION. 

London  Economist,  3 — 375. 

PROGRESSIVE  DISCOUNT  RATES. 

Act  April  13,  1920,  6—498. 

Federal  Advisory  Council  on,  6 — 224. 

Federal  Reserve  Bank  of  Kansas  City  on,  6 — 224. 
Three  months  progressive  rates,  6 — 742,  747. 

(See  Discount  rates.) 

PROGRAM,  FINANCIAL. 

Secretary  of  Treasury,  5 — 813. 

PROMISSORY  NOTES. 

Regulation  A,  1917.  Rediscount  of,  3 — 539. 
Regulation  A,  1920.  Rediscount  of,  6 — 1179. 

(See  Agricultural  and  live  stock  paper;  Commercial 
paper;  Commodity  paper;  Federal  Reserve  Banks; 
Member  bank  collateral  notes;  Notes;  Stamp 
tax.) 

PROPERTY,  TAXABLE. 

(See  Taxable  property.) 

PROTECTION,  ADVERTISING  OF  GOVERNMENT, 

1—362;  6—65. 

(See  State  banks  and  trust  companies.) 

PROTEST,  WAIVER  OF. 

Circular  8,  1915,  1 — 41. 

Of  enemy  paper,  4 — 87. 

Waiver  of,  does  not  affect  negotiability,  1 — 277;  2 — 
226. 

PUBLIC  DEBT,  UNITED  STATES. 

(See  Public  debts;  United  States.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


191 


PUBLIC  DEBTS. 

Allied  countries,  Central  Powers,  and  Neutral  Powers, 
4—268,  275,  375,  1057,  1061,  1072. 

(See  infra,  European  countries.) 

Argentina,  6 — 596. 

Australia,  4 — 272,  1057. 

Austria-Hungary,  3 — 18;  4 — 283,  1062,  1075;  5 — 849, 
1200. 

Brazil,  6 — 819. 

Canada,  5 — 1143. 

Central  Powers,  4—268,  275,  375,  1057. 

Chile,  6 — 1056. 

Cuba,  6—1165. 

European  countries,  3 — 10,  349,  942;  4 — 268,  275,  375, 
379,  1057,  1061,  1072,  1077. 

France,  6 — 958,  1073,  1203,  1315. 

Germany,  6 — 1076,  1317. 

Great  Britain,  6 — 1070,  1199,  1312. 

Italy,  6—1320. 

Netherlands,  1913-1918,  4—269,  376,  385. 

Neutral  powers,  4 — 269,  379,  1077. 

Norway,  1913-1918,  4—269,  376,  382,  1057. 

Russia,  3—14;  4—268,  276,  1057,  1063. 

South  Africa  Union,  4 — 274,  1061. 

Spain,  4—269,  376,  392,  393,  1057. 

Sweden,  1913-1918,  4—269,  376,  1057. 

Switzerland,  1914-1918,  4—389,  997,  1057. 

United  States,  3—342  ;  4—268,  278,  1057;  5—225;  6— 
661,  1123. 

PUBLIC  FUNDS. 

(See  Public  moneys.) 

PUBLIC  HEALTH  SERVICE. 

(See  Capital  Issues  Committee.) 

PUBLIC  INDEBTEDNESS. 

Relation  of  gold  standard  to,  5 — 8. 

Secretary  of  Treasury  on,  5 — 8,  100. 

(See  Secretary  of  Treasury.) 

PUBLIC  MONEYS. 

Deposits  of,  1—247,  274,  409;  2—273,  331;  4—22,  23, 
665. 

List  of  depositories,  4 — 22,  23. 

Special  deposits  of  income  and  excess  profits  taxes, 
4—494. 

(See  Act  May  18,  1916;  Deposits  in  nonmember 
banks;  Deposits  in  State  banks;  Government 
deposits;  Nonmember  banks;  Opinions  of  counsel; 
Postal  Savings  funds;  State  banks;  United  States 
Revised  Statutes,  section  3847.) 

PUBLIC  ROADS. 

(See  Capital  Issues  Committee.) 

PUBLIC  SERVICE  CORPORATIONS. 

Test  of  eligibility  of  paper  of,  3 — 527,  949. 

PUBLIC  UTILITIES  COMPANIES. 

Test  of  eligibility  of  paper  of,  3 — 527,  949. 

(See  Capital  Issues  Committee.) 

PUBLIC  UTILITY  LOANS,  FOREIGN. 

Placed  in  United  States,  5 — 33;  6 — 692. 

PURCHASE. 

Assets  of  bank  in  liquidation,  2 — 74. 

Bills.  Federal  Reserve  Banks  as  agents  of  member 
banks,  1 — 347. 

Brokers’  paper,  2 — 375. 


PURCHASE— Continued. 

Liberty  bonds — 

President  of  United  States  urges  purchase  of, 
4—483. 

(See  Liberty  bonds.) 

Municipal  bonds,  1 — 268. 

Notes,  Federal  Reserve  Banks  can  not  purchase, 
1—347,  360,  365,  406. 

Open-market.  (See  Acceptances.) 

Own  acceptances.  (See  Acceptances;  Own  accept¬ 
ances.) 

Securities.  Foreign.  Ruling,  Foreign  Exchange 
Division,  4 — 1217. 

Silver,  1878,  1898,  4—397. 

Silver  bullion — 

Act  July  14, 1890, 4—398. 

Repealed  by  act  November  1,  1893,  4 — 399. 

(See  Act  Apr.  23,  1918;  Pittman  Act;  Silver.) 

Stock  in  other  banks.  National  banks  can  not,  but 
may  purchase  assets  in  liquidation,  2 — 74. 

United  States  bonds.  (See  United  States  bonds.) 

United  States  one-year  Treasury  notes.  Purchaser 
takes  them  free  from  obligation  to  renew,  2 — 330. 

(See  United  States  Treasury  notes.) 

Warrants.  (See  Same.) 

(See  Acceptances;  Discount  and  open-market  opera¬ 
tions.) 

PURCHASER  OF  GOODS. 

Bill  drawn  by,  on  national  bank  not  eligible  for 
acceptance  merely  because  secured  by  bill  of 
lading  of  the  goods,  3 — 380;  6 — 65,  66,  1301. 

(See  Acceptances;  Purchaser.) 

PURCHASES  IN  OPEN  MARKET. 

(See  Acceptances;  Discount  and  open-market  opera¬ 
tions;  Dollar  exchange;  Domestic  acceptances; 
Earning  assets;  Federal  Reserve  Banks;  Finance 
bills;  Foreign  bank  branches  and  agencies; 
Foreign  exchange;  Member  banks;  Nonmember 
banks;  Private  banks;  State  banks;  Trade 
acceptances;  United  States  bonds;  United  States 
one-year  Treasury  notes;  United  States  Treasury 
certificates;  Warrants.) 

PURCHASING  POWER. 

Gold  has  decreased  in,  5 — 125. 

PYRAMIDING  OF  ACCEPTANCE  CREDITS. 

By  accepting  banks,  3 — 28,  29. 

Q. 

QUALIFICATION. 

(See  Fiduciary  powers;  Missouri.) 

QUALIFICATIONS.  DIRECTORS  OF  NATIONAL 
BANKS. 

Bill,  Comptroller  of  Currency,  4 — 433. 

(See  Directors.) 

QUALITY  OR  QUANTITY. 

Indorsement  on  bill  expressly  exempting  indorser 
from  responsibility  for  validity  or  genuineness  of 
accompanying  bill  of  lading  or  for  quality,  etc.,  of 
goods  covered  does  not  make  bill  non-negotiable 
or  ineligible,  3 — 457. 

(See  Uniform  bills  of  lading  act,  2 — 515.) 

QUANTITIES,  EXPORTS. 

(See  Exports.) 

QUARTERLY  ALLOTMENT. 

(See  United  States  bonds.) 


192 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


QUARTERMASTER  GENERAL. 

(See  Army  meal  tickets.) 

QUEBRACHO  EXTRACT. 

(See  Acceptances;  Exportation  and  importation.) 

QUESTION  OF  FACT. 

Cotton  factors’  paper.  Whether  proceeds  are  used 
or  to  be  used  to  buy  goods  to  sell  to  another,  is  a, 
5—1054. 

Reasonable  time,  held  to  be  a,  3 — 31;  4 — 1119. 

Whether  rediscounts  of  paper  taken  from  nonmember 
banks  4re  intended  as  loans  to  them,  1 — 213. 

QUESTIONNAIRE. 

Senator  Owen  sends  out,  as  to  foreign  exchange  bank, 
4—832. 

Federal  Reserve  Bank  of  New  York  to  employers  on 
cost  of  living,  6 — 1294. 

Federal  Reserve  Bank  salaries,  6 — 54;  1293. 

QUESTIONS  AND  ANSWERS. 

Federal  Reserve  Bank,  New  York,  as  to  membership 
in  Federal  Reserve  System  by  State  banks,  4— 
615. 

QUICK  ASSETS. 

Notes  of  public  sendee  corporations  for  purchase  of 
supplies  are  eligible  if  statements  show  reasonable 
excess  of,  over  current  liabilities,  3 — 527,  949. 

QUOTA. 

Victory  Liberty  loan,  per  cent  of,  taken,  5 — 521. 

(See  Liberty  loans;  Victory  loan.) 

R. 

RAILROAD  ADMINISTRATION. 

Liability  under  bills  of  lading,  4 — 872. 

Acceptances  of.  Address  of  Director  General  of  Rail¬ 
roads,  5 — 307,  308. 

War  Finance  Corporation.  Loans  to,  5 — 307,  308. 

RAILROAD  CAR  SHORTAGE,  6—560. 

RAILROAD  CARS. 

(See  Physical  volume  of  trade.) 

RAILROAD  COMPANY. 

Assignment  of  open  account  against  a,  not  eligible 
for  rediscount,  2 — 227. 

Draft  of  seller  of  supplies  against  a,  held  to  be  a  valid 
trade  acceptance,  4 — 974. 

RAILROAD  FINANCING. 

Director  General  Plines  addresses  governors  of 
Federal  Reserve  Banks  on,  5 — 307. 

RAILROAD  LOANS,  FOREIGN. 

Placed  in  United  States,  5 — 33;  6 — 590,  687,  901. 

RAILROADS. 

Certificates  of  indebtedness  issued  in  aid  of,  5—307. 

Congestion  on,  6 — 560. 

Effect  of  strike.  By  districts,  6 — 574. 

Net  ton  mileage,  1918-1920;  6—1257,  1338. 

(See  Physical  volume  of  trade.) 

Recommendation  of  class  A  directors  and  Federal 
Advisory  Council  for  increased  rates,  6 — 581. 

Stamp  tax  on  notes  of  Director  General  of,  5 — 566. 

Strike,  6—574. 

Transportation  situation,  6 — 773. 

RAILROADS,  DIRECTOR  GENERAL  OF 

Certificates  of,  issued  in  aid  of  financing  railroads,  to 
be  used  as  collateral  for  advances  by  War  Finance 
Corporation,  5 — 308. 


RAILROADS,  GOVERNMENT  CONTROL  OF. 

Act  March  21,  1918.  Text,  4 — 296. 

RAILWAY  COMMISSIONERS. 

(See  Capital  Issues  Committee.) 

RAILWAY  EQUIPMENT. 

Terms  of  sale,  6 — 156. 

RAILWAY  NET  TON  MILEAGE. 

(See  Physical  volume  of  trade.) 

RAMSAY,  A.  E. 

Appointed  Federal  Reserve  Agent,  Kansas  City,  4 — 5. 

RATE  OF  DISCOUNT. 

(See  Call  loan  rates;  Call  money;  Commercial  rates; 
Discount  and  open-market  operations;  Discount 
rates;  Federal  Reserve  Bank  and  branch  cities; 
Foreign  exchange  rates;  Great  Britain;  interest; 
Ocean  freight  rates;  Preferential  rates.) 

RATE  OF  EARNINGS,  AVERAGE. 

(See  Discount  and  open-market  operations.) 

RATE  OF  INTEREST. 

Bank  deposits.  (See  Interest.) 

Federal  farm  land  loans,  5 — 129. 

Liberty  loans.  Lower  than  commercial  rate  on  capital, 
5—408.  ■ 

Readjustment  to  new  rate  of  interest  return,  5 — 408. 
Victory  loan,  5 — 100,  218. 

(See  Discount  rates;  Interest.) 

RATES. 

Call  money.  (See  same.) 

Discount  rates.  (See  same.) 

Foreign  Governments.  Rates  on  loans  to,  4 — 21. 
Ocean  rates  reduced  by  United  States  Shipping 
Board  and  British  shipowners,  5 — 192. 

(See  also  Average  rate;  Commodity  paper;  Discount 
and  open-market  operations;  Interest.) 

RATES  OF  EARNINGS  ON  INVESTMENTS. 

(See  Discount  and  open-market  operations.) 

RATIO. 

(See  also  Percentage.) 

Acceptance  liabilities — 

Federal  Reserve  Banks  hold  60  per  cent  of  total, 
5—105. 

Capital  and  surplus,  to — 

France.  Leading  commercial  banks,  5 — 561. 
Germany.  Eight  credit  banks,  5 — 561. 

Great  Britain.  Eighteen  joint-stock  banks, 
5—561. 

Member  banks,  5 — 555. 

Total  liabilities  to.  Member  banks,  5 — 555. 

Bank  of  Spain.  Reserves  to  liabilities,  1913-1918,  5 — 
1037. 

Cash  reserves — 

To  deposits.  Buenos  Aires  banks,  5 — 639. 

To  total  liabilities.  Federal  Reserve  Banks,  4 — • 
130,  769,  1048,  1168;  5—65,  66,  67,  137,  138, 
774,  1009;  6—1351. 

(See  Reserves.) 

To  liabilities.  Leading  banks  of  issue,  1914-1919. 

(See  Banks  of  issue.) 

German  Reichsbank,  5 — 197. 

Charts — 

Cash  reserves  to  liabilities,  5 — 65,  66,  67,  137,  138. 

Discounts  of  Federal  Reserve  Bank  of  New  York 
to  total,  5 — 277. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


193 


RATIO — Continued. 

Gold  reserves  to  liabilities — 

Federal  Reserve  Banks.  ( See  Reserves,  principal 
heading.) 

German  Reichsbank,  1917-1919,  5 — 848. 

Leading  banks  of  issue,  1914-1919.  ( See  Banks 

of  issue.) 

National  banks.  ( See  same.) 

Net  earnings  to  paid-in  capital,  1918.  ( See  Earnings 

and  expenses.) 

Net  profits  to  capital  and  surplus — ■ 

Member  banks,  5 — 188,  610. 

State  member  banks,  5 — 1104. 

Reserves.  Federal  Reserve  Banks.  ( See  Reserves, 
principal  heading.) 

Reserves  of  State  member  banks  with  Federal  Reserve 
B;  nks,  to  net  deposits,  5 — 184,  298,  516,  905. 
Reserves  to  liabilities.  Bank  of  Spain,  1913-1918,  5 — 
1036. 

Resources.  State  member  banks  to  total  State  bank 
resources,  4 — 965. 

Silver.  ( See  same.) 

State  member  banks — 

Net  profits  to  capital  and  surplus,  5 — 183,  610, 
1104;  6—660,  728,  1251. 

Reserves  in  Federal  Reserve  Banks  to  net  depos¬ 
its.  ( See  Reserves.) 

Resources  to  total  State  bank  resources,  4 — 965; 
5 — 4. 

( See  State  banks,  etc.) 

War  paper.  Discounts  of,  by  Federal  Reserve  Bank 
of  New  York  to  total  discounts,  5 — 276,  277. 

(See  Percentage;  Reserves.) 

RATIONING  OF  CREDIT. 

Federal  Reserve  Agents  favor  a  campaign  for,  5 — 1017. 
(See  Conservation;  Credit.) 

RATIONING  OF  INDUSTRY. 

Dr.  A.  C.  Miller.  Address  on,  4 — 923. 

RAW  MATERIAL. 

Acceptances  of  a  nonmember  trust  company  of  bills  of 
a  manufacturer,  the  proceeds  to  be  used  in  pur¬ 
chase  of,  and  payment  of  labor,  held  an  ineligible 
banker’s  acceptance,  as  goods  had  not  been  sold, 
and  drawer  could  not,  therefore,  comply  with 
Regulation  S  and  furnish  warehouse  receipt  or 
other  instruments,  2 — 65. 

Index  numbers,  5 — 336,  337. 

Production,  1913-1918,  5 — 336. 

Security  for  credits.  International  Financial  Con¬ 
ference,  Brussels,  6 — 1130. 

READILY  MARKETABLE  SECURITIES. 

Bills  receivable  are  not,  under  Regulation  F,  1919,  and 
are  not  valid  security  for  deposit  of  trust  funds  in 
commercial  department  of  a  national  bank,  6 — 385. 

READILY  MARKETABLE  STAPLES,  SECTION  18. 

Chattel  mortgage  on  cattle  held  to  be. valid  security  for 
a  banker’s  acceptance,  as  being,  2 — 65. 
Reversed,  4 — 437,  871,  872. 

Cotton  yarns  are,  2 — 523. 

Definition  of,  5 — 652. 

Drafts  secured  by  warehouse  receipts  covering  auto¬ 
mobiles  or  tires  are  not  eligible  for  acceptance  as 
they  are  not  secured  by,  6—65. 

Flour  held  to  be,  2 — 523. 

Includes  manufactured  goods,  2 — 523. 

Regulation  F,  1920,  6 — 385. 

37599°— 21 


READILY  MARKETABLE  STAPLES,  SECTION 

13— Continued. 

Whisky  in  bond  covered  by  warehouse  receipts  held 
not,  6 — 494. 

( See  Commodity  paper.) 

READJUSTMENT. 

Business.  President  calls  conference  of  governors  of 
States  to  consider,  5 — 192. 

Industry,  5 — 192. 

Inflation  should  be  guarded  against,  5 — 523. 

Prices — 

To  new  rate  of  interest  return,  5 — 408,  409. 

To  normal  value  of  credit,  5 — 411. 

Urgency  of  problem,  5 — 191. 

REAL  ESTATE  AGENTS. 

Amendment  permitting  certain  national  banks  to  act 
as,  enacted  into  law,  2 — 440;  3 — 164. 
Regulations,  3 — 164. 

REAL  ESTATE  LOANS. 

Amendment  to  section  24,  1 — 394;  2 — 326. 

Deed  of  trust.  ( See  infra,  National  banks.) 
Eligibility.  Certificates  of,  to  be  given  by  purchas¬ 
ing  bank,  2 — 12. 

Farm  land  bonds.  ( See  infra,  National  banks.) 
Federal  Advisory  Council  favors  amendment  to 
section  24  permitting  loans  on,  1 — 394. 

Federal  Reserve  Banks  can  not  discount  loans  based 
on  real  estate  under  section  24,  2 — 272,  395. 
Improvements  as  part  of  value  of,  2 — 608. 
Instructions,  Federal  Reserve  Board,  2 — 272. 
Limitations  on  loans,  2—66,  602,  606;  3 — 691,  952; 
6—949. 

Any  other  liability  of  borrower  on  personal  notes 
to  be  included  in  maximum  limitation, 
2—66. 

Maturity  of,  2 — 226. 

Mortgage  certificates.  Loans  on.  ( See  infra,  National 
banks.) 

Mortgage  security — 

Eligible  paper  not  rendered  ineligible  by  real 
estate  mortgage,  3 — 458. 

(See  infra,  National  banks.) 

Mortgages.  State  banks  may  enter  Federal  Reserve 
System  with  their  holdings  of  real  estate,  taken 
under  laws  of  State,  3 — 950. 

National  banks — 

Bonds.  May  loan  under  section  24  on  bonds  se¬ 
cured  by  real  estate  if  within  maturity  limit, 
subject  to  United  States  Revised  Statutes, 
section  5200,  3 — 456. 

Central  reserve  cities.  National  banks  within 
corporate  limits  of,  can  not  loan  on  real 
estate,  2 — 609. 

Discount.  (See  supra,  Purchase.) 

Farm  loan  bonds.  May  discount  notes  secured 
by,  as  such  loans  are  not  real  estate  loans, 
4—635. 

Foreign  branches — 

In  Isthmus  of  Panama  may  loan  under  sec¬ 
tion  24  on  real  estate  situated  within  100 
miles  of  the  branch,  3 — 952. 

In  Cuba  may  loan  on  growing  sugar  crop  as 
such  loans,  according  to  custom  of  the 
country,  are  not  real  estate  loans.  Such 
loans  are  not  subject  to  limitations  of 
section  24,  5 — 362. 


■13 


194 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN . 


REAL  ESTATE  LOANS— Continued. 

National  banks — Continued. 

Limitations  of  section  24 — 

National  banks  in  loaning  own  funds  are 
subject  to  limitation  of  section  24, 
6—949. 

May  loan  trust  funds  under  laws  of  State 
free  from  limitation  of  section  24, 
6—949. 

(See  supra,  Limitations.) 

Mortgage.  An  eligible  note  or  bill  not  rendered 
ineligible  because  secured  by  a,  3 — 458. 
Mortgage  certificates — 

May  invest  in,  of  trust  company  secured  by 
other  notes  in  ton  secured  by  real  estate, 
4—30. 

If  such,  are  directly  secured  by  real  estate 
mortgage  or  deed  of  trust,  the  limitations 
of  section  24  would  apply,  4 — 30. 
One-year  limitation.  City  loans,  2 — 602,  606. 
(See  National  banks.) 

Outskirts  of  city.  (See  supra,  National  banks; 
Central  reserve  cities.) 

Purchase — 

May,  or  discount  loans  secured  by  real  estate, 
'  or  make  direct  loans  on,  under  section  24, 
2—120. 

Bill  of  comptroller  as  to,  of  real  estate  for 
transaction  of  business,  4 — 425. 

Renewal.  Contract  for,  not  authorized,  2 — 602. 
Section  24 — 

Limitations  of,  as  to  real  estate  loans,  2 — 66, 
602,  606  ;  3—691,  952;  6—949. 

(See  supra,  Foreign  branches;  Limitations; 

Mortgate  certificates;  Purchase.) 

(See  infra,  United  States  Revised  Statues, 
section  5137.) 

United  States  Revised  Statutes,  section  5137. 
Real  estate  loans  acquired  under,  need  not 
be  included  in  limitations  of  section  24, 
1—309. 

United  States  Revised  Statutes,  section  5200.  Are 
subject  to,  2 — 66,  171;  3 — 456. 

Regulations — 

I,  1915,  1 — 43. 

G,  1916,  2—537. 

Explained,  2 — 606. 

G,  1917,  3—546. 

G,  1920,  6—1185. 

Section  24,  Federal  Reserve  Act. 

(See  supra,  Limitations;  National  banks.) 

(See  also  Foreign  branches;  Mortgage  certificates; 
United  States  Revised  Statutes,  section 
5137.) 

Trust  deed.  (See  supra,  National  banks;  Mortgage 
certificates.) 

United  States  Revised  Statutes,  section  5137.  (See 
supra,  National  banks;  United  States  Revised 
Statutes,  section  5137.) 

United  States  Revised  Statutes,  section  5200 — 

Applicable  to  bonds  secured  by  mortgages  on, 
3-456. 

Applicable  to  mortgage  certificates  directly 
secured  by  real  estate  mortgages,  4 — 30. 

Applicable  to  loans  under  section  24,  2 — 66,  171; 
3-456. 


REAL  ESTATE  LOANS— Continued. 

United  States  Revised  Statutes,  section  5200 — Con. 
Loan  by  foreign  branch  of  national  bank  on  Cuban 
growing  sugar  crop  is  subject  to,  5 — 362. 

Value — 

Improvements  as  part  of,  2 — 608. 

Loan  not  to  exceed  50  per  cent  of,  of  property, 
2—606. 

(See  Farm  land  loans.) 

REASONABLE  TIME. 

A  question  of  fact,  3 — 31;  4 — 1119. 

Demand  and  sight  drafts  must  be  presented  for  pay¬ 
ment  within  a,  3 — 31. 

Sight  drafts  become  overdue  paper  subject  to  United 
States  Revised  Statutes,  section  5200,  after  a, 
after  acceptance,  4 — 1119. 

Trade  acceptances,  to  be  drawn  in  good  faith,  etc., 
must  be  drawn  within,  after  shipment  or  delivery, 
3—287. 

Warehouse  receipts.  Drafts  drawn  against,  for  in¬ 
definite  periods  without  purpose  to  sell,  ship,  or 
manufacture  within  a,  are  not  eligible,  5 — 858. 

REASONS  FOR  JOINING  FEDERAL  RESERVE 
SYSTEM. 

(See  Federal  Reserve  System;  State  banks.) 
REBATE. 

Of  acceptances,  permissible,  3 — 949. 

Of  discounts — 

Method  of  computing,  1 — 308. 

Permissible,  2 — 461. 

RECEIPTS. 

Currency.  (See  Branch  banks;  Operation.) 

Transit  entry  and  warehouse.  Member  banks  may 
accept  drafts  drawn  against,  as  security,  issued  by 
collector  of  customs  and  properly  assigned,  4 — 520. 
Trust — 

Acceptances  secured  by,  exchanged  for  shipping 
documents  are  not  covered  by  “other  actual 
security”  under  section  13,  if  purchaser  has 
access  to  the  goods,  3 — 881. 

Of  partv  for  whom  acceptance  is  made  is  not 
sufficient  security  under  section  13,  4 — 972. 
(See  Acceptances,  actual  security;  Acceptances, 
security;  Acceptances,  trust  receipts.) 
Warehouse.  (See  Warehouse  receipts.) 

RECEIPTS  AND  DISBURSEMENTS,  FEDERAL 
RESERVE  BOARD. 

Apportionment  of,  1 — 307. 

Expenses,  Federal  Reserve  Board — 

1915,  1—119,  307;  2—7,  54. 

1916,  2—318;  3—87,  88. 

1917,  3—23,  525. 

1918,  4—24,  608;  5—130. 

1919,  5—722. 

1920,  6—132,  828. 

RECEIPTS,  WAREHOUSE. 

(See  Acceptances,  domestic;  Warehouse  receipts; 
Warehouse  receipts.) 

RECEIVER. 

National  banks  can  not  act  as,  1 — 362. 

RECEIVER  OF  SUSPENDED  NATIONAL  BANK. 

Federal  Reserve  Bank  justified  in  refusing  to  give  to, 
an  assurance  that  on  reopening  it  will  freely 
discount  eligible  paper  for  it  without  indorse¬ 
ment  of  directors  or  other  additional  security, 
2—66. 


IXDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


195 


RECHARTERED  NATIONAL  BANK. 

Circulation  of  notes  of.  Bill  of  Comptroller  of  Cur¬ 
rency,  4 — 422. 

RECLASSIFICATION. 

Bank  clerks.  General  Crowder,  4 — 597. 

Discount  rates,  4 — 7. 

RECOMMENDATIONS. 

(Of  International  Financial  Conference,  Brussels, 
6~ 1290.) 

RECONSTRUCTION,  PEACE. 

Demands  overestimated,  5 — 819. 

Financial.  Warburg,  P.,  5 — 16. 

Problems  of,  4 — 1163;  5 — 521. 

(See  Peace;  Problems.) 

RECOURSE,  WITHOUT. 

When  bank  sells  a  note,  the  purchasing  bank  takes 
it  subject  to  United  States  Revised  Statutes, 
section  5200,  4 — 34. 

Indorsement  by  nonmember  bank  does  not  affect 
the  negotiability  or  eligibility  of  a  note,  4 — 745. 

RECOVERED,  UNITED  STATES  BONDS. 

(See  Lost  or  stolen  United  States  bonds;  United 
States  bonds.) 

RED  CROSS. 

Act  May  23,  1918,  authorizing  national  banks  to  sub¬ 
scribe  to,  4 — 428,  498. 

Bill  of  Comptroller  of  Currency,  authorizing  national 
banks  to  subscribe  to,  4 — 428  (text). 

REDEMPTION. 

Federal  Reserve  notes.  Regulation  0,  1 — 215,  276, 
306. 

(Sec  Federal  Reserve  notes.) 

National  bank  notes,  1 — 306. 

(See  same  ) 

Unfit  currency.  Federal  Reserve  Banks  may  refuse 
deposits  of,  other  than  Federal  Reserve  notes 
offered  for  purpose  of  avoiding  expense  of  ship¬ 
ment  to  Washington  for  redemption,  2—115. 

(See  Federal  Reserve  notes;  National  bank  notes.) 

REDEMPTION  FUND. 

(See  Federal  Reserve  Bank  notes;  Resources  and 
liabilities.) 

REDEMPTION  CREDIT. 

(See  Federal  Reserve  notes.) 

REDISCOUNTS. 

Contingent  liability  on.  (See  infra,  Federal  Reserve 
Banks;  Member  banks;  State  member  banks.) 

Federal  Reserve  Banks,  rediscounts  between,  4 — 590, 
777,  778,  1147;  5—169,  311,  495,  794,  1085;  6—111, 
192,  531,  730,  781,  1014,  1019,  1041,  1044,  1133, 
1228,  1232.  Fiscal  year  1920,  6 — 730. 

Computation  of  interest,  4 — 109,  744. 

Contingent  liability  on.  (See  Resources  and 
Labilities.) 

Discussion  of,  3 — 581;  4 — 7. 

Equalization  of  reserves  by,  4 — 361. 

None  up  to  August  1,  1917,  3 — 581. 

Weekly  statements.  To  appear  in,  5 — 310. 

Member  bank  rediscounts — 

Bills  receivable.  Notes  secured  by,  not  eligible 
for,  2—66. 

Borrower.  Maker  of  note  rediscounted  by  member 
bank  with  another  bank  ceases  to  be  a,  of  the 
member  bank,  4—638,  867.  (See  Borrower.) 


REDISCOUNTS— Continued. 

Member  bank  rediscounts — Continued. 

Contingent  liability  on,  5 — 186,  299,  300,  301,  517, 
518,  519,  785,  904,  905,  908,  1189;  6—118, 
331,  332,  440,  441,  442,  767,  768,  1006,  1008, 
1009. 

Direct  obligations  of  member  banks.  For  90 
days.  Eligible  when  presented  and  indorsed 
by  another  member  bank  and  secured  by 
Government  obligations,  4 — 863. 

Excessive  rediscounts  by,  for  profit,  4 — 1169;  5 — 
311,  523,  617,  1009,  1107,  1108. 

(See  infra,  Speculation.) 

Farm  lands,  notes  secured  by,  not  eligible,  2 — 272. 
Finance  bills  not  eligible,  4 — 1120. 

Government  obligations.  Paper  for  carrying  or 
trading  in,  is  eligible,  3 — 197,  429. 

Interior  Department.  Rule  that  banks  rediscount¬ 
ing  can  not  have  Indian  funds  is  amended  to 
exclude  rediscounts  with  Federal  Reserve 
Banks,  2 — 266. 

Limitations  on  rediscounts.  None  except  10  per 
cent  limitation  of  section  13  and  discretion  of 
directors  of  Federal  Reserve  Banks,  2 — 112, 
224,  274,  457. 

Number  rediscounting,  3 — 639,  903;  4 — 52,  136, 
552,  667,  776,  1023,  1143,  1241;  5—84,  165, 
279,  388,  492,  589,  680,  782,  882,  987,  1081, 
1181;  6—89,  189,  304,  411,  528,  639,  738,  868, 
982,  1099,  1229,  1346. 

Open  accounts.  Assignment  of,  not  eligible  for, 
2—227. 

Profit.  (See  supra,  Excessive  rediscounts.) 
Regulation  A,  1917,  3 — 539. 

Regulation  A,  1920,  6 — 1179. 

Speculation.  Cautioned  against  rediscounting 
purely  for,  4 — 1169;  5 — 311,  523,  617,  1009, 
1107. 

Ten  per  cent  limitation — 

Federal  Reserve  Banks  can  not  rediscount 
paper  actually  owned  in  excess  of,  as 
this  exception  is  not  contained  in  section 
13,  2—274. 

May  rediscount  bills  drawn  in  good  faith 
against  actually  existing  values  in  excess 
of,  2 — 457. 

(See  Ten  per  cent  limitation.) 

United  States  Revised  Statutes,  section  5200, 
amendment  to — 

Act  of  September  24,  1918,  4 — 961  at  962, 
1055. 

Act  of  March  3,  1919,  5—229,  361,  1055,  1056. 
Act  of  October  22,  1919,  5 — 1055. 

War  Department  vouchers.  Eligible  paper  se¬ 
cured  by,  may  be  rediscounted,  3 — 288. 

Memphis  Agency.  Method  of  rediscounting  at.  Reg¬ 
ulations,  3 — 169. 

National  banks.  Contingent  liability  on  rediscounts, 
6—443. 

Nonmember  banks — 

Differential  against  rediscount  of  acceptances  of, 
3—28. 

Direct  obligations  of — 

Rediscount  of,  secured  by  Liberty  bonds 
permitted  until  July  15,  1917,  3 — 509. 
Extended  subject  to  future  revision,  3 — 579. 


196 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


REDISCOUNTS— Continued. 

Nonmember  banka — Continued. 

Eligibility — 

Rediscount  by  member  bank  of  notes  of,  in 
good  faith  and  not  intended  as  a  loan  to, 
are  eligible  for  rediscount,  1 — 213. 

Notes  received  by  member  banks  from,  se¬ 
cured  by  Government  obligations,  and 
indorsed  by  member  bank  are  eligible 
for,  3—426,  430,  579. 

Notes  of,  of  which  proceeds  are  used  for  carry¬ 
ing  or  trading  in  Government  obligations 
and  indorsed  by  member  bank  are  eli¬ 
gible  for,  4 — 743. 

Loans  to.  ( See  supra,  Eligibility.) 

Rediscount  privileges  of.  Circular  letter,  3 — 426, 
429,  579. 

(See  Nonmember  banks.) 

Savings  banks,  notes  of,  indorsed  by  member  banks 
and  secured  by  Government  obligations  are  eli¬ 
gible  for,  3 — 426,  429,  579. 

State  member  banks — 

Contingent  liability  on,  5 — 183,  184,  296,  297, 
298,  514,  515,  516,  906,  907;  6—329,  330,  438, 
439,  764,  1005. 

Limitations  on  rediscounts  for,  5 — 1055,  1157; 
6—495. 

Section  9.  Analysis  of  effect  of  amending  acts 
of  September  24,  1918,  March  3,  1919,  and 
October  22,  1919,  on  rediscounts,  5 — 229, 
361,  1055,  1056;  6—495. 

Ten  per  cent  limitation — 

Where  loans  made  to  borrower  equal  to  30 
er  cent  of  capital  and  surplus  under 
tate  law  and  20  per  cent  rediscounted 
with  other  banks,  remaining  10  per  cent 
is  eligible  for,  4 — 638. 

May  loan  more  than  10  per  cent  to  a  borrower 
under  State  law  but  Federal  Reserve 
Bank  can  not  rediscount  any  paper  of 
one  borrower  who  has  borrowed  from 
State  bank  more  than  10  per  cent,  etc., 
3—696;  4—863;  5—361,  1055,  1157. 

(See  Borrower;  Ten  per  cent  limitation.) 

TJ  nited  States  Revised  Statutes ,  section  5200 .  Amend  - 
ment  to,  5 — 229,  361,  1055. 

War  paper.  Amendment — 

Act  September  24,  1918,  4 — 961  at  962,  1055. 

Act  March  3,  1919,  5—361,  1056. 

Act  October  22,  1919,  5—1056. 

War  savings  stamps.  Notes  secured  by,  not  eligible 
for,  4—637. 

Weekly  statements.  Rediscounts  to  be  shown  in,  5 — 
310,  311. 

(See  also  Discount  and  open-market  operations; 
Cotton  factors’  paper;  Discount  rates;  Discounts, 
Preferential  rates.) 

REDISTRICTING  PETITIONS  AND  DECISIONS. 

Adjustment  of  accounts  on  transfer,  1 — 144. 

Appeals  from  Organization  Committee.  Pending,  1 — 
30,  85,  142. 

Atlanta.  (See  infra,  Louisiana  banks.) 

Baltimore.  Petition  of,  1 — 85,  86. 

Banks  transferred,  1 — 87,  90. 

Capital  stock.  Transfer  of,  1 — 142. 

Cleveland.  (See  infra.  West  Virginia  banks.) 


REDISTRICTING  PETITIONS  AND  DECISIONS— 

Continued. 

Connecticut  banks.  Petition — 

Fairfield  County,  1 — 85. 

Transferred  to  New  York  district,  2 — 154, 
169. 

Banks  east  of  Connecticut  River,  petition  post¬ 
poned,  2 — 169. 

Transfer  of  stock,  2 — 206. 

Counties  transferred,  1 — 86. 

Directors  of  transferred  banks  may  serve  out  terms,  1 — 
103. 

Discounts  of  transferred  banks,  1 — 102. 

Dividends.  Accrued.  Payments  to  transferred  banks. 
Dallas  to  Oklahoma;  New  Jersey  to  New  York, 
2—678. 

Federal  Reserve  Board — 

No  power  to  reduce  number  of  districts  or  to 
change  location — 

Attorney  General,  1 — 396;  2 — 207. 

General  counsel,  2 — 20. 

Special  counsel,  contra,  2 — 25. 

Report  of  committee  of,  1 — 407. 

Humphreys  County,  Miss.,  transferred  to  St.  Louis 
district,  6 — 59. 

Louisiana  banks,  petition.  Transferred  from  Dallas 
to  Atlanta,  2 — 99,  153. 

Transfer  of  stock,  2 — 206. 

Map.  Changes  in  district  lines,  1 — 88,  89;  2 — 596. 
Member  banks.  Transfer  of,  under  redistricting  deci¬ 
sions,  1 — 142. 

Michigan  banks.  Deferred,  2 — 264,  372,  438,  596. 
Dismissed,  2 — 589,  596. 

Mississippi.  Changed  boundary  lines  of  northern,  6 — 
59. 

Nebraska  banks.  Dismissed,  1 — 85,  86. 

Northern  New  Jersey  banks — 

Granted,  1 — 85,  86. 

List  of  banks  transferred,  1 — 86. 

List  of  counties  transferred,  1 — 85. 

Oklahoma  banks — 

Granted,  1 — 85,  86. 

List  of  banks  transferred,  1 — 87. 

List  of  counties  transferred,  1 — 86. 

Organization  Committee.  Appeals  from,  1 — 30,  85, 
142. 

Pittsburgh,  Pa.,  banks.  Petition  to  be  made  Federal 
Reserve  City,  postponed,  1 — 85,  86. 

Report  of  Committee  of  Federal  Reserve  Board,  1 — 
407. 

Reserve  balances.  Transfer  of,  1 — 142. 

Richmond.  (See  infra,  West  Virginia  banks.) 
Tennessee  banks.  Withdrawn,  1 — 85. 

Texas  banks — 

To  Atlanta.  Granted,  2 — 99,  153. 

Panhandle  banks.  Dismissed,  2 — 205. 

To  Oklahoma.  Granted,  1 — 85,  86. 

(See  Oklahoma.) 

Transfers  of  stock,  2 — 205. 

West  Virginia  banks — 

Granted,  1 — 85,  86. 

List  of  banks  and  counties  transferred,  1 — 86,  90. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


197 


REDISTRICTING  PETITIONS  AND  DECISIONS— 

Continued. 

Wisconsin  banks — 

Deferred,  1—85;  2—264,  372,  438. 

Granted,  2 — 589,  596. 

List  of  counties  transferred,  2 — 596,  597. 

Wyoming  banks.  Dismissed,  1 — 85,  86. 

REDUCTION  OF  CAPITAL  STOCK. 

Application  to  be  made  to  Federal  Reserve  Bank 
before  applying  to  comptroller,  1 — 125. 

Federal  Advisory  Council  recommends,  of  Federal 
Reserve  Banks,  1 — 394. 

By  withdrawal  of  member  banks  will  not  forfeit  char¬ 
ter  of  Federal  Reserve  Banks,  although  left  below 
minimum  capitalization  of  4  millions  of  dollars. 
Attorney  General  of  United  States,  2 — 207. 

REDUCTION  OF  CIRCULATING  NOTES. 

(See  National  banks.) 

REDUCTION  OF  FEDERAL  RESERVE  DISTRICTS. 

Counsel  of  Federal  Reserve  Board  advises  that  Federal 
Reserve  Board  has  no  power  to  reduce  or  abolish 
Federal  Reserve  districts  or  Federal  Reserve 
Banks,  2 — 20. 

Special  Counsel  Cotton  ad  wises  that  Board  has  such 
power,  2 — 25. 

Attorney  General  of  United  States  advises  that  Board 
has  no  such  power,  1 — 396;  2 — 207. 

REDUCTION  OF  LIABILITY. 

On  Federal  Reserve  notes,  1 — 273,  363. 

( See  Federal  Reserve  Agent;  Federal  Reserve 
notes.) 

REDUCTION  OF  STOCK. 

(See  infra,  Surrender  of  stock.) 

REEXPORTATION. 

(See  Gold.) 

REFINANCE  DRAFT. 

(See  Acceptances;  Refinance  draft.) 

REFINING. 

(See  Sugar  refining.) 

REFRACTORS. 

Terms  of  sale,  6 — 938. 

REFUNDING. 

(See  United  States  bonds.) 

REFUSAL  TO  DISCOUNT. 

(See  Borrower;  Federal  Reserve  Banks.) 

REGISTRAR. 

(See  Fiduciary  powers.) 

REGISTRATION  CERTIFICATES. 

Importers  and  exporters.  Ruling,  Foreign  Exchange 
Division,  4 — 864. 

REGROUPING  OF  BANKS. 

Amendment.  Election  of  directors,  4: — 1055. 

REGULATION  OF  BOND  SALES. 

By  license,  4 — 961. 

REGULATIONS. 

Act  October  6,  1917.  Trading  with  enemy,  3 — 853, 
860. 

Capital  Issues  Committee,  4 — 627. 

Exports  of  coin,  etc.  (See  Coin;  Foreign  exchange; 
President;  War  Trade  Board.) 

Federal  Reserve  Board.  (See  Circulars  and  regula¬ 
tions.) 


REGULATIONS— Continued. 

Foreign  exchange  and  coin,  etc.  Exports.  (See  For¬ 
eign  exchange.) 

Foreign  Exchange  Division,  5 — 469,  652,  653. 

Italian  Institute  of  Exchange,  5 — 469. 

National  banks.  Insurance,  3 — 164. 

Memphis  Reserve  Bank  Agency,  3 — 168. 

Renewal  acceptances.  (See  Acceptances,  principal 
heading.) 

Treasury  and  Department  of  Agriculture.  Loans  to 
farmers,  4 — 830. 

War  Trade  Board — 

Drafts  and  checks.  Enemy  aliens,  4 — 171. 
Export  licenses,  4 — 1089. 

Export  of  gold  manufactures,  5 — 26. 

(See  Circulars  and  regulations;  Opinions  of  counsel.) 

REIMBURSABLE  EXPENSES. 

Fiscal  agencies,  5 — 723. 

(See  Fiscal  agency  operations.) 

REIMBURSEMENT  OF  ACCEPTANCES,  4—805. 

RELEASE. 

Of  drawer  and  indorser  on  sight  bill  accepted  payable 
in  three  months,  2 — 463. 

Presentment  for  acceptance  of  a  sight  draft  will, 
drawer  and  indorser,  4 — 109. 

Alteration  of  a  note  by  striking  out  prolusion  for 
extension  will,  parties  to  note,  4 — 118. 

Bank  giving  a  domestic  acceptance,  secured  by  bill 
of  lading  or  warehouse  receipt  may,  release 
security  after  acceptance  if  not  in  excess  of  10 
per  cent  of  its  capital  and  surplus,  4 — 634;  5 — 143, 
253. 

(See  Acceptances,  security;  Acceptances  10  per  cent 
limitations;  10  per  cent  limitations.) 

RELEASED  CREDIT. 

Absorbed  by  speculation,  5 — 1027. 

REMEDIES,  FINANCIAL. 

(See  Financial  remedies.) 

REMIT. 

Retail  dealer  may  finance  sales  of  goods  by  trade 
acceptances  even  though  drawn  after  failure  of 
purchaser  to,  promptly  on  open  account.  Federal 
Reserve  Banks  should  discriminate  against  such 
an  acceptance,  4—30. 

REMITTANCES. 

To  American  Expeditionary  Forces.  Ruling,  Foreign 
Exchange  Division,  4 — 866. 

REMOVAL  OF  BANK  DIRECTORS. 

Bill,  Comptroller  of  Currency,  4 — 419. 

RENEW. 

Purchaser  of  United  States  one-year  Treasury  notes 
takes  them  free  from  obligation  to,  of  the  Federal 
Reserve  Bank,  2 — 330. 

RENEWAL  ACCEPTANCES. 

(See  Acceptances,  renewal;  Opinions  of  counsel.) 

RENEWAL  NOTES. 

Federal  Reserve  Banks  may  discount  but  may  not 
contract  to  do  so  in  advance,  1 — 74. 

Renewals  of  member  bank  15-day  collateral  notes 
discouraged,  3 — 765;  4 — 879. 

(See  Federal  Reserve  Bank  of  Cleveland.) 

Ninety-day  paper  providing  for  seven  renewals  not 
eligible,  3 — 922. 


198 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


RENEWAL  NOTES— Continued. 

Are  not  commercial  paper  actually  owned  or  bills 
drawn  against  actually  existing  values  under 
section  13  and  United  States  Revised  Statutes, 
section  5200,  3 — 287. 

Are  practically  a  guaranty  of  interest  rates,  2 — 587, 
588. 

Deprecated  as  a  subterfuge  for  long-term  ineligible 
paper,  4 — 259. 

Stamp  tax  on,  4 — 977,  978. 

RENEWAL  OF  CHARTER. 

Of  Bank  of  France,  5 — 339. 

RENT  PROBLEM,  NEW  YORK. 

Report,  Federal  Reserve  Agent  Jay,  5 — 632,  1049. 

RENTALS. 

Paid  by  Federal  Reserve  Banks,  1918,  5 — 132. 

(See  Earnings  and  expenses.) 

RENTES,  FRENCH  3  PER  CENT. 

Price  of,  6—1073,  1203,  1315. 

REORGANIZATION,  3—117. 

(See  Dividends.) 

REPAIRS. 

Cost  of,  1918,  5—132. 

(See  Earnings  and  expenses.) 

REPARATION  PAYMENTS. 

May  inure  to  benefit  of  United  States,  5 — 525. 

REPEALING  STATUTES. 

Tax  on  promissory  notes  in  act  October  22,  1914, 
repealed  by  act  September  8,  1916,  2 — 512. 

United  States  Revised  Statutes,  section  3847,  as 
amended  by  act  May  27,  1908  (Aldrich-Vreeland), 
permitting  postmasters  to  deposit  postal  funds  in 
State  banks,  repealed  by  section  27,  Federal 
Reserve  Act,  but  revived  by  act  May  18,  1916, 

2— 331. 

United  States  Revised  Statutes,  section  5193.  Certifi¬ 
cates  issued  against  deposits  of  United  States 
notes.  Repealed  by  act  June  12,  1916,  2 — 311. 
(See  Act  of  November  1,  1893;  Act  of  September  8, 
1916;  United  States  bonds,  minimum  deposit.) 

REPORT,  ANNUAL. 

Federal  Reserve  Board,  2 — 51;  4 — 69,  79;  5 — 529. 

REPORTING  MEMBER  BANKS. 

(See  clearing-house  debit  statements;  Member  bank 
condition  statements.) 

REPORTS. 

Acceptances,  domestic.  Federal  Reserve  Agents, 

3— 6. 

Act  April  26,  1918.  Pittman  Silver  Act,  4 — 396. 
Amendments,  Federal  Reserve  Act.  House  and 
Senate  committee  reports,  3 — 177,  188,  191;  4 — 
418. 

American  Bankers’  Association — 

Committee  report  on  exchange  charges,  4 — 962. 
R-eport  on  McFadden  gold  subsidy  bill,  6 — 1147. 
American  concerns  in  foreign  countries.  Branches  of. 

Expert  committee,  5 — 637. 

Annual  reports — 

Federal  Farm  Loan  Board,  5 — 129. 

Federal  Reserve  Board,  2 — 51;  4 — 69,  79;  5 — 529. 
Secretary  of  Treasury,  4 — 18. 

Branches  of  American  concerns  in  foreign  countries. 

Committee  of  experts,  5 — 637. 

British  bank  amalgamations,  4 — 954. 


REPORTS  — Continued . 

British  committee — 

Financial  facilities,  4 — 1178;  5 — 115;  6 — 141. 
Gold  mining  and  production,  5 — 123. 

British  currency  committee,  4 — 1178;  5 — 115;  6 — 141. 
Business  conditions.  (See  same.) 

Business  readjustment.  Federal  Reserve  Agents, 
5—205. 

Capital  Issues  Committee,  4 — 704. 

Class  A  reports.  Foreign  Exchange  Division,  4 — 1121. 
Clearing  system.  Federal  Reserve  Agents,  1 — 369. 
Comptroller  of  Currency.  Reports  of  congressional 
committees  on  bills  of,  4—414. 

Cost  of  living,  New  York.  Federal  Reserve  Agent, 
5—632,  1049. 

Cotton  export  credits.  Report,  State  Department 
committee,  5 — 554. 

Crop,  6—696,  832,  1062. 

Cunliffe  committee,  4 — 1178;  5 — 115;  6 — 141. 
Decimal  system,  5 — 126. 

Dividends.  (See  infra,  Reports  of  condition.) 
Domestic  acceptances.  Federal  Reserve  Agents,  3 — 6. 
Enemy  transactions.  War  Trade  Board,  4 — 171. 
Exchange  charges.  Committee  of  American  Bank¬ 
ers’  Association,  4 — 962. 

Federal  Farm  Loan  Board.  Annual  report,  5 — 129. 
Federal  Reserve  Act.  (See  supra,  Amendments.) 
Federal  Reserve  Agent,  New  York.  Cost  of  living, 
5 — 632,  1049. 

Federal  Reserve  Agents — 

Business  conditions.  (See  same.) 

Business  readjustment,  5 — 205. 

Clearing  system,  1 — 369. 

Domestic  acceptances,  3 — 6. 

Liquidation  of  war  paper,  5 — 325,  1017. 

Federal  Reserve  Banks.  Reports  on,  to  be  read  and 
initialed  by  directors,  2 — 206. 

Federal  Reserve  Board.  Annual  reports,  2 — 51;  4 — 69, 
79;  5—529. 

Federal  Reserve  Districts.  (See  Redistricting.) 
Financial  facilities.  British  committee,  4 — 1173; 
5—115;  6—141. 

Foreign  countries.  Report  on  branches  of  American 
concerns  in,  5 — 637. 

Foreign  exchange  dealers.  Report  on  profits  of,  4 — 
626,  833,  834,  835. 

Foreign  Exchange  Division.  Class  A  reports,  4 — 1121. 
German  Reichsbank,  1919,  6 — 601. 

Gold  bonus  bill,  6 — 1147. 

Gold  committee  of  American  Bankers  Association. 

Report  on  gold  subsidy  bill,  6 — 1147. 

Gold  mining  and  production — 

British  committee,  5 — 123. 

Interior  Department  committee,  5 — 124. 
Treasury  committee,  5 — 248. 

Gold  subsidy  bill,  6 — 1147. 

Interior  Department  committee.  Gold  mining  and 
production,  5 — 124. 

International  Financial  Conference,  Brussels,  6 — 1288. 
Knit  goods  production,  6 — 1145,  1275. 

Liquidation  of  war  paper.  Federal  Reserve  agents, 
5—324,  1017. 

McFadden  gold  subsidy  bill.  Criticism  of,  6 — 1147. 


INDEX-DIGEST  OF  FEDEPwAL  RESERVE  BULLETIN. 


199 


REPORTS — Continued. 

Member  banks  condition  statements.  ( See  same.) 
Mercantile  Bank  of  the  Americas.  Report  on  foreign 
branches  of,  4 — 736. 

Monetary  Commission,  1898.  Silver  purchases,  4 — 
397. 

Peace  conference.  Economic  conditions  in  Europe, 
6—363. 

Profits  from  foreign  exchange  transactions,  4 — 626, 
833,  834,  835. 

Redistricting.  (See  same.) 

Secretary  of  Treasury.  Annual  report,  4 — 18. 

( See  Secretary  of  Treasury.) 

Special  reports.  ( See  Business  conditions;  Produc¬ 
tion.) 

State  Department  committee.  Cotton  exports  credits, 
5 — 554. 

Supreme  council  of  the  peace  conference.  Economic 
conditions  in  Europe,  6 — 363. 

Treasury  committee.  Gold  mining  and  production, 
5—248. 

War  paper.  ( See  supra,  Liquidation.) 

War  revenue  act,  3 — 251. 

War  Trade  Board.  Reports  of  enemy  transactions, 
4—171. 

REPORTS  OF  CONDITION. 

Member  banks,  3 — 921;  4 — 798,  916;  5 — 183,  296,  513, 
783,  903;  6—440,  441,  767. 

December,  1914-March,  1919,  5 — 783. 

Weekly  statement  inaugurated,  3 — 921;  4 — 61,  62. 
(See  Member  banks  condition  statements.) 

National  banks,  3—161,  372,  665;  4^-182, 1093;  5—250, 
446,  1153;  6—442,  443. 

State  member  banks  and  trust  companies,  4 — 796,  916; 
917,  918,  919;  5—184,  185,  186,  296,  298,  299, 
406,  514,  515,  516,  520,  905,  906,  1007;  6—329, 
330,  438,  439,  764,  1005. 

Doing  acceptance  business,  5 — 559. 

When  State  call  falls  on  same  day  as  comptroller 
call,  State  banks  may  file  with  comptroller 
sworn  duplicate  copy,  1 — 309;  2 — 99. 

When  State  call  is  on  a  different  day,  an  addi¬ 
tional  report  must  be  made  to  comptroller, 
1—309;  2—99. 

Comptroller  may  accept  reports  of  State  authori¬ 
ties,  2 — 114. 

Must  report  to  comptroller  as  to  dividends  and 
net  earnings,  2 — 114. 

Must  give  special  reports  when  called  for  under 
United  States  Revised  Statutes,  sections  5211 
and  5212,  2—114. 

[Reports  of  condition  and  of  payment  of  divi¬ 
dends  are  to  be  made  to  the  Federal  Re¬ 
serve  bank.  Act  of  June  21,  1917,  amend¬ 
ing  section  9,  Federal  Reserve  Act.] 

(See  Condition.) 

REPURCHASE  AGREEMENTS. 

Discounts  made  under,  are  subject  to  United  States 
Revised  Statutes,  section  5200,  4 — 867  at  869. 
Fifteen-day  repurchase  agreements,  4 — 345. 

United  States  bonds  and  certificates  bought  under, 
4 — 466,  557,  671. 

United  States  Treasury  certificates  bought  under, 
4 — 466,  557,  671. 


REQUIRED  RESERVES,  FEDERAL  RESERVE 
BANKS. 

(See  Reserves.) 

RESERVATION,  NOTICE. 

(See  Savings  banks.) 

“RESERVE.” 

Bill  of  Federal  Reserve  Board  limiting  use  of  word  in 
title  of  banks,  2 — 373. 

No  legal  prohibition,  1 — 361. 

Use  of  word  in  title  discouraged,  3 — 615;  4 — 521. 
RESERVE  ACCOUNT. 

Due  to  members.  (See  Resources  and  liabilities.) 

RESERVE  AGENTS. 

(See  Approved  Reserve  agents.) 

RESERVE  BALANCES. 

Anticipation  of  final  payment,  2 — 5,  661,  668;  3 — 1, 
104. 

Computation  of,  3 — 602,  614,  692. 

National  banks,  3 — 602. 

Final  transfer  of.  Letter,  Federal  Reserve  Bank  of 
New  York,  3 — 660. 

(See  Balances,  reserve;  Clearing  system;  Foreign 
banks;  Nonmember  banks;  Reserves;  State  mem¬ 
ber  banks.) 

RESERVE  BANK  AGENCY,  FEDERAL  RESERVE 
BANK  OF  ST.  LOUIS. 

Established  at  Memphis,  Tenn.,  3 — 168. 

Regulations,  3 — 168. 

RESERVE  BANK,  CENTRAL. 

South  Africa,  6 — 1040. 

RESERVE  BANK  ORGANIZATION  COMMITTEE. 

Appeals  from  districting  decisions.  (See  Redistrict¬ 
ing.) 

RESERVE  CITIES. 

Designations  by  Federal  Reserve  Board — 

Buffalo,  N.  Y.,  3—921. 

Chattanooga,  Tenn.,  1 — 49. 

Grand  Rapids,  Mich.,  3 — 921. 

Memphis,  Tenn.,  3 — 921. 

Oakland.  Calif.,  3 — 921. 

Peoria,  Ill.,  3 — 921. 

Toledo,  Ohio,  3 — 921. 

Requirements  for  designation,  1 — 49. 

Reserves.  Outlying  districts  of,  4r — 1124. 

RESERVE  CONDITIONS. 

Federal  Reserve  Banks,  3 — 77,  154,  427,  499,  732,  831, 
920;  4—1,  69,  153,  247,  361,  484,  591,  688,  802, 
925,  1045,  1165;  5—64,  67,  136,  768,  838,  1009, 
1106;  6—1,  120,  448,  554,  663,  775,  911,  1019,  1134, 
1263. 

(See  Resources  and  liabilities;  Reserves;  Review 
of  month.) 

Member  banks.  (See  Member  banks  condition  state¬ 
ments.) 

RESERVE  COMPUTATION. 

New  method,  6 — 3. 

RESERVE,  DEFICIENT. 

Amount  of  penalties  received  for,  1 — 35;  2—314; 
5—132. 

Federal  Reserve  Banks  can  not  refuse  payment  of 
draft  of  member  bank  because  of,  1 — 12. 

RESERVE  DEPOSITS. 

(See  Reserves.) 


200 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


RESERVE  FOR  FRANCHISE  TAX. 

New  account  established,  5 — 26. 

RESERVE  PERCENTAGE. 

Federal  Reserve  System — 

1917,  4—130. 

1918,  4—769,  771,  1048;  5—64,  67,  136,  768,  838, 
1009,  1106;  6—1,  220,  448,  554,  663,  775,  911, 
1019,  1134,  1263. 

1914-1918,  4—1168. 

(See  India;  Ratio.) 

RESERVE  REQUIREMENTS. 

Act  September  26,  1918.  Banks  in  outlying  districts, 
4—1055. 

New  York  Clearing  House  Association,  1873,  4 — 289. 
(See  Reserves.) 

RESERVES. 

Act  June  21,  1917.  Changes  in  reserve  requirements, 
3—503. 

Actual  and  required.  (See  infra.  National  banks.) 
Agents.  (See  infra,  Approved  reserve  agents.) 
Aggregate  amount.  Reserves  in  Federal  Reserve 
Bank  vaults,  and  with  approved  reserve  agents 
must  equal,  required,  2 — 606. 

Amendments  suggested,  Federal  Reserve  Act — 
American  Bankers’  Association — 

Reserves,  2 — 6. 

State  banks,  3 — 335. 

Changes  in  reserve  requirements,  3 — 503. 

Federal  Reserve  Banks — 

Reserves  to  be  carried  wholly  in,  3 — 107. 
Federal  Advisory  Council  favors,  3 — 107. 
State  banks  to  deposit  reserves  in,  3 — 335. 

Federal  Reserve  Board — 

Amendments  suggested.  2 — 327,  439. 

Power  suggested  to  be  given  to,  to  increase 
required  reserves  of  member  banks,  3 — 
99,  100,  102,  107. 

Federal  Advisory  Council  opposes,  3 — 108. 

American  Bankers’  Association — 

Reserve  amendment,  2 — 6. 

State  banks  to  deposit  reserves  in  Federal  Reserve 
banks,  3 — 335. 

Amount  of  penalties  collected  for  deficient  reserves, 
1—35;  2—314;  5—132. 

Amount  of  reserves  fixed  by  Federal  Reserve  Board 
for  foreign  branches,  4—1123. 

Anticipation  of  final  payment  approved  by — 

Federal  Advisory  Council,  2 — 668. 

Federal  Reserve  Board,  2 — 597,  598,  661,  668; 
3—1. 

Governor  Seay,  2 — 5. 

Warburg,  P.  M.,  2 — 669. 

Approved  Reserve  Agents— 

(See  supra,  Aggregate  amount.) 

(See  infra,  State  banks.) 

Balances.  (See  infra,  Computation;  State  banks.) 
Balances,  clearing.  (See  Nonmember  banks.) 
Balances  due  from.  (See  infra,  Computation.) 
Balances  due  to.  (See  infra,  Computation.) 

Balances,  reserve — 

Gold  control  through  wiping  out  of  fictitious  re¬ 
serve  balances,  3 — 2. 

(See  infra,  Computation.) 

Bank  liabilities  and.  Principal  banks  of  issue,  6 — 488. 


RESERVES — Continued. 

Bank  of  Spain.  (See  same.) 

Banks  of  issue,  leading.  (See  infra,  European  central 
banks.) 

Boston  Clearing  House  banks.  New  form  of  reserve 
statement,  3 — 83. 

Branches.  (See  infra,  State  banks.) 

Branches,  foreign.  (See  infra,  Foreign  branches.) 

Buenos  Aires  banks,  5 — 639. 

Canadian  chartered  banks,  5 — 1141,  1147. 

Cash  on  hand.  (See  infra,  Computation.) 

Cash  reserves,  Federal  Reserve  Banks,  1 — 234 ;  3 — 56; 

4—1168. 

1918,  5—65,  137. 

1914-1919,  5—768,  773,  838;  6—146,  479,  667, 

724. 

Chart,  5—67,  773. 

(See  Resources  and  liabilities.) 

Central  banks  of  issue.  (See  infra,  European  central 
banks.) 

Change  in  method  of  computing  reserves  of  Federal 
Reserve  Banks,  6 — 3. 

Changes  in  required  reserves — 

Act  June  21,  1917  ,  3—503  ,  508. 

Act  of  September  26,  1918,  4—1055,  1124. 
Circular,  Federal  Reserve  Bank  of  New  York, 

4—1086. 

(See  infra,  Requirements.) 

Character  of  reserves.  (See  infra,  Foreign  branches.) 

Charts — 

Cash  reserves,  1 — 234. 

1914-1919,  5—67,  773. 

Excess  reserves  (free  gold),  5 — 138. 

Gold  reserves,  1 — 234. 

Movement  of  reserves,  3 — 850. 

National  banks.  Required  and  actual  reserves, 

3— 484. 

Ratio.  Reserves  to  liabilities,  5 — 138. 

Required  reserves,  1915-1917,  3 — 484. 

Cities,  reserve.  Outlying  districts  of  reserve  cities, 

4— 1055,  1124. 

Clearing  house  exchanges.  (See  infra,  Computation.) 

Computation  of  reserves — 

Deductions — 

Can  not  deduct  from  gross  deposits  checks  on 
other  banks  in  same  place  or  clearing¬ 
house  exchanges,  3 — 692. 

May,  however,  include  in  balances  due  from 
other  banks  checks  on  banks  in  same 
place  and  clearing-house  exchanges,  3 — 
692. 

Balances  due  from  other  banks  may  be  de¬ 
ducted  from  balances  due  to  other  banks, 
3—692. 

Foreign  currency  balances  due  from  foreign 
banks  can  not  be  deducted  from  balances 
due  to  other  domestic  banks,  5 — 963. 

Balances  due  to  foreign  banks  are  individual 
deposits  and  not  bank  deposits  under 
section  1,  Federal  Reserve  Act,  and 
therefore  do  not  fall  within  meaning  of 
balances  due  to  other  banks,  5 — 963. 

Cash  on  hand  can  not  be  deducted  from  lia¬ 
bilities  against  which  reserves  must  be 
counted,  as  only  Federal  Reserve  bal¬ 
ances  count  as  reserves,  3 — 614,  692. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


201 


RESERVES — Continued. 

Computation  of  reserves — Continued. 

Deductions — Continued. 

Dollar  balances  due  to  foreign  banks  are  not 
balances  due  to  other  banks,  as  word 
“banks”  means  domestic  and  not  for¬ 
eign  banks,  5 — 963. 

May  deduct  from  gross  deposits  all  Govern¬ 
ment  deposits  except  postal  savings  de¬ 
posits,  which  are  time  deposits,  3—692. 
National  banks,  3 — 602. 

New  method,  Federal  Reserve  Banks,  6—3. 
Savings  deposits  of  a  member  bank  with  Federal 
Reserve  Banks  count  as  reserves,  5 — 652,  654. 

Conditions,  reserve,  2 — 664;  3 — 77,  154,  427,  499,  654, 
732,  831,  920;  4—1,  69,  153,  247,  361,  484,  591, 
688,  802,  925,  1045;  5—64,  67,  136,  768,  838,  1009, 
1106;  6—1,  120,  448,  654,  663,  775,  911, 1019, 1134, 
1263. 

Currency  shipments.  For  purposes  of  reserves,  3 — 
615. 

Date  of  payment  of  reserves,  1 — 361. 

Deductions  from  gross  deposits.  ( See  supra,  Compu¬ 
tation.) 

Deficient  reserves — 

Federal  Reserve  Banks  can  not  refuse  to  pay 
draft  of  a  member  bank  upon  them  because 
of,  1—12. 

Penalties  collected  for,  1 — 35;  2 — 314;  5 — 132. 

Deposit  and  Federal  Reserve  note  liability,  5 — 137. 

Deposits — 

Capital  and  reserves,  2 — 98, 506,  661. 

Chart,  2—123. 

From  savings  department  of  a  member  bank  count 
as  reserves,  5 — 652,  654. 

Emergency  Fleet  Corporation.  Deposits  of,  are 
not  Government  deposits  and  require  reserves, 
5—1054. 

Postal  savings  deposits  are  time  deposits  and  re¬ 
quire  reserves,  3 — 692. 

United  States  Shipping  Board.  Deposits  of,  are 
not  Government  deposits  and  require  re¬ 
serves,  5 — 1054. 

Districts,  outlying.  ( See  infra,  Outlying  districts.) 

Dollar  balances  due  to  foreign  banks.  ( See  supra, 
Computation.) 

Effect  of  lower  reserve  requirements,  3—107,  109, 
503. 

Emergency  Fleet  Corporation.  ( See  supra,  Deposits.) 

Equalization  of  reserves  through  Federal  Reserve 
Bank  rediscounts,  4 — 361. 

European  central  banks — 

1913-1919,  2—659;  3—234,  329,  500,  681,  942; 
4—243,  267,  269,  375,  382,  996,  998, 1057, 1077, 
1167;  5—140,  197,  294,  463,  648,  649,  849, 
1008,  1200;  6—144,  218,  485,  487,  488,  893, 
909,  1044,  1047,  1049,  1295.  (See  individual 
banks,  by  name.) 

Excess  reserves  (free  gold),  4 — 226,  227;  5 — 136,  137, 
138,  774;  6—145,  724,  725. 

Federal  Advisory  Council — 

Favors  anticipation  of  final  reserve  payment, 
2—668. 

Favors  amendment  requiring  all  reserves  to  be 
kept  in  Federal  Reserve  Banks,  3 — 107. 
Opposes  grant  of  power  to  Federal  Reserve  Board 
to  increase  required  reserves  of  member 
banks,  3 — 108. 


RESERVES — Continued. 

Federal  Reserve  Bank  notes.  No  reserves  required 
against,  except  5  per  cent  redemption  fund, 

2— 273. 

Federal  Reserve  Bank  of  New  York.  Circulars — 
Changes  in  reserve  requirements,  4 — 1086. 

Vault  reserves,  2 — 669. 

Federal  Reserve  Bank.  Balances  in,  only  count  as 
reserve,  3 — 614,  692. 

Federal  Reserve  Banks — 

Government  deposits.  Must  keep  reserves 
against,  3 — 458,  692. 

New  York  law.  Reserves  in,  to  count  as  reserves 
on  hand,  4 — 524. 

Power  to  increase.  ( See  infra,  Federal  Re¬ 
serve  Board.) 

Reserves,  1914-1919,  1 — 234;  2 — 661;  3 — 56,  483, 
484;  4—226,  1168:  5—65,  137,  768,  773,  838; 
6—146,  479,  667,  724,  1296. 

(See  Resources  and  liabilities.) 

Reserves — 

All.  to  be  carried  in  Federal  Reserve  Banks, 
3—107. 

Federal  Advisory  Council  favors,  3 — 107. 

Equalization  of,  through  Federal  Reserve 
Bank  rediscounts,  4 — 361. 

Government  deposits.  Must  carry  reserves 
against,  3 — 458,  692. 

New  York  law.  Reserves  in,  to  count  as  on 
hand,  4 — 524. 

Vault — 

Cash  in,  and  with  Federal  Reserve  Banks 
may  be  counted  as  one  item,  2 — 668 
669. 

Member  banks  may  carry  vault  reserve 
in  Federal  Reserve  Banks,  2 — 508, 
606,  668. 

(See  supra,  Aggregate  amount;  Amendments; 
Computation;  Deficient.) 

Federal  Reserve  Board — 

Anticipation  of  final  payment.  Favors,  2 — 597, 
598,  661,  668;  3—1. 

Reserves — 

May  fix  amount,  character  and  location  of, 
of  foreign  branches,  4 — 1123. 

New  method  of  computation  of,  6 — 3. 

On  new  reserve  requirements,  3 — 508. 

Power  to  increase  reserves  of  member  banks 
opposed  by  Federal  Advisory  Council, 
3—100,  107,  108. 

(See  supra,  Amendments.) 

Federal  Reserve  notes  as  reserves.  See  infra,  State 
banks.) 

Federal  Reserve  notes  and  deposit  liabilities.  Re¬ 
serve,  5 — 137. 

Fictitious  reserves.  Gold  control  through  removal  of, 

3— 2. 

Fiscal  year  1920,  6-724-725. 

Foreign  bank.  Dollar  balances  due  to  a,  can  not  be 
offset  by  foreign  currency  balances  due  from 
same  bank,  5 — 963. 

Foreign  banks  of  issue — 

Gold  reserve  of  United  States  and.  (See  supra, 
European  central  banks.) 

Foreign  branches — 

Federal  Reserve  Board  may  fix  reserves  of,  4 — 
1123. 


202 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


RESERVES — Continued. 

Foreign  branches — Continued. 

Reserve  requirements  of  section  19  not  applicable 
to,  4—1123. 

Form  of  statement.  New,  Boston  Clearing  House, 
3— S3. 

France.  ( See  Bank  of  France.) 

Free  gold.  ( See  supra,  Excess  reserves.) 

German  Reichsbank.  (See  same.) 

Gold  conversion  fund.  ( See  same.) 

Gold  reserves,  1—234  ;  2—661;  4—226;  5—136,  137, 
140,  774;  6—144,  668,  1296, 1297. 

Changes  in  price  level  compared  with  movement 
of,  5 — 838. 

Important  function  of,  is  for  export  to  meet 
foreign  indebtedness,  5 — 124. 

Inadequate  in  foreign  countries  because  of  infla¬ 
tion,  5 — 9. 

Increase  in,  5 — 6. 

National  banks,  1915-1917,  2—506;  3-dS4. 
United  States  and  foreign  banks  of  issue,  1914- 
1919,  5—140. 

( See  supra,  European  central  banks.) 

Gold  settlement  fund.  Deposits  in,  to  count  as  re¬ 
serves,  1 — 9,  10. 

Government  deposits — 

Deposits  of  Emergency  Fleet  Corporation  and 
United  States  Shipping  Board  are  not,  and 
require  reserves,  5 — -1054. 

Federal  Reserve  Banks  must  carry  reserves 
against,  3 — 458,  692. 

Member  banks  need  carry  no  reserves  except 
against,  postal  savings  deposits,  3 — 458,  692. 

(See  supra,  Computation.) 

Gross  deposits.  Deduction  from.  ( See  supra,  Com¬ 
putation.) 

Impairment  of  reserves.  ( See  supra,  Deficient.) 
Increase  of  reserve  requirements,  member  banks.  ( See 
supra,  Amendments;  Federal  Advisory  Council; 
Federal  Reserve  Board.) 

India.  Note  reserves,  5 — 950. 

Legal  reserves.  New  York  Clearing  House  Committee 
on,  4 — 289. 

Loans.  National  banks.  Ratio  of  reserves  to,  1900- 
1916,  2—506. 

Location  of  reserves.  ( See  supra.  Foreign  branches.) 
Lowered  reserve  requirements.  ( See  infra,  Require¬ 
ments.) 

Member  banks — 

Not  required  against  Government  deposits,  3 — 458, 
692. 

(See  infra,  Postal  savings  deposits;  Vault 
reserves.) 

Method  of  reporting  reserves,  2 — 668,  672. 

Movement  of,  1917,  3 — 847,  848  (chart). 

Changes  in  price  level  compared  with,  5 — 838. 
Fiscal  year,  1920,  6—667. 

(See  Review  of  month.) 

National  bank  notes.  Reserves  for  certain  State 
banks.)  (See  infra,  State  banks.) 

National  banks — 

Actual  and  required  reserves,  1915-1917,  2 — 672; 

3 — 183,  484  (chart). 

Computation  of  reserves,  3 — 602. 

Decline  in,  3 — 3. 


RESERVES— Continued.  _ 

National  banks — Continued. 

Gold  reserves,  1915-1917,  2—506;  3-484;  5—140; 
6—144. 

(See  supra,  Gold  reserves.) 

Government  deposits.  Need  carry  no,  against, 
3—458,  692. 

Ratio,  reserves  to  loans,  1910-1916,  2 — 506,  661. 
New  York.  Reserves  fixed  for  banks  in  outlying  dis¬ 
tricts  of,  4 — 1086,  1124. 

New  York  Clearing  House,  committee  of,  on  legal 
reserves,  4 — 289. 

New  York  laws — 

Banks  may  include  deposits  in  Federal  Reserve 
Bank  as  reserves  on  hand,  4 — 524. 

Prescribed  reserves  for  State  banks  and  trust  com¬ 
panies,  4 — 524. 

Note  reserves,  India,  5 — 950. 

Optional.  (See  Uncollected  funds,  principal  heading.) 
Outlying  districts — 

Banks  in,  of  reserve  and  central  reserve  cities  not, 
for  that  reason  alone,  entitled  to  reduction  in 
reserve  requirements,  4 — 1124. 

Reserves  fixed  for  banks  in,  of  New  York,  4 — - 
1086,  1124. 

Parent  bank.  (See  infra,  State  bank.) 

Payment  of — 

Date,  1—361;  2—597,  598. 

Final  payment,  anticipation  of.  (See  Anticipa¬ 
tion.) 

Penalties.  Deficient  reserves.  (See  supra,  Deficient.) 
Percentage.  Reserve,  4 — 130,  769,  1048,  1168;  6 — 1, 
220,  448,  663,  724. 

Decline  in,  5 — 133. 

Fiscal  year  1920,  6—724. 

(See  supra,  India.) 

(See  infra,  Ratio.) 

Postal  savings  deposits — 

Are  time  deposits,  3 — 692. 

Require  reserve,  1 — 409;  2 — 331;  3 — 458,  692. 
(See  Postal  savings  funds.) 

Price  level.  Movement  of  gold  reserves  and,  1914- 
1919,  5—838. 

Ratio.  Reserves  to  liabilities — 

Federal  Reserve  Banks — 

1917,  4—130. 

1918,  4—769,  1048. 

1914-1918,  4—1168. 

1914- 1920,  6—1,  220,  448,  663,  724. 

(See  Resources  and  liabilities.) 

Member  State  banks  and  trust  companies,  6— 
329,  438,  765,  768,  1005. 

(See  Condition.) 

National  banks.  Reserves  to  loans,  1910-1916, 

2— 506,  661. 

(See  Ratio,  principal  heading.) 

Rediscounts.  (See  supra,  Equalization.) 

Report  of — 

Method,  2 — 668. 

New  form,  Boston  Clearing  House,  3 — 83. 
Required  reserves — 

Actual  and.  National  banks,  1915-1917,  2 — 672; 

3— 483,  484  (chart);  5—140;  6—144. 

Federal  Reserve  Banks — 

1915- 1917,  1—234;  2—261;  3—56,  483,  484 
(chart). 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


203 


RESERVES — Continued. 

Required  reserves — Continued. 

Federal  Reserve  Banks — Continued. 

1918-1920,  5—65,  136,  137,  768,  774,  838; 
6—144,  479,  668,  724,  1296,  1297. 

( See  Resources  and  liabilities.) 

Requirements.  Reserve.  Changes  in — 

Act  June  21,  1917,  3 — 503,  508. 

Foreign  branches.  Requirements  of  section  19 
do  not  apply  to,  4 — 1123. 

Changes  in,  4 — 1055,  1124. 

Circulars  on  changes,  Federal  Reserve  Bank  of 
New  York,  4 — 1086. 

Effect  of  lowered,  3 — 107,  109,  503. 
Requirements,  Reserve.  State  laws,  3 — 768. 

Reserve  Agents,  approved — 

( See  supra,  Aggregate.) 

( See  infra,  State  banks.) 

Reserve  cities.  Outlying  districts  of,  4 — 1086,  1124. 
Savings  deposits,  1 — 73,  211. 

( See  supra,  Computation;  Deposits,  reserve.) 

Seay,  Governor.  Favors  anticipation  of  final  reserve 
payment,  2 — 5. 

Section  19,  Federal  Reserve  Act.  Reserves,  10  per 
cent  limitation — 

Does  not  apply  to  deposits  by  member  banks  in 
foreign  banks,  5 — 1054. 

Reserve  requirements  of,  do  not  apply  to  foreign 
branches,  4 — 1123. 

Shipments  of  currency  and  specie,  for  reserve  purposes, 
3—615. 

( See  supra,  Conditions,  reserve.) 

( See  Review  of  month.) 

Specie.  Shipment  of,  for  reserve  purposes,  3 — 615. 
State  banks  and  trust  companies — 

Agents.  Approved  reserve.  Deposits  with,  to 
count  as  reserves,  1—75. 

Balances  with  other  State  banks  to  count  as,  1 — 
368. 

Branches.  ( See  infra,  Parent  bank.) 

Federal  Reserve  notes.  To  count  as  reserves  if 
laws  of  State  permit,  1—318. 

National  bank  notes  to  count  as  reserves  if  laws 
of  State  permit,  1 — 318. 

New  York,  prescribed  reserves,  4 — 524. 

Parent  bank.  Reserves  should  be  based  on  aggre¬ 
gate  deposits  of,  and  branches,  1 — 125. 

State  laws — 

Reserve  requirements,  3 — 768. 

(See  State  laws,  principal  heading.) 

Statement.  Reserve.  New  form,  Boston  Clearing 
House,  3 — 83. 

Table.  Effect  on  reserves  of  act  June  21, 1917, 3 — 107, 
109,  503. 

Transfers  of  reserves  under  act  June  21,  1917,  2 — 668. 
Trust  company.  ( See  supra,  Deposits,  reserve; 

State  banks  and  trust  companies.) 

United  States  Shipping  Board.  Deposits  of,  are  not 
Government  deposits  and  require  reserves,  5 — 
1054. 

Vault  cash,  required — 

Circular.  Federal  Reserve  Bank  of  New  York, 
2—669. 

Member  banks — 

May  report  cash  in,  and  in  Federal  Reserve 
Bank  as  one  item,  2 — 668. 


RESERVES — Continued. 

Vault  cash,  required — Continued. 

Member  banks — Continued. 

May  carry  vault  cash  reserve  in  Federal 
Reserve  Bank,  2—508,  606,  668. 

(See  supra,  Aggregate.) 

Warburg,  P.  M. — 

Favors  new  reserve  requirements,  2 — 669. 
Transfers  of  reserves  under  act  June  21,  1917, 
2—668. 

RESIDENCE. 

Acceptance  payable  at  place  other  than,  of  acceptor 
is  a  general  acceptance  and  negotiable  unless 
expressly  stipulated  payable  there  and  not  else¬ 
where,  3—289;  5—142. 

Presentment  of  bill  for  acceptance  not  necessary 
unless  bill  so  provides  or  unless  payable  else¬ 
where  than  at  place  of  business  or,  of  drawee, 
2—608. 

RESIDENTS. 

Directors  of  Federal  Reserve  Banks  must  be,  of  dis¬ 
trict,  2—607. 

Persons  who  are,  of  part  of  district  transferred  can 
not  be  elected  Class  A  director  of  district  from 
which  transferred,  2 — 607. 

RESOLUTIONS. 

Federal  Advisory  Council  and  Class  A  directors. 
Resolution  sent  to  Interstate  Commerce  Com¬ 
mission.  Railroad  car  shortage,  6 — 566,  581. 
Federal  Reserve  Board — 

Against  holding  by  directors  of  public  or  political 
offices,  2—2,  16;  6—10. 

Resignation  of  Mr.  Delano,  4 — 587. 

Resignation  of  Mr.  Warburg,  4 — 810. 

Resignation  of  Secretary  McAdoo,  4 — 1173. 
International  Financial  Conference,  Brussels,  6 — 
581,  1282,  1283,  1284,  1286. 

Loans  to  directors.  Section  22,  3 — 614,  694,  929. 
New  York  Clearing  House  Association — 

Interest  on  bank  deposits,  4 — 286,  290. 

Legal  reserves,  4 — 289. 

Promulgating  new  currency  law  for  British  India, 
6—1298. 

Senate  resolutions.  (See  Congress;  Federal  Reserve 
Board;  Senate,  United  States.) 

(See  Federal  Reserve  Board,  statements.) 

RESOURCES. 

Federal  Reserve  Banks — 

November,  1914-March,  1917;  April,  1917-July, 
1919,  5—771. 

(See  Resources  and  liabilities.) 

Member  banks,  constitute  75  per  cent  of  resources  of 
all  eligible  banks  in  United  States,  5 — 4. 

Savings  banks,  5 — 51. 

State  member  banks.  (See  Admission  of;  Gross  re¬ 
sources;  Resources  and  liabilities;  State  banks 
and  trust  companies.) 

RESOURCES  AND  LIABILITIES. 

Argentine  banks.  (See  Argentina.) 

European  central  banks,  1914-1919,  2 — 659;  3 — 234, 
329,  500,  681,  942;  4—243,  267,  269,  375,  382,  996, 
1057,  1077,  1167;  5—140,  197,  294,  463,  648,  649, 
849, 1008, 1200;  6—144,  218, 485,  4S7,  488,  893,  909, 
1044,  1047,  1049,  1295. 

(See  Individual  foreign  banks,  by  name.) 

Farm  land  bank  system,  4 — 1195. 


204 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


RESOURCES  AND  LIABILITIES— Continued. 

Federal  Reserve  Banks,  I — 53,  60, 112, 170,  234  (chart), 
246,  294,  339,  387,  428;  2—46,  93,  143,  197,  252, 
301,  364,  426,  499,  579,  650,  720;  3—67,  145,  226, 
322,  416,  491,  570,  645,  722,  820,  910,  983;  4—58, 
142,  234,  347,  468,  675,  782,  902,  1030,  1148,  1168, 
1245;  5—64,  87,  106,  172,  198,  282,  394,  498,  595, 
687,  764,  766,  771,  797,  890,  993,  1089,  1186;  6— 
96,  196,  314,  329,  421,  438,  537,  645,  728,  748,  876, 
988,  1005,  1106,  1235,  1351. 

Member  banks,  4—796,  916;  5—92,  177,  183,  287, 
296,  399.  505,  513,  600,  692,  784,  785,  786,  805, 
896,  903,  999,  1095,  1192;  6—163,  204,  320,  428, 
544,  652,  729,  754,  764,  768,  883,  995,  1112,  1241, 
1357. 

(See  Member  bank  condition  statement.) 

National  banks — 

March  4,  1914,  1—61. 

December  31,  1914,  1 — 61. 

March  4,  1915,  1—61. 

June-November,  1916,  3 — 174. 

November,  1916-December,  1916,  3 — 161,  372. 
1917,  3—174,  603,  665. 

1919,  4—17,  70,  90,  182,  372,  1093;  5—250,  446, 
838,  1153. 

1914-1920,  6—727. 

New  York  Clearing  House  banks,  4 — 28,  29. 

State  member  banks,  3 — 829;  4 — 408  ,  735,  917  ,  965; 

5— 4,  40,  49,  129,  183,  250,  296,  358,  465,  513, 
515,  562,  649,  738,  779,  782,  855,  903,  961,  1051; 

6— 329,  438.  729,  764,  891,  1005,  1299. 

(See  Gross  resources.) 

RESPONSIBILITY  FOR  CREDIT  STATEMENTS. 

Rests  with  purchasing  bank.  If  satisfactory  in  form, 
Federal  Reserve  Bank  may  accept  them  without 
passing  upon  them,  2 — 13. 

RESTRICTIONS. 

Credit,  (See  Conservation;  Credit.) 

Foreign  exchange  transactions,  removal  of,  5 — 169. 

(See  Foreign  exchange.) 

Foreign  trade,  4 — 1053. 

(See  Foreign  trade.) 

Loans.  (See  Bank  loans;  Conservation;  Credit; 
Loans.) 

Production,  4 — 1052. 

(See  Production.) 

Speculation,  Governor  Strong  to  New  York  Stock 
Exchange,  4 — 935. 

(See  Speculative  activity.) 

RETAIL  DEALERS. 

May  finance  sales  by  trade  acceptances  even  though 
drawn  after  failure  of  purchaser  to  remit  promptly 
on  open  account,  but  Federal  Reserve  Banks 
should  discriminate  as  far  as  possible  against  trade 
acceptances  to  liquidate  slow  open  accounts, 

4—30. 

Notes  of,  to  wholesalers  for  agricultural  implements 
arc  not  agricultural  paper,  2 — 526;  4 — 1118. 

RETAIL  PRICES. 

(See  Prices.) 

RETAIL  SALES. 

Note  of  merchant  for  purchase  of  commodities  for,  is 
not  agricultural  paper,  2 — 526;  4 — 1118. 


RETAIL  TRADE. 

(See  Business  conditions.) 

RETAIL  TRADE  INDEX.  5—77,  157,  267,  379,  484, 
5S0,  670,  753,  867,  974,  1067,  1164;  6—53,  238,  377, 
503,  614,  706,  839,  951,  1066,  1195,  1258,  1307. 
Review,  1920,  6—1258. 

(See  Business  conditions;  Physical  volume  of  trade.) 

RETIREMENT. 

Aldrich-Vreeland  notes.  Low  discount  rates  to 
assist,  1 — 47. 

Circulation.  (See  Federal  Reserve  notes;  National 
bank  notes.) 

REVENUE. 

Definition.  Warrants,  2 — 170. 

REVENUE  ACT,  WAR. 

H.  R.  report,  3 — 251. 

Text  of  act,  3 — 248. 

REVENUE  LEGISLATION. 

President  Wilson  to  Congress  on,  4 — 497. 

Secretary  of  Treasury  to  Ways  and  Means  Committee 
on,  4 — 847. 

(See  Secretary  of  Treasury.) 

REVENUE  STAMPS. 

(See  Tax.) 

REVENUE  WARRANTS. 

(See  Warrants.) 

REVENUES,  GOVERNMENT. 

(See  Expenses,  United  States  Government;  Indi¬ 
vidual  nations  by  name;  United  States.) 

REVIEW. 

Business  activity,  1920,  6 — 1259. 

Business  and  banking  conditions.  (See  Banking  con¬ 
ditions;  Business  conditions;  Financial  condi¬ 
tions.) 

Court  review.  (See  Clayton  Act.) 

Federal  Reserve  System — 

1914-1917,  5—3,  771. 

1917-1919,  5—771. 

1920,  fiscal  year,  6 — 662. 

Fiscal  year,  1920,  6 — 661,  1253. 

Foreign  exchange  situation,  6 — 898,  900,  901,  902,  903. 
Fiscal  year  1920,  6 — 1260. 

International  Financial  Conference,  Brussels,  6 — 1288. 
League  of  Nations.  Foreign  exchange  situation, 
6 — S98,  901,  902,  903. 

Movement  of  goods,  1920,  6 — 1256. 

Net  ton  mileage,  railroads,  1918-1920,  6 — 1257. 

Prices,  1920,  6—1254,  1260. 

Production,  1920,  6 — 1255. 

Retail  trade,  1920,  6—1258. 

REVIEW  OF  MONTH,  1—5,  65,  117,  175,  251,  297,  345; 

2— 1,  51,  89,  151,  205,  261,  309,  371,  437,  507,  587,  663; 

3— 1,  75,  153,  235,  335,  423,  497,  577,  651,  729,  827,  917; 

4— 1,  69, 153,  247,  359,  484,  587,  685,  801,  921, 1045, 1163; 

5— 1,  99, 189.  303,  407,  521,  611,  703,  813,  909, 1009, 1105; 

6— 1,  113,  213,  329,  445.  553,  661,  769,  897,  1011,  1123, 
1253.) 

REVIEW  OF  YEAR. 

1918,  5—1,  3. 

1920,  6—661,  1253. 

REVISED  STATUTES. 

(See  United  States  Revised  Statutes.) 

REVISION  OF  TIME  SCHEDULES,  4r-371. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


205 


REVOLVING  ACCEPTANCE  CREDITS. 

Belgium  industrial  credit,  5 — 308. 

Import,  with  renewal  privileges  under  which  drawer 
agrees  to  produce  or  purchase  in  South  America, 
quebracho  extract  and  assign  it  to  accepting 
bank,  held  not  to  be  a  valid  import  acceptance, 

4 —  976. 

Policy  of  Federal  Reserve  Board  as  to,  4 — 257; 

5— 308,  309. 

(See  Federal  Reserve  Board.) 

Practically  a  guaranty  of  fixed  rate  of  interest, 
2—587,  588;  4—259. 

Term  should  not,  as  a  rule,  run  for  more  than  one  vear, 
4—257. 

(See  Acceptances,  export  and  import;  Acceptances, 
renewal;  Federal  Reserve  Board.; 

RHODE  ISLAND. 

Laws — 

Acceptance,  3 — 533. 

Foreign  banking  corporations,  5 — 61. 

Reserves,  3 — 788. 

List,  State  member  banks,  4 — 95,  1081. 

RHODESIA. 

Gold  production,  1909-1919,  5 — 19. 

RIBBONS. 

Terms  of  sale,  6 — 167. 

RIDER. 

Federal  Reserve  Agents  may  attach  a,  to  paper 
pledged  against  Federal  Reserve  notes  returned 
for  collection  to  Federal  Reserve  Bank,  to  serve 
as  notice  to  any  bank  to  which  Federal  Reserve 
Bank  may  send  it  for  collection  that  Federal 
Reserve  Bank  holds  it  for  collection  only,  3 — 351. 

RIKSBANK,  SWEDEN. 

Condition,  1914-1919,  2—659;  3—331,  681;  4—269, 
376,  377,  380,  381,  997,  1064,  1077;  5—140,  463, 
648,  849,  1201;  6—45,  145,  488,  1297. 

Deposits,  1914-1919,  5—648,  1200. 

Federal  Reserve  System,  comparison  with.  (See 
supra.  Condition.) 

Gold  reserves,  1914-1919,  5—648,  1200;  6—145,  1297. 
Notes  in  circulation,  1914-1919,  3 — 331;  5 — 648, 1200. 
Ratio.  Reserves  to  liabilities,  1914  -1919,  5 — 648, 1200. 
(See  Sweden.) 

RIO  DE  JANEIRO. 

Foreign  exchange  rates,  4 — 1199;  6 — 1158. 

(See  Foreign  exchange  rates;  Principal  heading; 
Brazil.) 

ROADS,  PUBLIC. 

(See  Capital  Issues  Committee.) 

ROME. 

Foreign  exchange  rates,  Paris  on,  6 — 1074. 

(See  Foreign  exchange  rates;  Italy.) 

ROTATION  IN  OFFICE. 

Federal  Reserve  Board  recommends,  for  Federal 
Advisory  Council,  2 — 51. 

ROT1MANIA. 

Loans  placed  in  United  States,  5 — 33;  6 — 688. 

Gold  reserves — 

1900-1919  ,  6—144. 

1913-1920,  6—1296. 

(See  National  Bank  of  Roumania.) 


ROVENSKY,  J.  E. 

Interview  on  clearing  of  acceptances  through  New 
York  Clearing  House,  4r— 820. 

ROWE,  W.  S. 

Elected  Class  A  director,  Cleveland,  3 — 7. 

RUBBER  GOODS. 

Terms  of  sale,  6 — 260. 

RUBLES,  RUSSIAN. 

Transactions  in,  forbidden,  5 — 469. 

Excepted  from  release  of  control  over  foreign  exchange 
transactions,  5 — 615,  652. 

Exportation  of,  permitted,  5 — 853. 

Importations  of,  forbidden,  5 — 853. 

RULES. 

(See  Capital  Issues  Committee.) 

RULES,  RIGHT  TO  AMEND. 

(See  Savings  accounts.) 

RULINGS. 

Attorney  General  of  United  States.  (See  Opinions, 
Attorney  General  of  United  States.) 

Commissioner  of  Internal  Revenue.  (See  same; 
Principal  heading.) 

Counsel  of  Federal  Reserve  Board.  (See  Opinions, 
counsel  of  Federal  Reserve  Board.) 

Federal  Reserve  Board.  (See  the  various  headings 
of  this  digest.) 

Foreign  Exchange  Division,  Federal  Reserve  Board, 
4—864  (Digest)  973,  1121,  1217;  5—469,  652,  653, 
853. 

Solicitor  of  Internal  Revenue.  (See  same.) 

Solicitor  of  Treasury.  (See  same.) 

RULINGS,  PRIORITY. 

War  Trade  Board,  4 — 1090. 

(See  War  Trade  Board.) 

RUMANIA. 

(See  Roumania.) 

RUPEES. 

Federal  Reserve  Board  to  furnish  rupee  drafts,  3 — 924. 
Secretary  of  Treasury  to  furnish  rupee  exchange, 
4—625. 

(See  Foreign  exchange;  Leffingwell,  Assistant 
Secretary.) 

Sale  of  rupees  for  gold  at  Ottawa,  by  Bank  of  Mon¬ 
treal,  5—917,  1015. 

Gold  value  of  silver  in  rupee — 

1873-1918,  5—949. 

1914-1919,  5—949,  1050. 

Gold  reserves  against,  1910-1920;  6 — 1297. 

(See  India.) 

RUSSIA. 

Banks  of  issue.  Condition,  1914-1920,  6 — 488. 
Bolshevik  territory  excepted  from  removal  of  re¬ 
strictions  on  foreign  exchange  transactions,  5 — 
615,  652,  853. 

Gold  production,  1900-1918,  5 — 19. 

Loans — 

Made  by  United  States  to,  3 — 424,  731;  4 — 279, 
1059. 

Placed  in  United  States  by,  5 — 33,  1015. 

National  debt,  3—14;  4—268,  276,  1057,  1063. 
National  City  Bank,  New  York,  branches  in,  4 — 944. 
Loan  to  Government  at  Omsk,  5 — 1015. 

United  States — 

Loans  placed  in,  by,  5 — 33,  1015;  6 — 688. 

Made  in,  to  Russia,  3 — 424,  731. 


206 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


R  U  S  S I A — Continue  d . 

Wax  loans,  3 — 349;  4 — 276,  1063. 

( See  supra  National  debt.) 

( See  Petrograd;  Russian  State  Bank.) 

RUSSIAN  SOVIET  GOVERNMENT. 

Liability  agreed  upon  to  pay  British  subjects,  6 — 1312. 

RUSSIAN  STATE  BANK. 

Condition,  1913-1917,  2—659;  3—234,  330,  331,  500, 
681,  944,  946;  4—244,  269,  1167;  5—140,  1201; 
6—144,  1297. 

Discounts,  4 — 1167. 

Federal  Reserve  System,  comparison  with.  ( See  su¬ 
pra,  Condition.) 

Foreign  exchange  rates.  ( See  same.) 

Gold  reserves — 

1900-1918,  3—944,  946;  5—140,  1201. 

1910-1920,  6—144,  1297. 

Government  securities,  holdings  of,  4 — 1167. 

Notes  in  circulation,  1913-1916,  3 — 331. 

Reserves,  1913-1917.  (See  supra,  Condition.) 

(See  Petrograd;  Russia.) 

S. 

SALARIES. 

Adjustment  of,  to  meet  increase  in  cost  of  living, 
6—54,  1293. 

Federal  Reserve  Banks.  Adjustment  of,  6 — 54,  1293. 
Federal  Reserve  Board.  Staff,  1 — 30. 

Officers  and  employees,  to  be  approved  by  Federal 
Reserve  Board,  2 — 2,  64. 

Year  1918,  5—132. 

Year  1920,  6—54,  1293. 

(See  Earnings  and  expenses.) 

SALE. 

Bonds  of  national  banks  in  voluntary  liquidation. 
Bill  of  comptroller,  4 — 425. 

Conditional.  Can  not  serve  as  basis  of  trade  accept¬ 
ance,  5 — 964. 

Terms  of.  (See  Terms  of  sale,  principal  heading.) 

SALE  OF  ASSETS,  2—119. 

(See  National  banks.) 

SALES. 

Acceptances,  sales  of,  between  Federal  Reserve 
Banks.  (See  Federal  Reserve  Banks;  Redis¬ 
counts.) 

Average.  (See  Retail  trade.) 

Bankers’  acceptances.  Between  Federal  Reserve 
Banks.  (See  Discount  and  open  market  opera¬ 
tions.) 

Corporation,  sales.  Draft  drawn  by  lumber  company 
upon  a  sales  corporation  in  which  it  owns  stock 
is  a  good  trade  acceptance  if  in  good  faith  and  if 
sales  company  is  not  really  the  agent  of  the 
lumber  company,  4 — 33. 

Installment.  Purchaser  of  goods  by,  delivers  to 
seller  his  acceptances  in  blank  with  authority 
to  drawer  to  fill  in  his  name  and  also  maturity 
date  at  time  of  each  installment.  Held  a  valid 
trade  acceptance,  4 — 437. 

Net.  (See  Production.) 

Retail — 

Note  of  merchant  for  purchase  of  commodities 
for,  held  not  to  be  agricultural  paper,  2 — 526. 
(See  Retail  trade.) 


SALT  LAKE  CITY. 

Branch  bank,  4 — 256,  365. 

Directors  and  employees,  5 — 127,  779;  6 — 61. 

SAN  FRANCISCO,  FEDERAL  RESERVE  BANK  OF. 

Increase  in  local  rates,  4 — 813,  814. 

(See  Discount  rates.) 

(See  Federal  Reserve  Bank  of  San  Francisco.) 
SANSOM,  M. 

Elected  Class  B  director,  Dallas,  3 — 8. 

SANTO  DOMINGO. 

Loans  placed  in  United  States,  5 — 33;  6 — 688. 

SAO  PAULO. 

Bonds  offered  in  United  States,  5 — 1015. 

(See  Brazil.) 

SAULT  STE.  MARIE  CANAL. 

(See  Physical  volume  of  trade.) 

SAVANNAH  AGENCY. 

(See  Annual  report,  p.  38.) 

SAVING. 

Necessity  for,  4 — 1,  18,  485,  1047,  1053;  5 — 102,  521, 
613. 

(See  Conservation;  Thrift.) 

SAVINGS. 

Current,  measured  in  goods,  probably  not  materially 
greater  than  before  war,  5 — 613. 

Diminished  since  war,  5 — 613. 

Financing  of  export  trade  in  excess  of,  will  cause 
increase  of  prices,  5 — 613. 

Measured  in  prices,  savings  are  much  greater  than 
before  war,  5 — 613. 

(See  Conservation;  Credit.) 

SAVINGS  ACCOUNTS. 

Acceptance  of  terms  by  depositor.  (See  infra,  Terms.) 
Advertise.  Right  of  national  bank  to,  1 — 18. 

Amend  rules.  (See  infra,  Notice.) 

Check.  (See  infra,  Exchange.) 

Checking.  If  subject  to,  must  carry  full  reserves  as 
demand  deposits,  1 — 73. 

Circular  6,  1915,  superseding  Regulation  7,  1914. 
Text,  1—38. 

Courtesy.  Waiver  by.  (See  infra,  Notice.) 
Deduction  of  exchange.  (See  infra,  Exchange.) 
Definition  of,  1 — 73. 

Demand  deposits — 

Distinction  between  savings  accounts  and,  1 — 

211. 

Time  certificates  within  30  days  of  maturity  be¬ 
come,  5 — 652,  655. 

Depositor.  Signature  of.  (Nee  infra,  Terms.) 
Deposits — 

(See  supra,  Demand  deposits.) 

(See  infra,  Time  deposits.) 

Exchange  can  not  be  deducted  on  check  drawn 
against,  and  sent  for  collection  to  Federal  Re¬ 
serve  Baulk,  5 — 964. 

Federal  Reserve  Bank.  (See  supra,  Exchange.) 
National  banks.  Right  to  advertise,  1 — 18. 

Notice  of  withdrawal — 

Printed  regulations  requiring,  are  necessary,  1 — 
73;  2—168. 

Required  but  may  be  waived  by  courtesy,  1 — 211. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


207 


SAYINGS  ACCOUNTS— Continued. 

Notice  of  withdrawal — Continued. 

Bank  makes  no  regulations  as  to  notice  of  with¬ 
drawal  but  reserves  right  to  require  30  days’ 
notice  by  amendment  by  posted  notice  which 
shall  be  binding  upon  depositors.  Held  not 
a  savings  account,  2 — 611;  4 — 199. 

Thirty  days’,  required,  1 — 73;  2 — 686;  4 — 199; 
6—1065. 

(See  infra,  Waiver.) 

Pass  books — 

Must  be  evidenced  by,  1 — 73. 

When  presentation  of,  required  the  accounts  are 
time  savings  accounts  requiring  only  5  per 
cent  reserves,  1 — 73. 

Must  be  presented  on  deposits  and  withdrawals 
under  Regulation  E,  1915,  2 — 168. 

( See  Notice.) 

Bank  does  not  require  presentation  of  pass  books 
but  merely  reserves  right  to  do  so.  Held 
not  a  savings  account  under  Regulation  D, 
1916,  2—611. 

Presentation  of  pass  books.  (See  supra,  Pass  books.) 

Regulation  7,  1914 — 

Superseded  by  Circular  6,  1915,  1 — 38. 
Superseded  by  Regulation  E,  1915,  1 — 39. 

Regulations — 

D,  1916,  2 — 611. 

Text,  2 — 534. 

(See  Pass  books;  Time  deposits.) 

D,  1917.  Text,  3—543. 

(See  Notice;  Time  deposits.) 

D,  1920,  6—1182. 

E,  1915,  supersedes  Regulation  7,  1914.  Text, 

1—39. 

Regulations  of  bank.  Not  less  than  30  days’  notice 
must  be  expressly  reserved.  Mere  reference  to 
right  reserved  in,  not  sufficient,  6 — 1065. 

Reservation  by  bank.  (See  supra,  Notice.) 

Reserves  against — 

If  withdrawals  permitted  only  on  presentation  of 
pass  book,  the  account  is  a  time  savings  ac¬ 
count  requiring  only  5  per  cent  reserve,  1 — 73. 
If  deposits  are  subject  to  check  must  carry  full 
reserve,  1 — 73. 

If  notice  of  withdrawal  is  specifically  required, 
reserve  need  be  only  5  per  cent,  1 — 211. 

Rules.  (See  supra,  Notice.) 

Signature  of  depositor.  (See  infra,  Terms.) 

Terms.  Presentation  of  pass  book.  Notice  of  with¬ 
drawal.  Acceptance  of  these  terms  under  signa¬ 
ture  of  depositor,  2 — 168. 

Thirty  days’  notice.  (See  supra,  Notice.) 

Time  certificates  of  deposit,  distinction  between 
savings  accounts  and,  1 — 73. 

Time  deposits — 

Distinction  between  savings  accounts  and,  1 — 73. 
Regulations  merely  authorizing  bank  to  require 
presentation  of  pass  book  are  not  savings  ac¬ 
counts  or,  under  Regulation  D,  1916,  2—611. 
Regulations  not  requiring  notice  of  withdrawal 
but  reserving  right  in  bank  to  amend  the 
regulations,  so  as  to  require  notice,  by 
posted  notices  which  are  to  be  binding  on 
depositors,  held  not  to  be  savings  accounts 
nor,  under  Regulation  D,  1917,  4 — 199. 
Within  30  days  of  maturity  become  demand 
deposits,  5 — 652,  655. 


SAYINGS  ACCOUNTS— Continued. 

Time  savings  accounts.  If  withdrawals  permitted 
only  on  presentation  of  pass  book,  the  accounts 
are  time  savings  accounts  requiring  only  5  per 
cent  reserves,  1—73. 

Waiver  of  right  to  demand  notice.  If  specifically 
required,  may  be  waived  by  courtesy,  1 — 211. 

SAYINGS  AND  LOAN  ASSOCIATIONS. 

Are  banks  within  meaning  of  Clayton  Act,  2 — 118. 

SAYINGS  BANK  OF  RICHMOND,  YA. 

Reasons  for  joining  Federal  Reserve  System,  3 — 356. 

SAYINGS  BANKS. 

Acceptances.  (See  infra,  Bankers’  acceptances.) 
Amendment,  proposed.  Membership  in  Federal  Re¬ 
serve  System,  5 — 50. 

Assistance  to.  (See  infra,  Federal  Reserve  Board.) 
“Bank.”  Section  1,  does  not  include  mutual,  5 — 53. 
Bankers’  acceptances — 

May  invest  deposits  and  guaranty  funds  in. 

New  York  laws,  4 — 525. 

Purchases  of,  by,  4 — 953. 

Bills  of  exchange.  May  invest  deposits  and  guaranty 
funds  in.  New  York  laws,  4 — 525. 

Class  C  directors  of  Federal  Reserve  Banks  can  not 
serve  as  directors  of  mutual,  5 — 53. 

Condition  of,  4 — 952;  5 — 51. 

Deposits — 

1900-1914,  1—235. 

Investment  of,  in  bankers’  acceptances  and  bills 
of  exchange.  New  York  laws,  4—525. 

May  receive,  of  Liberty  bonds  for  safe-keeping. 
New  York  laws,  4 — 525. 

Withdrawal  of.  Federal  Reserve  Board  promises 
assistance  in  case  of,  in  connection  with  Lib¬ 
erty  loans,  3 — 426. 

Director — 

(See  supra,  Class  C  director.) 

(See  infra,  Mutual  savings  bank;  Member  bank.) 
Federal  Reserve  Banks — 

Class  C  directors  can  not  serve  as  directors  of 
mutual,  5 — 53. 

(See  infra,  Liberty  loans,  rediscount  privileges.) 
Federal  Reserve  Board  promises  assistance  through 
member  banks,  in  case  of  withdrawal  of  deposits 
in  connection  with  Liberty  loans,  3 — 426. 
Federal  Reserve  System — 

Mutual  savings  banks,  having  no  capital  stock  nor 
stockholders  are  not  eligible  to  join,  3 — 950. 
Proposed  amendment  permitting  mutual  savings 
banks  to  join,  5 — 50. 

Guaranty  funds.  May  deposit,  in  bankers’  accept¬ 
ances  and  bills  of  exchange.  New  York  laws,  4 — 
525. 

Holdings.  (See  infra,  Liberty  bonds;  United  States 
Treasury  certificates.) 

Investments  of,  4 — 953. 

Liberty  bonds — 

Holdings  of,  4 — 856,  952. 

New  York  laws  authorize  deposits  of,  for  safe¬ 
keeping,  4 — 525. 

Percentages  of  holdings  to  total  assets,  4 — 954. 
Liberty  loans — 

Effect  of,  on,  3 — 426. 

Federal  Reserve  Board  promises  assistance  in  case 
of  withdrawals  of  deposits  in  connection  with, 
3—426. 

Partial  payment  plan,  4 — 952. 


208 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


SAVINGS  BANKS— Continued. 

Liberty  loans — Continued. 

Rediscount  privileges.  May  rediscount  notes 
through  member  banks  at  Federal  Reserve 
Banks  in  connection  with,  3 — 426,  430,  509. 

( See  Nonmember  banks.) 

Subscriptions  to,  4 — 856,  952. 

Member  bank.  ( See  infra,  Mutual  savings  banks, 
member  bank.) 

Mutual  savings  banks — 

“Bank,”  section  1,  Federal  Reserve  act,  does 
not  include,  but  no  director  of  Class  C  should 
be  a  director  of,  or  any  banking  association, 
5—53. 

Federal  Reserve  System — 

Not  eligible  to  enter,  having  no  stock  nor 
stockholders,  2 — 394. 

Proposed  amendment  allowing  admission, 
5—50. 

Member  bank.  Director  of  mutual  savings  bank, 
having  no  capital  stock  nor  stockholders, 
may  serve  as  director  of  member  bank, 
whether  or  not  in  substantial  competition, 
2—394. 

New  York  laws — 

May  invest  deposits  and  guaranty  funds  in 
bankers’  acceptances  and  bills  of  exchange, 
4—525. 

May  receive  deposits  of  Liberty  bonds  for  safe¬ 
keeping,  4r— 525. 

Partial  payments  for  Liberty  bonds,  4 — 952. 
Purchases  of  bankers’  acceptances,  4 — 953. 

Purchases  of  Treasury  certificates,  4 — 953. 
Rediscount  privileges.  ( See  supra,  Federal  Reserve 
Banks.) 

Resources  of,  4 — 952;  5 — 51. 

Stock.  ( See  supra,  Mutual  savings  banks.) 
Stockholders.  ( See  supra,  Mutual  savings  banks.) 
United  States  Council  of  State  Banking  Associations 
favors  admission  of,  into  Federal  Reserve  System, 
5—50. 

United  States  Treasury  certificates.  Purchases  of, 
4—856,  952. 

Withdrawal  of  deposits.  Federal  Reserve  Board 
promises  assistance  in  case  of,  in  connection  with 
Liberty  loans,  3 — 426. 

SAVINGS  DEPARTMENT,  NATIONAL  BANK. 

Suggested  amendment,  5 — 51. 

SAVINGS  DEPOSITS. 

Made  by  member  trust  company  from  its  savings 
departments  with  Federal  Reserve  Bank  counts 
as  reserve  against  its  savings  deposits,  5 — 652,  654, 
(See  Postal  savings  deposits.) 

SCANDINAVIAN  MONETARY  UNION,  1914-1919. 

Gold  policy  and  foreign  commerce,  6 — 35. 

SCHEDULE  A,  ACT  OCTOBER  3,  1917. 

(See  Tax.) 

SCHEDULE,  INTERDISTRICT  TIME. 

For  Federal  Reserve  Banks,  4 — 1175;  6 — 746,  987. 
(See  Interdistrict  time  schedule.) 

SCHEDULE  OF  AVAILABILITY. 

Bankers’  acceptances  collected  by  Federal  Reserve 
Banks,  5 — 245. 

SCHEDULES. 

Revision  of  time,  4 — 371,  372. 

(See  Clearing  system;  Interdistrict  time  schedule. 
Symbol. 


SCHOOLS. 

(See  Capital  Issues  Committee.) 

SEATTLE. 

Branch  bank,  3—155,  339;  4r— 10,  15;  5—127,  779; 
6—61. 

Failure  of  some  small  State  banks  in,  3 — 155. 

SEAY,  GOVERNOR. 

Favors  anticipation  of  final  reserve  payment,  due 
November  16,  1916,  2 — 5. 

SECRETARY  OF  AGRICULTURE. 

(See  Department  of  Agriculture.) 

SECRETARY  OF  COMMERCE. 

(See  Department  of  Commerce.) 

SECRETARY  OF  FEDERAL  RESERVE  BOARD. 

(See  Federal  Reserve  Board.) 

SECRETARY  OF  INTERIOR. 

(See  Department  of  Interior.) 

SECRETARY  OF  LABOR. 

(See  Department  of  Labor.) 

SECRETARY  OF  THE  TREASURY. 

Abolishment  of  United  States  Subtreasuries.  Letter 
to  Congress  opposing  at  this  time,  3 — 110. 

Act  April  13,  1918.  (See  infra,  Silver  bullion.) 

Ad  interim  certificates.  No  charges  for,  3 — 600. 
Address,  American  Bankers  Association,  0 — 1125. 
Agricultural  Department  and  Treasury.  Joint  relief 
for  farmers,  4 — 807,  829. 

Aldrich-Vreeland  notes.  Federal  Reserve  notes  in 
lieu  of,  1 — 50. 

Aliens.  Nonresident.  (See  infra,  Income  tax.) 
Allies.  Funding  of  interest  on  debt,  6 — 7. 

Allies.  Loans  to.  (See  infra,  Loans  to  Allies.) 
Allotment  of  Liberty  bonds.  (See  Liberty  loans, 
principal  heading;  United  States  bonds,  princi¬ 
pal  heading.) 

American  Bankers’  Association — 

Address  before,  6 — 1125. 

Thanks  to,  for  Liberty  loan  work,  3 — 438. 
American  dollar.  Stabilization  of.  Letter  to  United 
States  Senate,  4 — 626. 

Announcement  of  loans.  (See  Liberty  loans,  prin¬ 
cipal  heading.) 

Annual  report,  1917,  4 — 18. 

Approval  of  export  licenses  issued  by  Federal  Re¬ 
serve  Board,  3 — 736.  738. 

Assignment  of  bonds.  (See  United  States  bonds, 
principal  heading.) 

Attorney  General  of  United  States.  Opinions  rendered 
to.  (See  Opinions,  Attorney  General  of  United 
States,  principal  heading.) 

Banks.  Letters  to — 

Government  finances,  5 — 725,  726. 

Liberty  loan  IV,  4 — 612. 

No  further  issues  of  Liberty  loans,  5 — 725,  909,  910. 
United  States  Treasury  certificates.  Asks  banks 
to  set  aside  1  per  cent  of  resources  for,  4 — 260. 
Bond  purchase  fund.  (See  United  States  bonds, 
principal  heading.) 

Bonuses  to  soldiers,  6 — 340. 

Books.  Production  of.  (See  infra,  Production  of 
books.) 

British  exchequer  notes.  Approves  offer  of  150  mil¬ 
lions,  3 — 653. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


209 


SECRETARY  OF  THE  TREASURY— Continued. 
Budget  system.  Letter  to  H.  R.  committee  favoring, 
5—937. 

Building  construction.  Letter  to  Gompers,  4 — 264. 
Bullion  and  foreign  coin.  Issue  of  gold  certificates 
against,  2 — 311. 

( See  infra,  Silver  bullion.) 

Canadian  short-term  credit.  Approves,  3 — 603. 
Canners.  Direct  advances  to,  4 — 831. 

Capital  Issues  Committee — 

Statement  as  to,  of  Federal  Reserve  Board,  4 — 74, 
78,  157. 

Suspension  of,  5 — 18,  193. 

(See  infra,  Federal  stock  publicity  act.) 

( See  Capital  Issues  Committee,  principal  head¬ 
ing.) 

Cash  payments.  ( See  infra,  Liberty  loans.) 

Cashing  of  coupons.  ( See  infra,  Liberty  loans.) 
Certificates,  United  States  Treasury.  ( See  infra. 
United  States  Treasury  certificates;  United 
States  Treasury  certificates,  principal  heading.) 
Chambers  of  Commerce  of  United  States.  Letter  to, 
on  foreign  financing,  6 — 137. 

Checks.  Report,  International  High  Commission, 
4—518. 

Circular — 

War  Savings  certificates,  4 — 87. 

(See  Liberty  loans,  principal  heading;  United 
States  bonds,  principal  heading.) 

Circulation,  additional.  (See  United  States  bonds, 
principal  heading.) 

Confiscation  of  deposits.  (See  infra,  Deposits.) 
Construction,  building.  (See  supra,  Building  con¬ 
struction.) 

Contraction  of  credits,  5 — 191. 

Conversion.  (See  Liberty  loans,  principal  heading; 

United  States  bonds,  principal  heading.) 

Cost  of  war,  5 — 20,  726. 

Coupons.  (See  Liberty  bonds,  principal  heading.) 
Credit.  Payment  by.  (See  Liberty  loans,  principal 
heading.) 

Credits.  (See  supra,  Contraction  of  credits.) 

Credits  to  European  countries,  6 — 137. 

Crop  moving  funds — 

Deposit  in  Federal  Reserve  Banks,  1 — 260,  301. 
Three  Federal  Reserve  Banks  refuse,  1 — 302. 
Debt  of  Allies.  (See  supra,  Allies.) 

Debt  policy.  Uniform,  5—100. 

Debt  situation,  5 — 100. 

Demand  and  supply.  (See  infra,  Foodstuffs.) 
Denominations.  (See  infra,  Exchange  of  bonds.) 
Deposits — 

Denial  of  intention  of  Government  to  confiscate, 
3—931. 

(See  Liberty  loans,  principal  heading.) 

Deposits  of  nonresident  aliens.  Banks  need  with¬ 
hold  at  source  only  normal  income  tax  of  2 
per  cent  upon  interest  paid  to.  Letter  to 
Congress,  4 — 163. 

Direct  advances — 

To  canners,  4 — 830. 

To  farmers,  4 — 807,  829. 

Emergency  currency.  (See  supra,  Aldrich-Vreeland 
notes.) 

European  countries.  Credits  to,  6 — 114,  137. 
37599°— 21- 


SECRETARY  OF  THE  TREASURY— Continued. 
Excess-profits  tax,  6 — 341,  1253. 

Exchange.  (See  infra,  Foreign  exchange  transac¬ 
tions;  Rupee  exchange;  United  States  bonds.) 
Exchange  of  bonds.  No  charge  for,  of  different 
denominations,  3 — 600. 

Exchange  with  Great  Britain.  Paish  Commission, 
1—50. 

Exchequer  notes.  (See  supra,  British  exchequer 
notes.) 

Expenditures,  Government.  (See  infra,  Government 
expenditures.) 

Exports,  gold — 

Approval  of  licenses  issued  by  Federal  Reserve 
Board,  4—23,  81. 

Power  to  investigate,  3 — 861. 

Regulations,  3—736,  738. 

(See  infra,  Foreign  exchange.) 

Farmers.  Joint  relief,  Agricultural  Department  and 
Treasury,  4 — 807,  829. 

Federal  Reserve  Banks — 

Crop-moving  funds  refused  by  three,  1 — 302. 
Fiscal  agents,  1 — 395;  3 — 423. 

(See  United  States  bonds,  principal  heading.) 
Foreign  agencies  of,  in  South  America,  1 — 313. 

Federal  Reserve  Board  dissents  in  part,  1 — 
348. 

Federal  Reserve  Board — 

Approval  of  export  licenses  issued  by,  3 — 736,  738. 

Delegates  to,  control  over  foreign  exchange, 
4—23,  81. 

Dissents  in  part  from  recommendations  of,  for 
Federal  Reserve  Bank  agencies  in  South 
America,  1 — 348. 

Federal  Reserve  notes — 

In  lieu  of  Aldrich-Vreeland  notes,  1 — 50. 

Not  bankable,  1 — 355. 

Federal  stock  publicity  act.  Reports  favorably  to 
Congress,  5 — 18,  193. 

(See  Capital  Issues  Committee.) 

Financial  program,  5 — 3,  100,  521,  703,  813,  909,  958, 
1009,  1105;  6—113,  137,  341,  1253. 

Financing  of  Victory  loan,  5 — 189,  218. 

Modified  by  Ways  and  Means  Committee,  5 — 189. 
Fiscal  agents,  Federal  Reserve  Banks  appointed,  1 — 
395;  3—423. 

Fiscal  year,  1920.  Revenue  will  equal  expenditures, 
5—726. 

Food  relief,  6 — -114. 

Foodstuffs.  Demand  and  supply  will  soon  govern, 
5—191. 

Foreign  coin.  Issue  of  gold  certificates  against,  2 — 311. 
Foreign  exchange.  Delegates  control  of,  to  Federal 
Reserve  Board,  4 — 23,  81. 

Foreign  exchange  transactions — 

Power  to  investigate,  3 — 861. 

Production  of  books  .and  papers,  3 — 861. 

Profits  from — 

Orders  inquiry,  4 — 626,  627. 

Report,  4 — -835. 

Foreign  financing.  Letter  to  Chamber  of  Commerce  of 
United  States  on,  6—137. 

Future  Treasury  financing,  6 — 113. 

Foreign  Government  securities.  Approves  British 
exchequer  notes  for  150  millions,  3 — 653. 


■14 


210 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


SECRETARY  OF  THE  TREASURY— Continued. 
Glass,  Carter — 

Appointed  Secretary  of  Treasury,  5 — 2. 

Accepts  appointment  to  United  States  Senate,  5 — 
1113. 

Gold  certificates.  Issue  against  foreign  coin  and  bul¬ 
lion,  2—311. 

Gold  exports — 

Power  to  investigate  and  order  production  of 
books  and  papers,  3 — 861. 

(See  supra,  Foreign  exchange.) 

Licenses,  Federal  Reserve  Board,  4 — 23,  81. 
Regulations,  3 — 736,  738. 

Gompers,  Samuel,  letter  to.  Building  construction, 
4—264. 

Government  revenues  and  expenditures,  5 — 218;  725, 
726;  6—113,  769. 

Government  finance.  Letter  to  banks,  5 — 726. 
Government  income,  will  equal  expenditures  in  fiscal 
year  1920,  5 — 726. 

Great  Britain— 

Approves  issue  of  150  millions  of  exchequer  notes, 

3—653. 

Exchange  with.  Paish  Commission,  1 — 50. 

H.  R.  committees.  ( See  infra,  Letters.) 

Houston,  D.  F.  Appointed  Secretary  of  the  Treas¬ 
ury,  6 — 121. 

Income,  Government.  ( See  supra,  Government  in¬ 
come.) 

Income  tax,  6 — 341,1253. 

Banks  need  withhold  at  source  only  the  2  per  cent 
normal  income  tax  on  deposits  of  nonresident 
aliens,  4 — 163. 

International  financial  situation,  6 — 139. 

Interest  rates — 

Unwise  to  increase,  on  Liberty  loans,  4 — 20. 

(See  infra,  Liberty  loans;  United  States  certifi¬ 
cates.) 

Interest  situation,  5 — 100. 

Interest,  Victory  loan,  5 — 100. 

International  High  Commission — 

Goes  to  meeting  of,  in  South  America,  2 — 151. 
Report  on  checks,  4 — 518. 

Returns  from  South  America,  2 — 261. 
Investigation — 

Foreign  exchange  transactions,  3 — 861. 

Gold  exports,  3 — 861. 

(See  supra,  Foreign  exchange.) 

Lamont,  T.  W.  Appointed  to  represent,  at  Paris,  5 — 
108. 

Letters — • 

To  banks — 

Liberty  loan  IV,  4 — 612. 

Government  finances,  5 — 218,  726. 

No  further  issues  of  Liberty  loans,  5 — 725, 
909,  910. 

United  States  Treasury  certificates— 

To  set  aside  1  per  cent  of  resources  for, 

4—260. 

Subscriptions  to,  5 — 958. 

To  Gompers,  S.  Building  construction,  4 — 264. 
To  President.  Resignation  of  Secretary  McAdoo. 

Reply  of  President,  4 — 1174. 

To  United  States  Senate.  Stabilization  of  Amer¬ 
ican  dollar,  4 — 626. 


SECRETARY  OF  THE  TREASURY— Continued. 
Letters — Continued . 

To  United  States.  United  States  Senate.  Sub¬ 
treasuries.  Opposes  abolishment  of,  3 — 110. 
To  Ways  and  Means  Committee — 

Budget,  October  4,  1919,  5 — 937. 

Extension  of  conversion  privileges,  January 
15,  1919,  5—329,  958. 

Financial  statement,  July  19,  1919,  5 — 725; 
6—113. 

Government  revenue  and  expenditures,  5 — 
189,  218;  6—341,  1253. 

Taxation,  4—589,  600,  847;  6—341,  1253. 
Victory  loan,  February  10,  1919,  5 — 189,  218, 
725. 

(See  Statements.) 

Liberty  loans — 

American  Bankers’  Association.  Thanks,  for 
services,  3 — 438. 

Announcement.  (See  Liberty  loans,  principal 
heading.) 

Banks.  Letters  to.  (See  supra,  Letters.) 
Cashing  of  coupons.  (See  Liberty  loans,  princi¬ 
pal  heading.) 

Conversion.  (See  Liberty  loans,  principal  head¬ 
ing.) 

Interest  rates.  (See  supra,  Interest.) 
Oversubscription.  (See  Liberty  loans,  principal 
heading.) 

Payment  for.  (See  Liberty  loans,  principal 
heading.) 

Public  moneys.  Deposits  of,  4 — 494. 

Statements  as  to,  3 — 432,  505,  600,  734,  932. 
Subscribers  should  not  sell,  4 — 19. 

Subscriptions.  (See  Liberty  loans,  principal 
heading.) 

Terms.  (See  Liberty  loans,  principal  heading.) 
Licenses.  (See  supra,  Foreign  exchange;  Gold  ex¬ 
ports.) 

Loans — 

Spanish  War.  Subscriptions,  3 — 343. 

War  Finance  Corporation.  Extension  of  power, 
5—190,  194,  227. 

Loans  to  Allies — 

Draft  of  bill.  Loans  of  unexpended  balance, 

5—22. 

Continuation  of,  favored,  5 — 22. 

McAdoo,  W.  G.  Resigns  as,  4-1173. 

Nonresident  aliens.  (See  supra,  Income  tax.) 
Open-market  purchases.  (See  United  States  bonds, 
principal  heading.) 

Oversubscription.  (See  Liberty  bonds,  principal 
heading.) 

Pan  American  Financial  Congress — 

Report  to  President  on,  1 — 313. 

Federal  Reserve  Board  dissents  in  part, 
1—348. 

Paris — 

Lamont, T.W.  Appointed  to  represent,  at,  5 — 108. 
Strauss,  A.,  appointed  to  represent,  at,  5 — 108. 
Payment.  (See  Liberty  bonds,  principal  heading.) 
Policy — 

Financial.  (See  supra,  Financial  program.) 

Sales  of  United  States  Treasury  certificates, 
3—337. 

Uniform  debt,  5 — 100. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


211 


SECRETARY  OF  THE  TREASURY— Continued. 
President  of  United  States— 

Report  to,  on  Pan  American  Financial  Congress, 
1—313. 

Federal  Reserve  Board  dissents  in  part, 
1—348. 

Letter  to,  accepting  resignation  of  Secretary 
McAdoo,  4 — 1174. 

Production  of  books.  Power  to  order,  in  foreign  ex¬ 
change  investigations,  3 — 861. 

Profits.  (See  supra,  Foreign  exchange.) 

Program .  Financial .  (See  supra ,  Financial  program . ) 
Public  moneys.  (See  supra,  Liberty  loans.) 

Purchase  of  United  States  bonds.  (See  United  States 
bonds,  principal  heading.) 

Rate  of  interest.  (See  supra,  Interest.) 

Regulations.  Gold  exports,  3 — 736,  738. 

Relief  for  farmers,  4—807,  829. 

Report.  Annual,  1917,  4—18. 

Report.  Checks.  International  High  Commission, 
4—518. 

Resignation  of  Secretary  McAdoo — 

Letter  to  President  and  reply,  4 — 1174. 
Resolution,  Federal  Reserve  Board,  4 — 1173. 
Resolution,  Federal  Reserve  Board.  On  resignation 
of  Secretary  McAdoo,  4 — 1173. 

Revenues.  (See  supra,  Government  revenues.) 

Rupee  exchange,  4 — 625. 

(See  Rupees.) 

Sale  of  Liberty  bonds  condemned,  4 — 19. 

Saving,  5 — 3. 

Short-term  credit.  (See  supra,  Canadian  short-term 
credit.) 

Silver  bullion.  Price  of,  under  act  April  13,  1918, 
raised  to  $1,015  per  ounce,  4 — 818. 

(See  Pittman  Act.) 

Soldiers’  bonus,  6 — 340. 

South  America — 

Favors  Federal  Reserve  Bank  agencies  in,  1 — 313. 

Federal  Reserve  Board  dissents  in  part,  1 — 348. 
Goes  to,  2 — 151. 

Returns  from,  2—261. 

Spanish  War  loan,  3 — 343. 

Stabilization  of  American  dollar.  Letter  to  United 
States  Senate,  4 — 626. 

Standard,  gold.  (See  supra,  Gold  standard.) 
Statements — 

Capital  Issues  Committee,  4 — 74,  78,  157. 
Suspension  of  Capital  Issues  Committee,  5 — 18, 
193. 

(See  Capital  Issues  Committee.) 

Financial,  5—189,  218,  589,  600,  725,  847. 
Subscriptions.  (See  Liberty  loans,  principal 
heading.) 

Taxation,  6 — 341,  1253. 

War  Finance  Corporation,  4 — 74,  78,  157;  5 — 189, 
194.  228. 

War  savings  certificates,  3 — 927. 

(See  supra,  Letters.) 

Strauss,  A.  Appointed  to  represent,  at  Paris,  5 — 108. 
Subscribers  should  not  sell  Liberty  bonds,  4 — -19. 
Subscriptions.  (See  Liberty  loans,  principal  heading.) 
Subscriptions,  Spanish  War  loan,  3 — 343. 


SECRETARY  OF  THE  TREASURY— Continued. 
Subscriptions,  United  States  Treasury  certificates, 

3— 652. 

Supply  and  demand.  (See  supra,  Foodstuffs.) 
Suspense  account.  Bond  sales,  2 — 158. 

Tax,  income.  (See  supra,  Income  tax.) 

Taxation.  Letters  on,  to  Ways  and  Means  Committee, 

4— 589,  600,  847;  6—341,  1253. 

Thrift,  5 — 3. 

Tour,  Liberty  bond,  3 — 429. 

Treasury  financing.  Future,  6 — 113. 

(See  supra,  Letters  to  Ways  and  Means  Committee.) 
Uniform  debt  policy,  5 — 100. 

United  States  Government  not  to  confiscate  deposits, 
3—931. 

United  States  one-year  Treasury  notes.  (See  same, 
principal  heading.) 

United  States  Senate — 

Hon.  Carter  Glass  accepts  appointment  to,  5 — 
1113. 

(See  supra,  Letters.) 

United  States  Sub  treasuries.  Opposes  abolishment  of, 
3—110. 

United  States,  Treasurer  of.  (See  United  States 
bonds,  principal  heading.) 

United  States  Treasury  certificates — 

Letter  to  banks — 

Setting  aside  of  1  per  cent  of  resources  for, 
4—260. 

Subscriptions  to,  5 — 958. 

Method  of  subscription,  3 — 652. 

Policy.  Sale  of,  3 — 337. 

Taxpayers.  For,  4 — 4. 

(See  United  States  Treasury  certificates,  principal 
heading.) 

Victory  loan — 

Announcement,  5 — 303,  442. 

Financing  of,  5 — 189,  218. 

Interest  on,  5 — 100. 

Letter  to  Ways  and  Means  Committee  on,  5 — 725. 
Necessity  for,  5 — 304. 

Ways  and  Means  Committee  modify  terms  of, 
5—189. 

Will  be  the  last  Liberty  loan,  5 — 303. 

War,  cost  of,  6 — 20,  726. 

War  Finance  Corporation — 

Direct  advances  to  canners,  4 — 830. 

Draft  of  act,  4—95. 

Recommends  broadening  of  loaning  power  of 

5—189,  194,  228. 

Statement  as  to,  4 — 74,  78,  157. 

War  savings  certificates — 

Circular,  4 — 87. 

Statement  as  to,  3 — 927. 

Ways  and  Means  Committee,  letters  to — 

Budget,  5 — 937. 

Extension  of  conversion  privileges,  5 — 228. 
Financial  policy,  5 — 725. 

Government  revenue  and  expenditures,  5 — 189, 
218. 

Taxation,  5—189,  218;  6—341,  1253. 

Victory  loan,  5 — 189,  218,  725. 

(See  supra,  Statements.) 


212 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


SECTION  2,  FEDERAL  RESERVE  ACT. 

(See  Opinions  of  counsel.) 

SECTION  4,  FEDERAL  RESERVE  ACT. 

(See  Opinions  of  counsel.) 

SECTION  5,  FEDERAL  RESERVE  ACT. 

(See  Opinions  of  counsel.) 

SECTION  7,  FEDERAL  RESERVE  ACT. 

(See  Dividends;  State  laws;  Semi-annual  dividends; 
Taxation;  United  States  bonds.) 

SECTION  9,  FEDERAL  RESERVE  ACT. 

(See  Amendments;  Double  liability;  Opinions  of 
counsel;  Reports  of  condition;  State  banks; 
United  States  Revised  Statutes,  section  5200.) 

SECTION  11  (k),  FEDERAL  RESERVE  ACT. 

(See  Amendments;  Fiduciary  powers.) 

SECTION  13,  FEDERAL  RESERVE  ACT. 

(See  Acceptances;  Actually  existing  values;  Amend¬ 
ments;  Bills  of  exchange;  Borrower;  Commercial 
paper;  Commodity  paper;  Construction;  Draft; 
Eligible;  Negotiable;  Notes;  State  banks;  Ten 
per  cent  limitation;  United  States  Revised  Stat¬ 
utes,  section  5200.) 

SECTION  16,  FEDERAL  RESERVE  ACT. 

(See  Deposits;  Federal  Reserve  notes;  Federal  Re¬ 
serve  Agents.) 

SECTION  18,  FEDERAL  RESERVE  ACT. 

(See  United  States  bonds.) 

SECTION  19,  FEDERAL  RESERVE  ACT. 

(See  Computation  of  reserves;  Deposits;  Excess  de¬ 
posits;  Foreign  banks;  National  banks;  Postal 
savings  deposits;  Reserves;  Savings  accounts; 
State  banks.) 

SECTION  22,  FEDERAL  RESERVE  ACT. 

Interpretation  of,  1 — 16. 

Penal  statute,  3 — 30,  694,  763. 

(See  Amendments;  Directors;  Fees;  Loans  to  directors; 
Officers.) 

SECTION  24,  FEDERAL  RESERVE  ACT. 

(See  Amendments ;  Farm  land  loans ;  Foreign  branches ; 
National  banks;  Real  estate  loans.) 

SECTION  25. 

(See  Act  September  17,  1919;  Foreign  banking  cor¬ 
porations;  Foreign  branches.) 

SECTION  25(a). 

(See  Edge  Act;  Foreign  banking  corporations.) 

SECTION  27. 

(See  Act  May  30,  1908;  Aldrich-Vreeland  Act.) 

SECTIONS  OF  UNITED  STATES  REVISED  STAT¬ 
UTES. 

(See  United  States  Revised  Statutes.) 

“SECURED  BY.” 

Definition,  1-72;  3-881. 

(See  Acceptances;  Commercial  paper;  United  States 
Revised  Statutes,  section  5200.) 

SECURITIES. 

Absorption  of  new,  in  United  States,  5-1014. 
European  central  banks,  holdings.  (See  European 
central  banks.) 

Executing  orders  for.  Federal  Reserve  Banks  have 
no  power  of,  for  member  banks,  1-346. 

Foreign  securities — 

Bank  holdings  of,  4-263. 

Warning  of  Federal  Reserve  Board  against  over¬ 
investment  in.  (See  British  exchequer 
notes.) 


SECURITIES— Continued. 

Hamlin,  C.  S.  Chairman  of  Capital  Issues  Committee. 
On  worthless,  5-18. 

New  issues  of.  Fiscal  year  1920,  6-669. 

Readily  marketable.  (See  same.) 

Rulings,  Foreign  Exchange  Division,  4-864,  973, 
1121,  1217;  5-469,  652,  653,  853. 

Yield  of,  after  income  tax  deductions,  6-9. 

(See  Federal  stock  publicity  act;  Foreign  securities; 
Government  securities;  India;  Liberty  loans; 
National  banks;  United  States  bonds;  United 
States  Treasury  certificates;  War  Trade  Board.) 

SECURITY. 

(See  Acceptances,  security;  Agricultural  and  live¬ 
stock  paper;  Bills  of  sale;  Bills  receivable;  Col¬ 
lateral  notes;  Certificate  of  participation;  Col¬ 
lateral  trust  notes;  Commercial  paper;  Commodity 
paper;  Cotton,  valorization;  Definitions,  “se¬ 
cured”;  Farm  land  loans;  Farm  loan  bonds;  In¬ 
dorsement;  Iron  ore;  Live  stock;  Member  bank 
collateral  notes;  National  bank  notes;  Pig  iron; 
Potatoes ;  Readily  marketable  securities ;  Readily 
marketable  staples;  Real  estate  loans;  Ten  per 
cent  limitation;  Timber,  uncut;  Undivided  in¬ 
terests;  United  States  bonds,  circulation;  United 
States  Government  vouchers ;  War  savings  stamps ; 
Warehouse  receipts;  Warrants.) 

SELDEN,  S.  L. 

Appointed  executive  secretary,  Capital  Issues  Com¬ 
mittee,  4 — 77. 

SEMIANNUAL  DIVIDENDS. 

Not  permissible,  1 — 220. 

SENATE  COMMITTEE  REPORTS. 

On  bills  submitted  by  Comptroller  of  the  Currencv, 
4—419. 

SENATE  RESOLUTIONS. 

(See  Congress.) 

SERBIA. 

Loans  placed  in  United  States,  5 — 33;  6 — 668. 

United  States  loans  to,  3 — 731;  4 — 279,  1059. 

SERIES. 

(See  Circulars  and  regulations.) 

SERVICE  CHARGES. 

Collection  of  acceptances,  5 — 246. 

Collection  of  bills  and  notes,  3 — 661;  5 — 28. 

Direct  routing,  3 — 660. 

Elimination  of  certain,  4 — 363,  371. 

Exemption  from,  3 — 660. 

Federal  Reserve  Banks  abolish,  4 — 371,  931. 

Items  returned  unpaid.  Fifteen-cent  charge,  4 — 371. 

Net  service  charges,  3 — 608. 

New  York  Clearing  House  Association — 

Collection  charges,  5 — 243. 

Par  list  items,  4 — 1056. 

Paid  other  Federal  Reserve  Banks,  4 — 103. 

Per  item,  2 — 314. 

Symbol.  Use  of,  suggested,  5 — 28. 

(See  Exchange  charges.) 

SERVICE,  MILITARY. 

Exemption  from,  for  Federal  Reserve  Bank  employees 
not  favored  by  Federal  Reserve  Board,  3 — 591. 

(See  Draft  law.) 

SERVICES,  COLLECTION. 

(See  Federal  Reserve  Banks;  Collection  services.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


213 


SETTLEMENT  OF  CLEARING  HOUSE  BALANCES. 

By  Federal  Reserve  Banks,  2 — 53. 

( See  Clearing  system.) 

SHALL. 

Distinction  between  “shall”  and  “may,”  2 — 115. 

SHANGHAI. 

Foreign  exchange  rates,  4 — 1199;  6 — 50,  1161. 

Japan  on,  5 — 733. 

London  on,  6 — 50. 

(See  China;  Foreign  exchange  rates;  New  York.) 
“SHARES.” 

Distinction  between  “stock”  and,  3 — 955. 

SHAWMUT  CORPORATION,  BOSTON. 

Has  no  foreign  branches,  5 — 855;  6 — 1298. 

New  York  branch,  6 — 1298. 

SHIFTING  OF  FUNDS. 

Liberty  loan  II,  4 — 7. 

SHIP,  SHIPS. 

Built  in  United  States.  ( See  Physical  volume  of 
trade.) 

Cleared  in  foreign  trade.  ( See  Physical  volume  of 
trade.) 

Construction — 

Great  Britain,  6—1071,  1202,  1313. 

United  States.  (See  Physical  volume  of  trade.) 
(See  Vessels.) 

SHIPBUILDING. 

Terms  of  sale,  6 — 157. 

SHIPMENT. 

Contract  for.  (See  Acceptances.) 

Cost  of.  (See  Federal  Reserve  notes.) 

Currency — 

Insurance,  5 — 27,  133,  723. 

Rates,  5—27,  133,  723. 

Reserve  purposes,  3 — 615. 

Ruling,  Foreign  Exchange  Division,  4 — 1121. 
Tax  on.  None,  on  charges  when  they  fall  direct 
on  Federal  Reserve  Bank,  4 — 1215. 

(See  Currency  shipments.) 

Domestic.  (See  Acceptances,  Regulation  A,  1920.) 
Federal  Reserve  notes,  2 — 71,  111,  115,  259,  314. 

(See  Federal  Reserve  notes,  principal  heading.) 
Lawful  money,  2 — 259,  314,  456. 

Securities  from  United  States.  Ruling,  Foreign 
Exchange  Division,  4 — 973. 

Specie,  3 — 615. 

To  foreign  countries.  Drafts  not  subject  to  stamp 
tax,  5 — 467. 

(See  Acceptances,  agent;  Acceptances,  allied  pur¬ 
chasing  committee;  Acceptances,  domestic;  Ac¬ 
ceptances,  gold  bars  and  coin;  Acceptances, 
trade;  Physical  volume  of  trade;  Warehouse 
receipts.) 

SHIPPING  BOARD. 

(See  United  States  Shipping  Board.) 

SHIPPING  DOCUMENTS. 

(See  Acceptances,  bills  of  lading;  Acceptances, 
domestic;  Acceptances,  security;  Acceptances, 
warehouse  receipts;  Bills  of  lading;  Bills  of  ex¬ 
change,  handling  of;  Warehouse  receipts.) 

SHOOKS. 

Terms  of  sale,  6 — 937. 


SHOES. 

Net  sales  and  production,  6 — 1031. 

Terms  of  sale,  6 — 930. 

SHORT-TERM  CREDIT. 

Secretary  of  Treasury  approves  a,  of  Canada  in  United 
States  for  100  millions  of  dollars,  3 — 603,  652. 

SHORT-TERM  PAPER. 

Advocated  by  Federal  Reserve  Board,  3 — 733,  739. 
Renewals  of,  3 — 879. 

(See  Renewal.) 

SIGHT  DRAFTS. 

Federal  Reserve  Banks  can  not  receive  for  immediate 
credit  bill  of  lading  drafts  when  drawn  on  demand, 
on  arrival  or  at  sight,  because  not  necessarily 
presented  within  90  days,  4 — 436,  437. 

Payable — 

When  presented  without  days  of  grace,  4 — 109. 
Payable  at  sight  but  accepted  payable  in  three 
months.  A  conditional  acceptance  and 
parties  are  released.  Not  drawn  in  good 
faith  under  section  5200,  2 — 463;  5 — 565,  566. 
Presentment  for  acceptance  would  release  parties. 
Becomes  in  effect  a  promissory  note  subject  to 
section  5200,  4 — 109. 

Presentment  for  payment  must  be  within  a  reasonable 
time.  After  that  it  is  in  effect  a  promissory 
note  subject  to  section  5200,  3 — 31;  4 — 1119. 

Tax.  Ordinary  sight  drafts  are  not  subject  to  stamp 
tax,  4—316. 

SIGNATURES. 

Engraved,  national  bank  notes. 

Bill  of  Comptroller  of  Currency,  4 — 423 ;  5 — 20,  229. 
Becomes  law.  Act  of  March  3,  1919,  4 — 228. 

SILOS. 

Notes  for  purchase  of,  are  for  fixed  improvements  and 
are  not  agricultural  paper,  4 — 971. 

SILK,  RAW. 

Prices,  Japan,  6 — 1208. 

Terms  of  sale,  6 — 466. 

(See  Physical  volume  of  trade;  prices.) 

SILKS. 

Terms  of  sale,  6 — 466. 

SILVER. 

Act  July  14,  1890- 

Purchase  of,  bullion  under,  4 — 398,  399. 

Repealed  by  act  November  1,  1893,  4 — 399. 

Act  November  1, 1893.  Repealed  by  act  July  14, 1890, 
4—399. 

Act  April  23,  1918,  Pittman  Act — 

Melting  of  silver  dollars  and  sale  of  bullion, 
4—363,  395,  487,  492,  807,  808,  818;  6—563, 
779. 

Text,  4—395. 

Instructions  to  banks,  4 — 493. 

Price  of  bullion  increased  to  $1,015  per  ounce, 
4—807,  818. 

Stabilization  of  price  under,  6 — 779. 
Aldrich-Vreeland  notes.  Silver  dollars.  Certificates 
may  be  deposited  with  Treasurer  of  United  States 
to  retire,  1 — 13. 

Austro-Hungarian  bank.  Holdings,  5 — 197. 

Bank  of  England.  Holdings,  5 — 197. 

Bank  of  France.  Holdings,  5 — 197. 

Bank  of  Spain.  Holdings,  1913-1919,  5 — 1036. 

Banks  of  issue.  Principal.  Holdings,  1914-1920;  5— 
849,  1007,  1008,  1200;  6—488. 


214 


INDEX-DIGEST  OF  FEDERAL.  RESERVE  BULLETIN. 


SILVER — Continued. 

Bullion — 

Pittman  Act.  ( See  supra,  Act  April  23,  1918.) 
Purchase  of,  under  act  July  14,  1890,  4 — 399. 
Coinage,  1878-1891,  4—397. 

Coinage  act,  Mexican,  5 — 32. 

Currency  conditions.  Silver.  ( See  infra,  India.) 
Denominations.  Silver  currency  outstanding.  ( See 
Money,  principal  heading.) 

Dollar.  Value  of  pure  silver  in,  3 — 842,  843,  844 
(chart). 

Dollars — 

Coinage  of,  1878-1891,  4—397. 

Outstanding.  ( See  Money,  principal  heading.) 
Earmarking  of.  Investigation  by  President.  Trad¬ 
ing  with  enemy  act,  3 — 853. 

Emergency  currency.  ( See  supra,  Aldrich-Vreeland 
notes.) 

Erratum  in  Federal  Reserve  Bulletin,  3 — 925. 
European  central  banks,  holdings,  1914-1919,  5 — 
849,  1007,  1008,  1200;  6—488. 

Export  licenses,  4-501,  807,  818;  5 — 615,  640,  653,  853. 
(See  Federal  Reserve  Board;  President;  Sec¬ 
retary  of  Treasury.) 

Exports  and  imports,  4 — 1041,  1159,  1252;  5 — 96, 
180,  290,  403,  509,  605,  617,  696,  809,  901,  1005, 
1100,  1111,  1197;  6—9  (1914-1919),  108,  120  (cal¬ 
ender  year  1919),  209,  326,  434,  549,  658,  671, 
760,  780,  889,  909,  910,  1003,  1018,  1119,  1133, 
1249,  1262,  1365. 

Exports  to  China,  6 — 1018. 

Exports  since  1914,  6 — 1018. 

Exports.  Manufactured.  Control  of,  vested  in  War 
Trade  Board,  4 — 10. 

Federal  Reserve  Agents.  Silver  certificates  may  be 
deposited  with,  in  reduction  of  liability  on 
Federal  Reserve  notes,  1 — 127. 

Federal  Reserve  Banks,  holdings.  ( See  Resources 
and  liabilities.) 

Federal  Reserve  notes.  (See  supra,  Federal  Reserve 
Agents.) 

German  Reichsbank.  Holdings,  5 — 197. 

Gold- 

Ratio  of  silver  to,  at  various  prices,  3 — 843. 

Sale  of  rupees  at  Ottawa  for,  5 — 917. 

Silver.  Gold  value  of,  in  rupee,  5 — 949. 

Great  Britain.  Holdings,  1914-1919,  5 — 849. 

(See  infra,  London.) 

Imports.  (See  supra,  Exports  and  imports.) 

Imports  from  Mexico,  6 — 1018. 

India — 

Price  of  silver  in,  5 — 945. 

Rupees — 

Gold  value  of  silver  in,  5 — 949. 

Sale  of,  for  gold  at  Ottawa,  5—917. 

Silver  and  currency  conditions  in,  5 — 945. 

Silver  in  reserves  of,  5 — 950. 

Investigation  and  regulation,  3 — 853. 

Lawful  money.  Silver  certificates  are,  1 — 12. 
Licenses.  Export.  (See  supra,  Export  licenses.) 
London.  (See  infra,  Prices.) 

Manufactures  of  silver.  Control  of  exports  of,  vested 
in  War  Trade  Board,  4 — 10. 

Mexican  silver  coinage  act,  5 — 32. 

Mexico.  Imports  from,  6 — 1018. 


S I L  Y  ER — Continued . 

Movement  of,  6 — 9,  119,  221,  346,  453,  564. 

Ottawa.  Sale  of  rupees  for  gold  at,  5 — 917. 
Outstanding  silver  dollars,  etc.  (See  Money,  prin¬ 
cipal  heading.) 

Pittman  Act.  (See  supra,  Act  Apr.  23,  1918.) 

Price  of — 

1910-1919,  6—8,  1161. 

Decline  in,  6 — 1128. 

London,  6 — 111. 

New  York,  6 — 8,  111,  1161. 

Pittman  Act,  6 — 563. 

Production.  (See  infra,  United  States.) 

Ratio.  Silver  to  gold  at  various  prices,  3 — 843. 
Reduction  of  liability.  (See  supra,  Federal  Reserve 
notes.) 

Reserves.  Silver.  (See  supra,  India.) 

Rupees — 

Gold  value  of  silver  in,  5 — 949. 

Sale  of,  for  gold  at  Ottawa,  5 — 917, 1015. 
Stabilization  of.  Pittman  Act.  (See  supra,  Act  Apr. 
23,  1919.) 

Stock  of.  (See  Money.) 

Subsidiary  silver.  (See  Money,  principal  heading.) 
United  States — 

Production  of  silver,  1900-1918,  5 — 141. 

Purchase  of  silver  bullion,  1878-1898,  4 — 397. 
Value  of  silver  in  dollar,  3 — 843,  844  (chart). 

War  Trade  Board,  control  over  exports  of  manufac¬ 
tured  silver  vested  in,  4 — 10. 

World  production,  1900-1918,  5 — 141. 

(See  infra,  Silver  certificates;  Silver  standard  coun¬ 
tries.) 

SILVER  CERTIFICATES. 

Act  April  23,  1918.  Apportionment  of  Federal  Re¬ 
serve  Bank  notes  to  take  place  of  silver  certificates 
canceled  under,  4 — 492. 

Aldrich-Vreeland  notes  may  be  deposited  with 
Treasurer  of  United  States  to  retire,  1 — 13. 
Federal  Reserve  Agent.  Payment  of  silver  certifi¬ 
cates  to,  in  reduction  of  liability  on  Federal 
Reserve  notes,  1 — 127. 

Federal  Reserve  Bank  notes.  Apportionment  of, 
among  Federal  Reserve  Banks  to  take  place  of 
silver  certificates  canceled  under  act  of  April  23, 
1918,  4—492. 

Lawful  money.  Silver  certificates  are,  1 — 12. 

(See  Silver.) 

SILVER  STANDARD  COUNTRIES. 

Foreign  exchange  rates  on,  3 — 106;  4 — 840,  1199;  6 — 
50,  1161. 

SINGAPORE. 

(See  Foreign  exchange  rates.) 

SINGLE-NAME  PAPER. 

Federal  Reserve  Banks  can  not  purchase,  in  open 
market,  1—347,  360,  365,  406. 

SINKING  FUND. 

Repeal  of  old  provisions  and  enactment  of  new. 
Victory  loan  act,  5 — 227. 

SITUATION,  FOREIGN  FINANCIAL. 

(See  Foreign  financial  situation.) 

SIZE  OF  ITEMS. 

Discounted  by  Bank  of  France,  6 — 1017. 

Member  banks  collateral  notes,  6 — 1017. 

Reduction  in,  6 — 1018. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


215 


SIZES  OF  PAPER  DISCOUNTED. 

(See  Discount  and  open-market  operations.) 

SKINS. 

(See  Physical  volume  of  trade.) 

SOCIETE  DE  BANQUE  SUISSE, 

Bulletins  of — 

Banking  conditions  in  Switzerland  during  war, 
5—548. 

Condition  of  three  leading  German  banks,  5 — 736. 
(See  Swiss  National  Bank;  Switzerland.) 

SOCIETY  GENERATE,  ETC.,  FRANCE. 

Condition,  1914-1919,  6—1048. 

SOFIA. 

(See  Foreign  exchange  rates.) 

SOLICITOR  OF  INTERNAL  REVENUE. 

Capital  stock  of  Federal  Reserve  Banks  exempt  from 
tax,  1—211. 

Application  of  tax  to  instruments  issued  by  Federal 
Reserve  Banks,  1 — 211. 

SOLDIERS  BONUS,  6—340. 

SOLICITOR  OF  TREASURY. 

Nebraska  national  banks  can  not  join  Nebraska  system 
of  guaranty  of  deposits,  1 — 409. 

SOUTH  AFRICA. 

Central  reserve  bank,  6 — 1040. 

Gold  production,  1909-1919,  5 — 19. 

Handling  of  bills  of  exchange  in,  5 — 459. 

SOUTH  AFRICA  UNION. 

Public  debt,  etc.,  1913-1918,  4—274,  1061. 

SOUTH  AMERICA. 

Commerce  with,  6 — 1261. 

Earmarked  gold  for,  3 — 77. 

Gold  exports  to,  increasing,  3 — 580. 

Secretary  of  Treasury  favors  Federal  Reserve  Bank 
agencies  in,  1 — 313. 

Federal  Reserve  Board  dissents  in  part,  1 — 348. 
Secretary  of  Treasury  visits,  2—152. 

Returns  from,  2 — 261. 

(See  International  High  Commission;  Pan  Ameri¬ 
can  Financial  Congress;  Secretary  of  Treas¬ 
ury.) 

Two  or  more  national  banks  can  not  establish  a  joint 
branch  in,  1 — 308. 

(See  Argentina;  Brazil;  Chile.) 

SOUTH  CAROLINA. 

Laws — 

Acceptances,  3 — 533. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—155. 

Reserves,  3 — 788. 

Warehouse  laws,  1 — 262. 

List,  State  member  banks,  4 — 95. 

SOUTH  DAKOTA. 

Adopts  negotiable  instruments  law  with  qualifica¬ 
tions,  4 — 971. 

Laws — 

Acceptance,  3 — 533. 

Banking  laws,  amendments,  5 — 367. 

Fiduciary  powers,  national  banks,  1 — 155. 
Purchase  of  stock  in  Federal  Reserve  Banks, 
1—155. 

Reserves,  3 — 790. 

List,  State  member  banks,  4 — 95. 


SOVIET  GOVERNMENT. 

(See  Russian  Soviet  Government.) 

SPA  CONFERENCE. 

German  treaty,  6—779. 

SPAIN. 

American  dealers  in  foreign  exchange.  Profits, 

4— 835. 

American  dollar — 

At  discount  in,  4 — 158. 

Reason  for,  5 — 1038,  1039. 

(See  infra,  Dollar  exchange.) 

American  gold  at  6  per  cent  discount  in,  5 — 1039. 

Balance  of  trade — 

France  and,  1913-1919,  5 — 1038. 

United  States  and,  1913-1919,  5—1038. 

Bank  of  Spain.  (See  Same.) 

Banks.  Foreign.  Tax  legislation  in,  6 — 692. 

Banks  of  United  States.  Credits  granted  to,  4 — 941. 
Banks  of  issue .  Leading  Spanish — 

Condition,  5 — 849,  1200. 

1914-1920,  6—488. 

Bills  of  exchange.  Handling  of,  in,  5 — 356. 

Credits — 

To  United  States  banks,  4 — 941. 

To  United  States  and  other  foreign  countries, 
5—1040,  1048. 

Debt,  public.  (See  infra,  Public  debt.) 

Depreciation — 

American  dollar  in,  4 — 158. 

Reasons,  5 — 1038,  1039. 

American  gold,  6  per  cent  depreciation,  5 — 1039. 
Pound  sterling,  5 — 1039. 

Discount.  (See  supra,  Depreciation.) 

Dollar,  American.  (See  supra,  American  dollar.) 
Dollar  exchange  rose  to  par  on  removal  of  embargo, 

5— 1038,  1039. 

Embargo — 

Dollar  exchange  rose  to  par  on  removal  of,  5 — 

1038,  1039. 

Exports  from  United  States  since  removal  of, 
5—1016. 

Exchange.  Dollar.  (See  supra,  Dollar  exchange.) 
Exports — 

From  United  States  since  removal  of  embargo, 
5—1016. 

Gold  from  United  States,  1916,  1917,  4 — 365;  5 — 

1039. 

Licenses  for  exports  of  gold  from  United  States 
to,  4—365. 

Exports  and  imports,  1914-1919,  5 — 1037. 

(See  infra,  France ;  Great  Britain.) 

Foreign  banks.  Tax  legislation,  6 — 692. 

Foreign  commerce,  Government  aid  to,  5 — 1048. 
Foreign  exchange  problems,  3 — 156. 

Foreign  exchange.  Profit  of  American  dealers  for 
dealings  in,  4 — 835. 

Foreign  exchange  rates — 

Buenos  Aires  on,  1914-1919,  6 — 598. 

Madrid  on  France  and  London,  4 — 393;  5 — 1038, 
1041,  1042. 

New  York.  Madrid  on,  5 — 1041,  1042. 

New  York  on  Madrid,  6 — 50. 

(See  same,  principal  heading.) 


216 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


S  P  AIN — Continued . 

France — 

Balance  of  trade  with,  1913-1919,  5 — 1038. 
Imports  and  exports  to  and  from,  1913-1919, 
5—1038. 

Gold— 

American,  at  6  per  cent  discount  in,  5 — 1039. 
Exports  from  United  States  to,  4 — 365;  5 — 1039. 
Licenses  for  export  of,  from  United  States  to 
Spain,  4 — 365. 

Policy.  ( See  Bank  of  Spain,  principal  heading.) 
Reserves,  1913-1920,  6—1296. 

Government  aid  to  foreign  commerce,  5 — 1048. 

Great  Britain — 

Foreign  exchange  rates  on,  1913-1919,  5 — 1038. 
Imports  from  and  exports  to,  5 — 1037. 

Pound  sterling  at  discount  in,  5 — 1039. 

History.  Premium  on  pesetas,  4 — 394. 

Imports.  ( See  supra,  Exports  and  imports;  France; 
Great  Britain.) 

Issue,  Spanish  banks  of.  ( See  supra,  Banks  of  issue.) 
Leading  banks  of  issue.  ( See  supra,  Banks  of  issue.) 
Licenses.  Gold  exports  from  United  States  to,  4 — 
365. 

London.  Foreign  exchange  rates.  Madrid  on,  4 — 
393;  5—1038,  1041,  1042. 

Madrid.  Foreign  exchange  rates  on  Paris,  London, 
and  New  York,  4—393;  5—1038,  1041,  1042. 

New  York.  Foreign  exchange  rates.  Madrid  on,  4 — 
393;  5—1038,  1041,  1042. 

Paris.  Foreign  exchange  rates.  Madrid  on,  4 — 393; 

5—1038,  1041,  1042. 

Pesetas — 

Credits  to  United  States  and  United  States  banks, 
4—941;  5—1040,  1048. 

History  of  premium  on,  4 — 394. 

Policy.  Gold.  ( See  Bank  of  Spain,  principal  head¬ 
ing-) 

Pound  sterling  at  discount  in,  5 — 1039. 

Premium.  Pesetas.  History',  4 — 394. 

Profit  of  American  dealers  in  foreign  exchange  trans¬ 
actions  with,  4 — 835. 

Public  debt,  1913-1918,  4—269,  376,  392,  393,  1064. 
Spanish  War.  Loans  of  United  States,  3 — 343. 

Tax  legislation,  foreign  banks,  6 — 692. 

United  States — 

Balance  of  trade  with,  1913-1918,  5 — 1038. 

Credits  to  United  States,  5 — 1040,  1048. 

Dollar  depreciated.  Reasons,  4 — 158;  5 — 1038, 
1039. 

Exports  from  United  States  since  removal  of  em¬ 
bargo,  5 — 1016. 

Gold  at  6  per  cent  discount  in  Spain.  5 — 1039. 
Imports  from  and  exports  to,  5 — 1038. 

United  States  banks.  Peseta  credits  to,  4 — 941. 

War  loans.  ( See  supra,  Public  debt.) 

(See  Bank  of  Spain;  Foreign  exchange  rates;  Le fling- 
well,  Assistant  Secretary;  Madrid.) 

SPANISH  WAR.  LOANS  OF  UNITED  STATES, 

3—343. 

SPEAR,  R.  B. 

Article.  State  bank  membership  in  New  England, 
4—1081. 

SPECIAL  DEPOSITS. 

Public  moneys.  Liberty  bonds.  Circular,  4 — 494. 


SPECIAL  INSTRUCTIONS. 

No.  1,  1916.  Kern  amendment,  2 — 389. 

No.  2,  1916—  _ 

Consolidation  of  circulars  and  regulations,  2 — 529. 
Bills  payable  elsewhere  than  in  United  States  are 
not  eligible  for  purchase  under  Regulations 
A  and  B,  1917,  but  can  be  purchased  under, 
4—520. 

SPECIAL  LICENSES. 

(See  Licenses.) 

SPECIAL  RATES. 

Commodity  rates.  (See  Commodity  rates.) 

SPECIAL  REPORTS. 

(See  Business  conditions;  Committees;  Federal  Re¬ 
serve  Agents;  Financial  conditions.) 

SPECIAL  RESERVES. 

(See  Earnings  and  expenses.) 

SPECIE 

Shipment  of,  2—71,  111,  115,  314,  456;  3—615. 

(See  Clearing  system.) 

SPECIFIC  GOODS,  IDENTIFICATION  OF. 

Acceptances,  1 — 405. 

SPECULATION. 

Notes  of  equity  cooperative  associations  used  to  pur¬ 
chase  grain  are  eligible,  but  if  purpose  is  to  hold 
for  higher  prices  as  a,  would  not  be  eligible,  3 — 
456. 

New  York  money  committee.  Letter  of  Governor 
Strong  to  president  of  New  York  Stock  Exchange 
on  restrictions  on,  4 — 935. 

Paper  secured  by  warehouse  receipts  is  not  eligible 
if  the  goods  are  stored  for  purpose  of,  3—456; 
5—256,  415,  858  ;  6—66,  277,  1012,  1301. 

SPECULATIVE  ACTIVITY. 

Absorption  of  credit  released  by  liquidation  of  Gov¬ 
ernment  securities  and  war  paper  by,  5 — 1027. 
Banks  must  conserve  credit  to  prevent,  5 — 1015. 
Checked,  6—904. 

Control  of,  can  not  be  effective  while  preferential 
rates  on  war  paper  continue  in  effect,  5 — 2,  524, 
1010,  1108,  1109;  6—117,  223,  777. 

Cotton — 

Telegram  to  National  Farmers  Union  on,  in,  5 — 
1109. 

Warning  to  cotton  growers,  5 — 1109. 

(See  Cotton.) 

Discussion  of,  5—523,  524,  536,  617,  618,  1009,  1024, 
1026,  1028. 

Federal  Reserve  Agents.  Letter  to,  on,  5 — 1108. 
Federal  Reserve  Board  can  not  check,  through  dis¬ 
count  rates  while  preferential  rates  continue  for 
war  paper,  5 — 2,  524,  1010,  1015,  1108,  1109;  6 — 
117,  223,  777. 

Harding,  Governor,  letter  to  Senator  Owen  on,  5 — 
1107. 

New  York  Stock  Exchange.  On,  5 — 523,  526,  617, 
1107, 1109. 

Not  confined  to  any  one  commodity  or  part  of  the 
country,  5 — 1108. 

Progressive  rates.  (See  same.) 

Rediscounts  in  aid  of.  Federal  Reserve  Banks  cau¬ 
tioned  against,  4 — 1169;  5 — 311,  523,  617,  1009, 
1107,  1108. 

(See  supra,  Control.) 

SPECULATIVE  LOANS,  6—342,  446,  554,  665,  774,  897, 

1012. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


217 


SPECULATIVE  PURPOSES. 

Drafts  secured  by  warehouse  receipts  representing 
goods  held  for,  are  ineligible,  ( See  supra,  Specu¬ 
lation.) 

SPEECHES. 

Federal  Reserve  Act.  ( See  Addresses,  Federal  Re¬ 
serve  Act.) 

SPICES. 

Terms  of  sale,  5 — 1132. 

SPOKANE,  WASH. 

Branch  bank,  3—339,  585;  4—10,  15;  5—127,  779; 
6—61. 

STABILIZATION. 

Agreements.  Secretary  of  Treasury,  4 — 626. 
American  dollar,  4—594. 

(See  Foreign  exchange,  stabilization.) 

STABILIZATION  OF  BUSINBSS,  5—409. 

(See  Business  conditions.) 

STABILIZATION  OF  PRICES,  5—416. 

Industrial  board.  Plan,  5 — 196,  246,  341,  344. 

STAFF. 

Federal  Reserve  Banks.  (See  same.) 

Federal  Reserve  Board,  1 — 30;  5 — 778. 

(See  Federal  Reserve  Board.) 

STAMP  TAX. 

(See  Commissioner  of  Internal  Revenue;  Tax.) 

STAMPS,  THRIFT. 

(See  War  savings  certificates.) 

STAMPS,  WAR  SAVINGS. 

Plan  for  issue,  3—730,  918,  925,  931,  951;  4—87,  89, 
164,  637,  1192. 

(See  War  savings  certificates.) 

STANDARD  FORMS. 

Credit  statements,  321. 

(See  Federal  Trade  Commission;  Forms.) 

STANDARD  SILVER  DOLLARS. 

(See  Money.) 

STANDARDIZATION  OF  COMMERCIAL  PAPER, 

3—930. 

(See  Commercial  paper.) 

STANDARDIZATION  OF  THE  DOLLAR. 

Unjust  on  present  basis  of  prices,  5 — 915. 

STAPLES,  READILY  MARKETABLE. 

(See  Readily  marketable  staples.) 

STATE  AID  TO  BANKING. 

Great  Britain,  5 — 122. 

(See  Export  trade;  Government  or  private  financing; 
Reports;  British  committee.) 

STATE  AUTHORITIES. 

(See  State  banks,  reports.) 

STATE  BANKING  ASSOCIATIONS. 

Council  of,  4 — 708. 

Membership  of  Federal  Reserve  Banks  in.  1 — 15. 
United  States  Council  of  State  Banking  Associations 
formed,  4 — 709. 

STATE  BANKING  DEPARTMENT. 

(See  Fiduciary  power,  trust  funds;  Trust  funds.) 

STATE  BANKING  DEPARTMENTS. 

Advised  to  adopt  form  of  examination  prescribed  by 
Federal  Reserve  Board  Examination  Division, 

4—310. 

STATE  BANKING  LAWS. 

(See  State  banks;  Laws  of  States.) 


STATE  BANKS  AND  TRUST  COMPANIES, 
MEMBER. 

Acceptance  business.  Condition  of,  doing  an,  1 — 262; 

5—559. 

Acceptance  liabilities,  2 — 670;  3 — 6,  350,  665;  4 — 11, 

403,  855,  1114;  5—105,  555,  1152;  6—158,  686. 
Ratio  to  capital  and  surplus,  5 — 555. 

Acceptances — 

Amounts,  3 — 6,  350,  665. 

Conditions  governing  purchases  of,  1 — 262;  5 — 559. 

Differential  against.  Acceptance  of,  recom¬ 
mended  by  Federal  Reserve  Board,  3 — 28. 

Domestic,  limited  to  50  per  cent  of  capital,  etc., 
4—1119. 

Federal  Reserve  Banks.  Holdings  of.  (See  Dis¬ 
count  and  open-market  operations.) 

Act  March  3,  1919,  section  ll(m).  Effect  on  redis¬ 
counts  of,  5 — 361,  362,  1055,  1056. 

Admission  to  Federal  Reserve  System — 

Conditions  of,  1 — 263. 

List,  1—29,  35,  182,  251,  314,  347;  2—1,  6,  122, 
206,  372,  513,  587,  590;  3—158,  336,  347,  439, 
504,  507,  592,  595  (complete  list),  603,  659, 
734,  834,  933;  4—16,  92,  185,  294,  408,  508, 
609,  696,  735,  857,  966,  1098,  1196;  5—4,  40, 
49,  129,  250,  358,  465,  562,  649,  738,  779,  782, 
855,  961,  1051,  1155;  6—62,  159,  273,  383, 
492,  607,  697,  833,  945,  1063,  1174,  1299. 

Amendment.  Federal  Reserve  Board  disap¬ 
proves,  allowing  State  banks,  etc.,  to  enter 
without  having  capital  necessary  to  form  a 
national  banking  association,  3 — 764. 

Application,  3 — 592,  953. 

Borrower — 

Can  join  although  loaning  40  per  cent  of 
capital  and  surplus  to  one,  3 — 696. 

(See  Borrower.) 

Capital  and  surplus,  3 — 933. 

Chain  of  banks,  4 — 971. 

Circular  14,  Regulation  M,  1 — 145. 

Conditions,  1 — 262. 

Eligible  in  cities  of  50,000  only  when  capital  is 
not  less  than  $50,000,  2 — 64. 

Examinations,  3 — 592;  4 — 1079. 

Federal  Reserve  Board  can  not  waive  examina¬ 
tions  but  need  not  exercise  right,  3 — 950,  951. 

Procedure,  3 — 592. 

Regulation — 

M,  1915,  1—145. 

H,  1916,  2—538. 

H,  1917,  3—547. 

H,  1920,  6—1186. 

Status  on  admission,  2 — 393,  538. 

Advertising — 

Federal.  Use  of  word  objectionable,  3 — 615;  4 — 
521. 

Government  protection.  Objectionable,  1 — 362; 

6—65. 

Reserve.  Use  of  word  objectionable,  4 — 521. 

Agents.  (See  infra,  Approved  reserve  agents.) 

Amendments — 

Federal  Reserve  Board  disapproves  amendment 
permitting  certain  State  banks  and  trust 
compames  to  join  Federal  Reserve  System 
without  having  requisite  capital  to  become  a 
national  bank,  3 — 764. 

Section  9,  Federal  Reserve  Act,  3 — 336,  502,  696. 


218 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


STATE  BANKS  AND  TRUST  COMPANIES,  MEM¬ 
BERS — Continued. 

Application.  ( See  supra,  Admission;  Application.) 
Approved  reserve  agents.  ( See  infra,  Reserves.) 
Assistance  to.  Federal  Reserve  Board  pledges,  3 — 497, 
498. 

Attorney  General  of  United  States.  Interlocking 
directors.  Section  9  as  amended,  3 — 744. 
Balances  with  other,  as  reserves,  1 — 368. 

Borrower.  One.  ( See  Borrower.) 

Branches — 

In  districts  different  from  parent  bank  need  not 
join  Federal  Reserve  Bank  of  district,  4—522. 
Right  to  convert  into  national  bank  with,  1 — 125. 
Right  to  enter  Federal  Reserve  System  with, 
1—125. 

Right  to  have  additional  branches  after  admis¬ 
sion.  1 — 268. 

( See  infra,  Foreign  branches.) 

Capital.  ( See  supra,  Admission.) 

Capital  and  surplus — 

( See  supra,  Admission.) 

( See  infra,  Ratio.) 

Capital  subscriptions.  ( See  supra,  Admission.) 

Chain  of  banks.  Admission,  4 — 971. 

Change  of  name,  6—62,  333,  444,  697,  766,  1007,  1063. 
Cities.  ( See  supra,  Admission.) 

Classification.  Loans  and  discounts,  5 — 187, 406,  520, 
1007;  6—333,  444,  766. 

Clayton  Act.  Section  8  as  amended  permits  inter¬ 
locking  directors  of.  Attorney  General  of  United 
States,  3—744. 

Clearing  balances.  ( See  Clearing  system;  Nonmem¬ 
ber  banks.) 

Competing  State  banks.  ( See  infra,  New  York.) 
Comptroller  of  Currency.  ( See  infra,  Reports  of  condi¬ 
tion;  Special  reports.) 

Condition  of,  5 — 4,  184,  296,  514,  905,  906;  6 — 329,  330, 
438,  726,  728,  764,  1005,  1006,  1007. 

Admission,  1 — 262. 

Branches,  1 — 262. 

Doing  acceptance  business,  1 — 262;  5 — 559. 

(. See  infra,  Reports  of  condition;  Special  reports.) 
Consolidation,  6 — 159. 

Contingent  liability  on  rediscounts,  5 — 183,  184,  296, 
297,  298,  514,  515,  516,  905,  906,  907;  6—329,  330, 
438,  726,  728,  764,  1005,  1006. 

Conversion  into  national  bank,  5 — 251,  649,  738,  1051, 
1155;  6—274,  383,  492,  608,  1063. 

Not  necessary  for  State  member  bank  to  sur¬ 
render  stock  and  take  out  new  stock  in 
Federal  Reserve  Bank,  3 — 690. 

(See  supra,  Branches.) 

(See  infra,  National  banks.) 

Corporate  identity  not  destroyed  by  conversion,  3 — 
690. 

Council  of  State  Bankers’  Association,  4 — 708. 
Deposits — 

1900-1914,  1—235. 

1918,  4—664,  665. 

1914—1920,  6—726,  727,  728. 

(See  Deposits.) 

Postal  savings,  1 — 274;  2 — 331. 

(See  Postal  savings  funds,  Principal  heading.) 


STATE  BANKS  AND  TRUST  COMPANIES,  MEM¬ 
BER  S — Continued . 

D  e  posits — Continued . 

Public  moneys,  1 — 274,  409. 

(See  Public  deposits,  Principal  heading;  Gov¬ 
ernment  deposits.) 

With  nonmember  bank.  Subject  to  section  19, 

3— 951. 

(See  infra,  Ratio;  Trust  company  member  bank.) 
Differential.  (See  supra,  Acceptances.) 

Digest  of  procedure.  Applications  for  membership, 
3—592. 

Discounts.  Classification  of,  5 — 187,  406,  520,  1007; 
6—333, 444,  766. 

District  of  Columbia.  Banks  doing  business  in,  are 
subject  to  Clayton  Act,  2 — 526;  3 — 744. 
Dividends,  5—188,  610,  1104;  6—660,  1251. 

Earnings,  5—188,  610,  1104;  6—660,  1251. 

Eligible.  (See  infra,  Rediscounts.) 

Eligibility,  small  banks,  1 — 212. 

Examinations — 

Admission,  3 — 592. 

Federal  Reserve  Board  can  not  waive,  but  may 
forbear  to  exercise  right  of,  3 — 950,  951. 

State  Banking  Department  of  Kentucky  will 
accept,  of  Federal  Reserve  Board,  4 — 315. 

Statement  as  to,  by  Federal  Reserve  Board, 

4— 1079. 

[State  member  banks  are  subject  only  to  exami¬ 
nations  by  the  Federal  Reserve  Board  or 
Federal  Reserve  Bank.  Act  of  June  21, 1917, 
amending  section  9,  Federal  Reserve  act.] 
Exchange  charges.  (See  Clearing  system;  Exchange 
charges;  Nonmember  banks.) 

“Federal”— 

No  prohibition  by  law  against  use  of  word  in  title 
of  bank,  1 — 361. 

Amendment  proposed  by  Federal  Reserve 
Board  limiting  use  of  word,  2 — 373. 

Use  of  word  discouraged,  3 — 615;  4 — 521. 

Federal  Reserve  Bank,  New  York.  Questions  to,  and 
answers,  4 — 615. 

Federal  Reserve  Bank  stock — 

(See  supra,  Conversion.) 

(See  infra,  Taxation.) 

Federal  Reserve  Banks — 

(See  supra,  Branches.) 

(See  infra,  Laws;  Trust  company  member  bank.) 

Federal  Reserve  Board — 

Can  not  waive  examination  of,  but  may  forbear 
to  exercise  it,  3 — 950,  951. 

Disapproves  proposed  amendment  admitting,  of 
smaller  capital  than  requisite  to  form  natonal 
banks,  3 — 764. 

No  coercion  of,  to  join  Federal  Reserve  clearing 
system,  6—489. 

No  desire  to  restrict  true  banking  or  trust  com¬ 
pany  powers  of,  2 — 393. 

Pledges  assistance  to,  3 — 497,  498. 

State  Banking  Department  of  Kentucky  will 
accept  examinations  of,  4—315. 

(See  infra,  New  York.) 

Federal  Reserve  districts.  (See  infra,  Reports  of 
condition.) 

Federal  Reserve  notes  as  reserves  for,  1 — 318. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


219 


STATE  BANKS  AND  TRUST  COMPANIES,  MEM¬ 
BERS — Continued. 

Federal  Reserve  System — 

Duty  to  join,  4 — 3,  510,  615,  1081. 

No  coercion  on,  to  join,  6 — 489. 

President’s  appeal  to,  to  join,  3 — 827. 

Reasons  given  by,  for  joining.  ( See  Federal 
Reserve  System;  State  banks.) 

State  banks  and.  Breckinridge  Jones,  4—510. 
Fiduciary  powers.  ( See  infra,  Laws.) 

Foreign  banks.  Deposits  with.  Not  within  limita¬ 
tions  of  section  19  ,  5 — 1054. 

Foreign  branches  of,  5 — 357,  466,  562,  738,  854,  962, 
1050;  6—1298. 

( See  Foreign  branches.) 

Gold  certificates.  Asked  to  sort  out,  3 — 659. 

Gold  control.  Cooperation  of,  of  New  York,  3 — 659. 
Government  depositories.  State  banks  as,  1 — 274, 
409;  2—331. 

(See  Government  deposits;  Postal  Savings  funds.) 
Growth  of  membership,  4 — 696,  964. 

Interlocking  directors.  ( See  supra,  Clayton  Act.) 
Investments.  ( See  supra,  Condition.) 

Kentucky,  State  Banking  Department  of,  will  accept 
examinations  of  Federal  Reserve  Board,  4 — 315. 
Laws  of  States — 

Acceptances,  3 — 350,  529,  531,  533. 

Banking,  1—150,  182,  218,  263;  4—166,  315,  526, 
978,  1081;  5—366,  367,  368,  567,  568,  658, 
659,  741,  743,  744,  745,  746,  859. 

Federal  Reserve  System.  Entrance  into,  1 — 150, 
182,  218,  263;  4—166,  315,  526,  978,  1081; 
5—366,  566,  658,  741,  743,  744,  859,  967. 
Fiduciary  powers.  National  banks,  1 — 150; 

2—523,  678;  3—30,  528,  598,  697,  767. 
Foreign  banking  corporations,  5 — 54,  55  ;  6 — 1039. 
Reserves,  3—768,  770,  772. 

Warehouse  laws,  1 — 260. 

( See  various  States,  by  title.) 

Liability.  ( See  supra,  Contingent.) 

Liability,  net  deposit.  (See  infra,  Ratio.) 

Liability,  stockholders.  (See  infra,  Stockholders 
liability.) 

Liquidations,  6 — 492,  608,  833, 1063. 

List.  (See  supra,  Admission.) 

Loans — 

By  member  banks  to,  6 — 552. 

Classification  of,  5 — 187,  406,  520,  1007;  6 — 333, 
444,  766. 

Membership — 

Regulation  H,  1920,  G — 1186. 

(See  supra,  Admission;  Growth  of  membership.) 
Merger  of,  6 — 608,  697,  1063. 

National  bank  notes  as  reserves,  1 — 318. 

National  banks — 

Fiduciary  powers.  (See  supra,  Laws  of  States.) 
Right  to  convert  into,  with  branches,  1 — 125. 

Net  deposit  liability.  (See  infra,  Ratio.) 

Net  profits.  (See  infra,  Ratio.) 

New  England,  State  member  banks  and  trust  com¬ 
panies  in,  4 — 1081. 

New  York  laws.  Where  competing  State  banks  in, 
are  permitted  to  exercise  fiduciary  powers, 
Federal  Reserve  Board  may  permit  national 
banks  to  exercise  them,  5 — 1059. 


STATE  BANKS  AND  TRUST  COMPANIES,  MEM- 

B  ER  S — Continued . 

New  York  State  banks.  Cooperation  of,  in  gold  con¬ 
trol,  3 — 659. 

Nonfiduciary  powers.  The  fact  that  State  banks 
may  exercise,  under  laws  of  States,  no  warrant 
for  their  exercise  by  national  banks,  6—949. 
Nonmember  banks.  (See  same,  principal  heading.) 
Number  of,  in  Federal  Reserve  System.  (See  supra, 
Admission.) 

Other  State  banks.  (See  Reserves.) 

Par  list.  (See  Clearing  System.) 

Postal  savings,  deposits  of,  in,  1 — 274,  409;  2 — 331; 
3—692. 

(See  Postal  savings  funds.) 

Powers  of,  3 — 696. 

President  of  United  States  urges,  to  join  Federal 
Reserve  System,  3 — 827. 

Procedure.  (See  supra,  Admission.) 

Profits,  net.  (See  infra,  Ratio.) 

Public  moneys — 

Deposits  of,  in,  1 — 274,  409;  2 — 331;  3 — 335,692. 
(See  Government  deposits;  Postal  savings  funds.) 
Questions  to,  and  answers,  Federal  Reserve  Bank 
of  New  York,  4 — 615. 

Ratio — 

Acceptance  liabilities  to  capital  and  surplus, 
5—555. 

Net  profits  to  capital  and  surplus,  5 — 188,  610. 
(See  supra,  Dividends.) 

Reserves  in  Federal  Reserve  Banks  to  net 
deposit  liabilities,  5 — 188,  298,  516. 

(See  supra,  Dividends.) 

Real  estate  mortgages.  May  enter  Federal  Reserve 
System  with,  3 — 950. 

Reasons  of,  for  joining  Federal  Reserve  System. 

(See  Federal  Reserve  System,  State  banks.) 
Rediscounts — 

Act  March  3,  1919.  Section  ll(m),  effect  of, 
on  rediscounts  by  State  member  banks, 
5—361,  362,  1055,  1056. 

Government  securities.  Notes  secured  by,  3 — 
426,  429,  430,  509,  579. 

Limitations,  sections  9  and  13, 10  per  cent,  3 — 696, 
879;  4—638,  863  ;  5—361,  1055,  1157;  6-495. 
(See  supra,  Contingent  liability.) 

(See  Ten  per  cent  limitations.) 

Regulation  H,  1916,  2 — 538. 

Regulation  H,  1917,  3 — 546. 

Regulation  H,  1920,  6 — 1186. 

Regulations.  (See  supra,  Circulars  and  regulations.) 

Reports  of  condition — 

By  Federal  Reserve  districts,  4 — 796,  916. 

(See  supra,  Condition.) 

Comptroller  may  accept  reports  on  forms  pre¬ 
scribed  by  State  authorities,  2 — 114. 

Form  prescribed  by  State  authorities,  2 — 99. 

To  comptroller,  1 — 309,  319. 

Special  reports,  2 — 114. 

[Reports  made  to  Federal  Reserve  Bank. 
Act  June  21,  1917,  amending  section  9.] 

Reserves — 

Federal  Reserve  notes  as,  1 — 318. 

National  bank  notes  as,  1 — 318. 


220 


INDEX-DIGEST  OF  FEDEEAL  RESERVE  BULLETIN. 


STATE  BANKS  AND  TRUST  COMPANIES,  MEM¬ 
BERS — Continued. 

Reserves — Continued. 

With  approved  reserve  agents,  1 — 75. 

With  other  State  banks,  1 — 368. 

Reserves  in  Federal  Reserve  Banks.  Ratio  to  net  de¬ 
posit  liabilities,  5 — 188,  298,  516. 

( See  supra,  Dividends.) 

Resources,  3—829;  4—408,  592,  735,  964,  965;  5-4, 
40,  49,  129,  188,  250,  358,  465,  515,  562,  610,  649, 
738,  779,  855,  961,  1051,  1104;  6—660,  729,  891, 
1251,  1299. 

( See  supra,  Dividends.) 

Ratio,  resources  to  total  State  bank  resources, 
4—592,  735,  964,  965;  5—188,  610,  1104;  6 — 
660,  729,  891,  1251. 

( See  supra,  Dividends.) 

Savings  banks.  ( See  same,  principal  heading.) 
Savings  department.  ( See  infra,  Trust  company 
member  bank.) 

Section  9,  Federal  Reserve  Act — 

(See  supra,  Amendment;  Rediscounts;  Reports; 
Special  reports.) 

(See  infra,  Ten  per  cent  limitation;  Section  9.) 
Section  11  (m),  Federal  Reserve  Act.  (See  supra, 
Rediscounts.) 

Section  13,  Federal  Reserve  Act — 

(See  Exchange  charges,  principal  heading.) 

(See  supra,  Rediscounts.) 

Section  19.  (See  supra,  Deposits;  Foreign  banks.) 
Small  State  banks.  Eligibility  of,  1 — 212. 

Special  reports — 

To  comptroller,  2 — 114. 

(State  member  banks  report  only  to  Federal  re¬ 
serve  Banks  and  Federal  Reserve  Board. 
Act  June  21,  1917.) 

State  banking  associations — 

Council  of,  4 — 708. 

Membership  of  Federal  Reserve  Banks  in,  1 — 15. 
State  Banking  Department.  (See  supra,  Kentucky.) 
States.  Banking  laws  of.  (See  State  banks;  Laws  of 
States.) 

State  laws  as  to  membership.  (See  supra,  Laws  of 
States.) 

Status  after  admission,  2 — 393,  538;  3 — 696. 

Stock,  Federal  Reserve  Bank — 

(See  supra,  Conversion;  Laws.) 

(See  infra,  Taxation.) 

Stockholders  liability,  State  member  banks,  1 — 273. 
Subscription  to  capital  of  Federal  Reserve  Bank, 
3—696. 

Subscriptions — 

Liberty  bonds.  (See  same,  principal  heading.) 
To  capital,  3 — 696. 

(See  supra,  Admission.) 

United  States  Treasury  certificates,  4 — 558,  845, 
1147. 

(See  United  States  Treasury  certificates.) 
Taxation.  No  right  to  deduct  value  of  Federal  Re¬ 
serve  Bank  stock  in  returns  for  State,  on  stock¬ 
holders,  1—315;  3—955. 

Ten  per  cent  limitation.  (See  supra,  Rediscounts.) 

(See  Ten  per  cent  limitation.) 

Trust  company  member  bank.  Savings  deposits 
from  savings  department  deposited  in  Federal 
Reserve  Bank  to  count  as  reserves,  5 — 652,  654. 


STATE  BANKS  AND  TRUST  COMPANIES,  MEM¬ 
BERS — Continued. 

United  States  Revised  Statutes,  section  5200.  (See 
Ten  per  cent  limitation;  Section  9.) 

United  States  Revised  Statutes,  section  5211.  (See 
supra,  Special  reports.) 

United  States  Revised  Statutes,  section  5212.  (See 
supra,  Special  reports.) 

United  States  Treasury  certificates.  Subscriptions 
to;  4—558,  845,  1147. 

(See  United  States  Treasury  certificates.) 

Value,  Federal  Reserve  Bank  stock.  (See  supra, 
Taxation.) 

War  operations  of.  Governor  Harding,  4 — 1175. 

Warehouse  laws.  (See  supra,  Laws.) 

Withdrawals  from  Federal  Reserve  Svstem,  5 — 649, 
738,  855,  961,  1155;  6—159,  274,  383,  697,  1063, 
1299. 

STATE  DEPARTMENT. 

Report  of  committee  on  cotton  export  credits,  5 — 554. 

Warning  as  to  banking  transactions  with  alien  ene¬ 
mies,  3 — 431,  655. 

STATE  LAWS. 

Fact  that  State  laws  permit  State  banks  to  exercise 
nonfiduciary  powers  is  no  warrant  for  that  exercise 
by  national  banks,  6 — 949. 

Federal  Reserve  Board  will  not  interfere  with  State 
legislation,  2 — 121. 

Foreign  branches  in  United  States.  Right  to  do 
business  depends  on,  2 — 224;  5 — 54. 

Liberty  bonds  distributed  as  dividends.  Taxation, 
3—601. 

Value  of  member  banks  holding  of  Federal  Reserve 
Bank  stock  may  be  included  for  purposes  of  taxa¬ 
tion  of  stockholders  of  member  banks,  1 — 315; 
3—955. 

(See  supra,  State  banks;  Laws  of  States.) 

(See  State  banks;  State  banking  laws.) 

STATE  LOANS,  FOREIGN. 

Placed  in  United  States,  5 — 33,  845,  1014,  1016  ;  6 — 
687,  901. 

STATEMENTS. 

Blanket  customers,  4 — 865,  866. 

Borrowers,  1 — 213;  3 — 527. 

Capital  Issues  Committee.  (See  same.) 

Clearing  house  debit  statements.  (See  same.) 

Comptroller  of  Currency.  (See  same.) 

Condition.  (See  Clearing  house  debit  statements; 
Member  banks  condition  statements.) 

Consolidated.  Farm  loan  system,  4 — 1195. 

Credit,  3—21. 

Customers,  4 — 105,  865,  866. 

European  central  banks.  (See  same.) 

False  statements.  Loans.  Bill,  Comptroller  of  Cur¬ 
rency,  4 — 424. 

Fed eral  Advisory  Council .  (S ee  sam e . ) 

Federal  Reserve  banks.  (See  Federal  Reserve  Banks; 
Resources  and  liabilities.) 

Federal  Reserve  Board.  (See  same.) 

Foreign  Exchange  Division.  (See  same.) 

Member  banks  condition  statements.  (See  same.) 

Public  debt,  United  States.  (See  Public  debts; 
United  States.) 

Reserve  position.  New  form,  Boston  Clearing  House, 
3—83. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


221 


STATEMENTS— Continued. 

Secretary  of  Treasury.  ( See  same.) 

Statistical.  (See  Expenses.) 

United  States.  Public  debt.  (See  United  States.) 
Weekly  statements,  Federal  Reserve  Bank  redis¬ 
counts  to  be  shown  in,  5 — 310. 

STATES,  BANKING  LAWS  OF. 

(See  State  banks,  etc.;  Laws  of  States.) 

STATES,  FOREIGN. 

Loans  placed  in  United  States,  5 — 33,  845,  1014,  1015; 
6 — 687,  901. 

STATES  ON  PAR  LIST. 

(See  Clearing  system.) 

STATIONERY. 

Net  sales  and  production,  6 — 1031. 

Official.  Use  of,  1 — 404. 

Terms  of  sale,  6 — 1037. 

STATISTICAL  FIGURES. 

Certain,  to  be  published  only  quarterly.  Others  to 
be  condensed,  4 — 1142. 

( See  Acceptances;  Commodity  paper;  Crop  statistics; 
Discount  and  open-market  operations;  Expenses; 
Federal  Reserve  notes;  Gold  settlement  fund; 
Interdistrict  movement;  Monetary  and  banking 
statistics;  Rediscounts;  Resources  and  liabilities.) 

STATISTICAL  REVIEW. 

Federal  Reserve  System — 

November,  1914-March,  1917,  5 — 766;  April, 

1917-July,  1919,  5—771;  1920,  6—662,  723. 

STATUS. 

Bank  clerks.  Draft  law,  4 — 597,  957. 

Canal  Zone,  1 — 91. 

Hawaii,  1 — 91. 

Officers  and  employees.  Yearly  tenure,  2 — 2,  64. 
Philippines,  1 — 91. 

Porto  Rico,  1 — 91. 

Qualified  acceptances,  2 — 463. 

(See  Acceptances.) 

Savings  and  loan  associations,  2 — 118. 

State  banks  admitted  to  Federal  Reserve  System,  2 — 
393,  538;  3—696. 

STATUTE,  PENAL,  SECTION  22. 

Federal  Reserve  Board  will  not  rule  on  specific 
cases  inasmuch  as  seetion  22  is  a  penal  statute, 
3—30,  694,  793. 

STEAMSHIP  RATES. 

Reduced  by  British  shipowners  and  by  United  States 
Shipping  Board,  5 — 192. 

STEEL. 

Price,  Germany,  6 — 1318. 

(See  Germany.) 

Prices,  1914-1920,  6—1328. 

(See  Prices.) 

Production,  Great  Britain,  6 — 1071,  1313. 

(See  Great  Britain.) 

Stabilization  of  prices,  Industrial  Board,  5 — 196,  246, 
341,  344. 

(See  Business  conditions;  Physical  volume  of  trade; 
Prices.) 

Terms  of  sale,  6 — 148. 

STERLING  EXCHANGE. 

Great  Britain  ceases  buying  on  Government  account, 
5—311. 

Lowered  in  value  because  of  demand  for  dollars  to  pay 
Anglo-French  loan,  6 — 1129. 


STERLING  EXCHANGE— Continued. 

Pegging  of,  5—311,  411,  413,  414,  525,  1038,  1039, 
1110;  6—216,  1260. 

Pound  sterling — 

At  discount  in  Spain,  5 — 1039. 

(See  Foreign  exchange;  Great  Britain.) 

Result  of  decline  of,  will  be  decline  of  imports  into 
Great  Britain,  5—312,  411,  413,  414,  525,  703, 
1011. 

Situation.  Geddes,  5 — 1011. 

STOCK. 

Adjustments,  1 — 406. 

Canceled.  Liquidation  of  member  bank,  2 — 119. 
Certificates  of  increase.  To  be  made  in  duplicate, 
1—211. 

Dividends — 

Act  October  3,  1913,  does  not  specifically  tax, 
4—614. 

Act  September  8, 1916,  amended  by  act  October  3, 
1917,  specifically  taxes,  4 — 614. 

Federal  Reserve  Banks — 

Surrender  on  liquidation.  (See  infra,  Surrender.) 
(See  Capital  stock;  Federal  Reserve  Banks.) 

Foreign  banking  corporations,  New  York  banks  may 
invest  in  stock  of,  4 — 525. 

Ledgers.  Adjustment  of  stock,  1 — 74. 

Notices  of  approval  of  application,  1 — 73. 

Ownership.  Joint-stock,  foreign  branches,  1 — 394. 
Purchase  of,  forbidden  to  national  banks  but  they 
may  buy  assets  in  liquidation,  2 — 74. 

Reduction  of.  (See  infra,  Surrender.) 

Shares.  Distinction  between,  and  stock,  3 — 955. 
Subscriptions — 

Repayment  to  insolvent  banks,  1 — 267. 

(See  Subscriptions.) 

Surrender  of — 

Dividends  on,  1 — 218;  2 — 17,  208;  3 — 457,  690; 
4—201;  5—53. 

Member  bank  need  not  be  required  to  surrender 
proportional  part  of  capital  stock  because  of 
reduction  of  surplus,  1 — 218. 

Transfers  of — 

Bill  of  comptroller,  4 — 433. 

Necessary  after  redistricting,  2 — 206. 

Warehouse  receipts.  Issued  by  a  warehouse 
company  are  valid  security  although  the 
borrower  owns  all  the  stock  of  the  warehouse 
company,  provided  the  borrower  has  no  ac¬ 
cess  nor  control,  4 — 862. 

(See  Capital  stock;  Federal  Reserve  Banks;  National 
banks;  Resources.) 

STOCK  BROKERS. 

Not  private  bankers  under  Clayton  Act,  2 — 589. 

STOCK  EXCHANGE  COLLATERAL  LOANS. 

Commercial  rates.  (See  Federal  Reserve  Bank  and 
branch  cities.) 

Control  of,  by  New  York  money  committee,  4 — 935. 
(See  Call  loans;  Speculative  activity.) 

STOCK  EXCHANGES. 

(See  Capital  Issues  Committee.) 

STOCK  MARKET  SECURITIES. 

Condition.  (See  Business  conditions.) 

STOCK  MARKET  SPECULATIVE  ACTIVITY,  4— 

1169;  5—311,  523,  524,  536,  617,  618,  1017,  1024,  1026, 
1028,  1108,  1109;  6—342,  446,  554,  665,  774,  897,  1012. 


222 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


STOCK  OF  MONEY  IN  UNITED  STATES. 

( See  Money.) 

STOCKHOLDERS. 

Draft  of  lumber  company  in  good  faith  on  sales  cor¬ 
poration  of  which  it  is  a  stockholder  held  to  be  a 
valid  trade  acceptance,  4 — 33. 

List.  American  Foreign  Banking  Corporation,  4 — 
736. 

State  member  banks.  Liability,  1 — 273. 

( See  supra,  Stock.) 

STOCKHOLDERS  IN  FEDERAL  RESERVE  BANKS. 

Subject  to  double  liability  on  their  stock,  1 — 273. 

STOCKHOLM. 

Foreign  exchange  rates — 

Berlin  on,  6 — 1076,  1319. 

London  on,  6 — 1070. 

New  York  on,  6 — 1160. 

Paris  on,  6 — 1074. 

(See  Foreign  exchange  rates.) 

(See  Sweden.) 

STOCKS,  AVERAGE. 

(See  Retail  trade.) 

STOCKS  AND  BONDS. 

(See  supra,  Stock  market  speculative  activity.) 

STOLEN  BONDS,  4—515,  613,  740,  859,  968,  1115,  1117, 
1212. 

STORAGE. 

Farm  products.  Warehouse  requirements,  4 — 404. 
Requirements.  Perishable  products,  4 — 404. 
Warehouse  and.  Conditions,  2 — 448. 

(See  Department  of  Agriculture;  Warehouse  receipts.) 

STORE  FIXTURES. 

Terms  of  sale,  6 — 936. 

STORES. 

(See  Department  stores.) 

STRAITS  SETTLEMENT. 

Branch  of  International  Banking  Corporation  in,  4 — 
946. 

Handling  of  bills  of  exchange  in,  5 — 452. 

STRAUSS,  ALBERT. 

Assumes  duties  as  member  of  Federal  Reserve  Board, 
4—1056. 

Designated  as  Vice  Governor,  4 — 1056. 

Leave  of  absence  to  go  to  Paris,  5 — 108. 

Resignation  as  member  of  Federal  Reserve  Board, 
6—348. 

STRIKE,  COAL. 

Great  Britain,  6 — 1311. 

STRIKES. 

(See  Labor.) 

STRONG,  BENJAMIN,  GOVERNOR,  FEDERAL 
RESERVE  BANK  OF  NEW  YORK. 

Leave  of  absence  granted,  2 — 315. 

Letter  to  New  York  Stock  Exchange  on  speculative 
activity,  4 — 935. 

SUBSCRIBERS. 

Liberty  loans  I-V,  5 — 521. 

(See  Liberty  loans.) 

United  States  Treasury  certificates.  (See  same.) 

SUBSCRIPTIONS. 

(See  Capital  stock;  Federal  Reserve  Bulletin;  Great 
Britain;  Liberty  loans;  National  banks;  Savings 
banks;  State  banks;  United  States  bonds;  United 
States  Treasury  certificates.) 


SUBSCRIPTIONS  TO  RED  CROSS. 

Bill  of  comptroller  authorizing,  by  national  banks, 
4—428. 

Act  May  23,  1918,  4—428,  498. 

SUBSIDIARY  SILVER. 

(See  Money.) 

SUBSIDY,  BREAD. 

Italy,  6—1321. 

SUBSIDY,  GOLD. 

Disapproved — 

American  Bankers’  Association.  McFadden  bill, 
6—1147. 

British  committee,  5 — 123. 

Interior  Department  committee,  5 — 125. 

Treasury  committee,  5 — 248. 

Would  increase  prices,  5 — 124. 

SUBTREASURIES. 

(See  United  States  Sub  treasuries.) 

SUBURBAN  BANKS. 

Applicability  of  Clayton  Act  to,  5 — 362. 

(See  Outlying  districts.) 

SUBSTANTIAL  COMPETITION. 

(See  Clayton  Act.) 

SUCCEEDING  BUSINESS  DAY,  NEXT. 

Notes  due  on  Sunday  or  on  legal  holidays  are  payable 
on,  in  all  States  which  have  accepted  negotiable 
instruments  act.  Exceptions  stated,  4 — 108. 

SUGAR. 

Acceptances  of  drafts  against,  in  bond,  4 — 520. 
Average  monthly  price,  raw  sugar,  New  York,  6 — 
1162. 

Drafts  under  credits  to  finance  Cuban  sugar  crop  are 
eligible,  5 — 53. 

Exports,  Cuba,  6 — 1163. 

Loans  by  branch  of  national  bank  in  Cuba  on  growing 
sugar  crop  are  not  real-estate  loans  and  are  eligi¬ 
ble,  5—362. 

Price,  United  States,  1914-1920,  6 — 1214. 

Production.  World,  6 — 1163. 

Receipts  and  meltings.  (See  Physical  volume  of 
trade;  Prices.) 

Terms  of  sale,  5 — 1132. 

World  production,  6 — 1163. 

(See  Physical  volume  of  trade;  Prices.) 

SUIT. 

Proposed,  to  test  validity  of  clearing  system  not  a 
friendly  suit.  Federal  Reserve  Board,  2 — 374. 

SUMMARY  OF  BUSINESS  CONDITIONS. 

(See  Business  conditions.) 

SUNDAY. 

Notes  falling  due  on,  payable  on  next  succeeding 
business  day.  Exceptions,  4 — 108. 

SUNDRY  PROFITS. 

Federal  Reserve  Banks,  1918,  5 — 132. 

(See  Earnings  and  expenses.) 

SUPER  RATES. 

(See  Discount  rates;  Progressive  rates.) 

SUPERSEDING  REGULATIONS. 

(See  Circulars  and  regulations.) 

SUPPLEMENTARY  APPLICATIONS. 

(See  Fiduciary  powers.) 

SUPPLY  AND  DEMAND. 

Will  soon  operate  on  foodstuffs.  Secretary  of  Treas¬ 
ury,  5 — 191. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


223 


SUPREME  COUNCIL. 

(, See  Peace  conference.) 

SUPREME  COURT,  ILLINOIS. 

(See  Fiduciary  powers.) 

SUPREME  COURT  OF  UNITED  STATES. 

(See  Fiduciary  powers ;  United  States  Supreme  Court.) 

SURETY  COMPANIES. 

National  banks  may  insure  deposits  through,  1 — 29. 

SURPLUS. 

Account.  Credits  to,  5 — 26. 

Additions  to,  4 — 521. 

Banks  of  issue.  Leading,  6 — 375. 

Federal  Reserve  Banks.  Amendment,  4 — 1177;  5 — 
21,  228. 

Profits  not  to  be  carried  to,  account  until  end  of  fiscal 
year,  1 — 220. 

Reduction  of.  Whether  a  member  bank  must  sur¬ 
render  proportionate  part  of  its  capital  because 
of,  depends  upon  discretion  of  Federal  Reserve 
Banks  subject  to  approval  of  Federal  Reserve 
Board,  1 — 218. 

State  banks.  Member,  4 — 408,  592,  735,  964,  965  ;  5 — 
4,  49,  515;  6—1299. 

(See  State  banks,  admission.) 

Surplus  is  not  capital.  Fiduciary  powers,  4 — 1118. 
(See  Amendments ;  Federal  Reserve  Banks;  Fidu¬ 
ciary  powers.) 

SURRENDER  OF  STOCK,  1—218;  2—17,  208;  3—457, 
690;  4—201;  5—53.) 

Member  bank  reducing  surplus  is  not  required  by  act 
to  make  surrender  of  proportional  part  of  its  stock. 
Lies  in  discretion  of  Federal  Reserve  Bank,  sub¬ 
ject  to  approval  of  Federal  Reserve  Board,  1 — 218. 
(See  Stock.) 

SUSPENDED  BANK. 

Federal  Reserve  Bank  may  require  indorsement  or 

Guaranty  of  directors  of  a,  on  eligible  paper  offered 
iy  receiver,  2 — 66. 

SUSPENSE  ACCOUNT. 

(See  United  States  bonds.) 

SWEATERS. 

Terms  of  sale,  6 — 473. 

SWEDEN. 

Balance  of  trade,  1912-1917,  6 — 39. 

Banks  of  issue.  Condition,  1914-1920,  6 — 488. 
Capital  problems,  4 — 1091. 

Foreign  exchange  problems,  3 — 156. 

Foreign  exchange  rates — 

New  York  on.  (See  Foreign  exchange.) 
Stockholm  on  foreign  countries,  1914-1919,  4-377, 
380,  381;  6—40,  42. 

Gold- 

Embargo,  4 — 1091. 

Free  coinage  suspended,  4-378. 

Holdings,  4r— 377,  1091. 

Policy,  4—377,  1091;  6—35. 

Redemption  of  notes  in.  Suspended,  4r-378. 
Reserves,  1913-1920,  6—1296. 

Imports.  Control  of,  4 — 1092. 

Prices,  1913-1920,  4—1091;  5—544;  6—32,  166,  279, 
281,  392,  506,  510,  616,  620,  708,  711,  849,  905,  954, 
962,  1069,  1080,  1198,  1209,  1310,  1324. 

Prices  and  capital  problems,  4-1091. 

Public  debt,  1913-1918,  4—269,  376,  1064. 


SWEDEN — Continued. 

United  States.  Government  and  other  loans  placed 
in,  6 — 688. 

(See  Bank  of  Sweden;  Riksbank;  Stockholm;  Swedish 
Riksbank.) 

SWEDISH  RIKSBANK. 

Comparison  with  Federal  Reserve  System.  (See 
infra.  Condition.) 

Condition,  1914-1918,  2—659;  3—331,  682;  4—269, 
377,  997,  1064;  5—140,  463,  648,  649,  1201;  6-45, 
145,  488,  1297. 

Deposits,  1914-1919,  5—648,  1200. 

Federal  Reserve  System.  Comparison  with,  2 — 659, 
660. 

(See  supra,  Condition.) 

Gold  reserves,  1914-1919,  5—648,  1200;  6—145,  1297. 
Notes  in  circulation,  1914-1919,  5 — 648,  1200. 

Ratio.  Reserves  to  liabilities,  1914-1919,  5 — 648, 

1200. 

(See  Bank  of  Sweden;  Stockholm;  Sweden.) 

SWEET  POTATOES. 

Warehouse  requirements,  4 — 405. 

SWISS  NATIONAL  BANK. 

Comparison  with  Federal  Reserve  System.  (See  infra, 
Condition.) 

Condition,  1914-1918,  2—660;  3—331,  682;  4—269, 
389,  464,  997,  1064;  5—140,  464,  548,  551,  649, 
849,  1201;  6—145,  488,  1297. 

Deposits,  1914-1919,  5—649,  849,  1200. 

Gold  reserves,  1914-1919,  5—140,  649,  849,  1200;  6— 
1296. 

Notes,  1914-1919,  5—649,  849,  1200. 

Ratio.  Reserves  to  liabilities,  1914-1919,  5 — 649,  849, 

1200. 

Reports — 

Banking  conditions  during  war,  5 — 548,  849. 
Earnings  and  expenses.  Three  German  banks, 
5—736. 

(See  Soci^te  de  Banque  Suise.) 

SWITZERLAND. 

Banking  and  industry  during  the  war,  5 — 548. 

Banks  of  issue.  Condition,  etc. — 

1914-1919,  3—331;  4—997;  5—849. 

(See  supra,  Swiss  National  Bank.) 

Credits  granted  to  United  States,  1914-1920,  4 — 942. 
Foreign  exchange  rates — 

Berlin  on,  6—1076, 1319. 

Italy  on,  1914-1919,  5 — 846. 

New  York  on  Zurich,  6—50. 

On  principal  financial  centers,  1914-1918,  4-390, 
838,  842;  5—552. 

(See  Foreign  exchange  rates.) 

Gold  reserves,  1913-1920,  6—331,  1296. 

Loans  placed  in  United  States,  5 — 33;  6 — 688. 
Profits.  Foreign  exchange  transactions,  4r-835. 
Public  debt,  1914-1918,  4—389,  1064. 

(See  Foreign  exchange;  Profits;  Zurich.) 

SYMBOL  ON  CHECKS. 

For  identification  of  clearing  items,  5 — 28,  246. 

(See  Clearing  system.) 

SYNDICATE  ACCEPTANCE  AGREEMENTS. 

(See  Revolving  acceptance  credits.) 


224 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


SYNDICATE,  INTERNATIONAL  TRADE. 

International  Financial  Conference,  Brussels, 
1131. 

SYNDICATE,  MORGAN,  5—101. 


6— 


TAX,  TAXES— Continued. 

Income  tax — Continued. 

Dividends — 

In  shape  of  Liberty  bonds  are  subject  to,  3 — 
601. 


SYSTEM,  DECIMAL. 

Report,  British  commission,  5 — 126. 

SYSTEM,  CLEARING. 

(See  Clearing  system.) 

SYSTEM,  FEDERAL  RESERVE. 

(See  Federal  Reserve  System.) 

SYSTEM,  MONETARY. 

(See  Monetary  system.) 


TANNING. 

Terms  of  sale,  6 — 928. 


T. 


TARIFF,  CUSTOMS. 

(See  Customs  tariff.) 


TAX,  TAXES. 

Bonds  or  taxes.  War  finance,  5 — 1. 

Excess-profits  tax.  (See  same.) 

Certificates.  (See  United  States  Treasury  certificates.) 
Excess-profits  tax.  (See  same.) 

Federal  Reserve  Banks — 

Capital  stock  not  subject  to  special  tax  under 
section  3,  act  October  22,  1914.  Opinion, 
Solicitor  of  Internal  Revenue,  1—211. 
Capital,  surplus  and  income  exempt  from  local 
taxation,  1 — 13. 

Tax  payments  by,  1918,  5 — 132. 

(See  Earnings  and  expenses.) 

Value  of  stock  in — 

National  banks  are  expressly  exempt  from 
State  taxation  on,  1 — 315. 

Where  State  taxes  value  of  stock  in  national 
banks  in  hands  of  stockholders  and 
national  bank  pays  it  for  its  stockholders, 
it  can  not  deduct,  in  return  to  State — 
Opinion  of  counsel,  1 — 315. 

United  States  district  court,  3 — 955. 
Warrants.  May  purchase,  which  mature  after 
date  on  which  taxes  to  pay  them  fall  due. 
Regulation  E,  1916,  3 — 32. 

Federal  Reserve  notes.  Federal  Reserve  Board  is 
not  bound  to  tax,  2 — 273. 

Federal  Reserve  System.  High-tax  payments  in¬ 
volve  no  strain  on,  4 — 587. 

Foreign  banks.  Tax  law  of  Spain,  6 — 692. 

Franchise  tax — 

Payments  to  be  credited  to  “reserved  for  franchise 
tax,”  5 — 26. 

Payments  of,  4 — 6,  12;  5 — 130,  133;  6—135,  830. 
Return  for.  In  distribution  of  dividends  for 
June  30,  1918,  there  should  be  no,  4 — 521. 
(See  Franchise  tax.) 

Income  tax— 

Act  April  24,  1917- 

Liberty  bonds  I  exempt,  3 — 459. 

Dividends  payable  in  liberty  bonds  are  sub¬ 
ject  to  3 — 601. 

Act  September  24,  1917.  Liberty  bonds  II  in 
part  exempt,  3 — 930. 

Discount  and  interest.  Computation  of,  for  pur¬ 
poses  of  income  tax,  5 — 249. 


To  increase  capital  are  subject  to,  5 — 256. 
Stock  dividends  are  subject  to  super  tax  in 
hands  of  individual  stockholders,  4 — 614. 
Federal  Reserve  Banks.  Not  subject  to  tax  on 
charges  for  currency  shipments  when  they 
fall  directly  on,  4 — 1215. 

Liberty  bonds.  Corporations  owning,  are  not  to 
that  extent  exempt  from  taxes  imposed  by 
States  and  United  States.  Attorney  General 
United  States,  3 — 601. 

Liberty  bonds  I,  exempt  from  tax,  3 — 459. 
Liberty  bonds  II,  in  part  exempt,  3 — 930. 
Liberty  bonds.  Dividends  in  shape  of,  are  subject 
to,  3 — 601. 

Loans  and  taxes.  Proper  proportion  between, 
5—1. 

Nonresident  aliens — 

Banks  must  withhold,  from  deposits  of  non¬ 
resident  aliens,  4—163. 

United  States  bonds,  Treasury  certificates, 
and  War  Finance  Corporation  bonds  are 
exempt  from,  in  hands  of.  Victory 
loan  act,  5 — 226. 

Public  moneys.  Deposit  of,  in  connection  with, 
4—494. 

United  States  Treasury  certificates.  Exempted 
up  to  $5,000,  4 — 71. 

(See  Income  tax.) 

Italy.  Tax  legislation,  6- — 489. 

National  banks  can  not  deduct  value  of  their  Federal 
Reserve  Bank  stock  in  return  to  State  for 
taxation  on  their  stockholders,  1 — 315;  3 — 955. 
Secretary  of  Treasury.  Tax  recommendations,  4 — 
600,  847;  6—341,  1253. 

Spain.  Tax  legislation,  foreign  banks,  6 — 692. 

Stamp  tax — 

Acceptances — 

Not  subject  to,  under  act  of  October  22,  1914, 
2—211. 

Originating  in,  but  payable  out  of 
United  States  are  subject  to,  3 — 950. 
Accrued  interest.  Payment  of,  on  demand  note  is 
not  a  renewal  and  is  not  subject  to,  3 — 950. 
Act  October  22,  1914 — 

Acceptances  not  subject  to,  under,  2 — 211. 
Application  to  instruments,  etc.,  issued  by 
Federal  Reserve  Banks,  1 — 211. 
Section  3  does  not  apply  to  capital  stock  of 
Federal  Reserve  Banks,  1 — 211. 

Schedule  A  does  not  impose,  on  certificates 
of  stock  in  Federal  Reserve  Banks,  2 — 
172. 

Tax  on  promissory  notes  under,  repealed  by 
act  September  8,  1916,  2 — 512. 

(See  infra,  Notes.) 

Act  September  8,  1916,  repeals  tax  on  promissory 
notes  imposed  by  act  October  22,  1914, 
2—512. 

Act  October  3,  1917.  (See  infra,  Checks.) 

Allied  Purchasing  Commission.  Shipments  to, 
4—614,  972,  1218. 

Bankers’  acceptances.  (See  infra,  Bills.) 


INDEX-DIGEST  of  federal  reserve  bulletin. 


225 


TAX,  TAXES — Continued. 

Stamp  tax — Continued. 

Bills  of  exchange.  No  difference  for  tax  purposes 

between  ordinary,  trade  acceptances  and 

bankers’  acceptances,  4—316. 

Checks — 

Conditions  under  which,  applies,  under  act 
October  3,  1917,  4—316. 

Post  dated,  not  subject  to,  2 — 211. 

Drafts — 

Arrival.  Payable  on,  or  on  demand  after, 
are  time  drafts  requiring  revenue  stamp, 
4—31,  317. 

Demand,  do  not  require  stamp,  4 — 316. 

Sight  drafts  do  not  require  stamp,  4 — 316. 

Export — 

No  stamp  required  on  drafts  on  domestic 
banks  in  connection  with  shipments 
from  interior  to  seaboard  when  sold  for, 
4—614,  972,  1218. 

Nor  when  sold  under  credit  agreements  for, 
4—615. 

Drafts  covering  shipments  from  territorial 
United  States,  including  District  of 
Columbia,  Hawaii,  and  Alaska,  to  for¬ 
eign  countries  not  subject  to,  under 
revenue  act  of  1918,  5 — 467. 

Drafts  covering  shipments  from  territorial 
United  States  to  Canal  Zone,  Virgin 
Islands,  Porto  Rico,  and  Philippines  are 
not  shipments  to  foreign  countries  but, 
except  as  to  Canal  Zone,  are  expressly 
exempted  from,  5 — 467. 

Federal  Reserve  Banks — 

All  documents,  instruments,  and  things 
enumerated  in  Schedule  A,  October  22, 
1914,  when  issued  by,  are  subject  to. 
Opinion,  Solicitor  of  internal  Revenue, 
1—211. 

Act  October  22,  1914,  does  not  apply  to 
capital  stock  of,  1 — 211. 

Certificates  of  stock  in,  not  subject  to,  under 
act  October  22,  1914,  Schedule  A.  At¬ 
torney  General  of  United  States,  2 — 172. 

Charges,  not  subject  to,  on  telephone,  express, 
or  telegraphic  charges  when  falling 
directly  on,  3 — 931;  4 — 1215. 

Parcels  post  packages  are  subject  to,  4 — 17. 

Interest — 

Indorsement  of,  on  note  does  not  require, 
under  certain  specified  conditions, 
3—950. 

Payment  of,  on  overdue  note  is  not  a 
renewal  and  does  not  require  a, 
3—950. 

( See  supra,  Accrued  interest.) 

Notes  issued  prior  to  December  1,  1914,  and 
renewed  or  extended,  require,  under 
act  October  22,  1914,  4—978. 

Railroad  certificates  of  indebtedness.  Notes, 
secured  by,  not  subject  to  stamp  tax  if 
par  value  is  not  less  than  amount  of 
notes,  5 — 566. 

Trade  acceptances.  The  drawer  should  affix 
stamp  but  acceptor  may  do  so  by  agree¬ 
ment,  4 — 977. 

War  Finance  Corporation  bonds.  Notes  of 
one  bank  to  another  secured  by,  are 
subject  to  stamp  tax,  5—566. 


TAX  CERTIFICATES. 

( See  United  States  Treasury  certificates.) 

TAX  LEGISLATION. 

On  foreign  banks  in  Spain,  6 — 692. 

TAXATION. 

Committee  on,  appointed  by  Commissioner  of  In¬ 
ternal  Revenue,  4 — 1194. 

Drastic,  needed  for  foreign  countries,  5 — 1014. 
European  countries.  Taxation  in,  4 — 1067. 

Federal  Reserve  Board  on,  4 — 487. 

France,  6 — 490,  957. 

Italy,  6—489,  960. 

Per  capita — 

France,  6 — 955. 

Great  Britain,  6 — 955. 

United  States,  6 — 955. 

President  of  United  States  on,  4 — 487. 

TAXATION,  STATE. 

Member  bank  can  not  deduct  value  of  stock  in  Federal 
Reserve  Bank  in  return  for  purpose  of,  on  stock¬ 
holder,  1—315;  3— 955. 

TEA. 

Terms  of  sale,  5 — 1132. 

TELEGRAMS. 

Cost  of,  1918,  5—132. 

( See  Earnings  and  expenses.) 

Government  rates  for  official.  Federal  Reserve  Agents, 
1—77. 

Tax  on.  Federal  Reserve  Banks  not  subject  to,  3 — 931. 

Treasury  will  pay  cost  of,  relating  to  Liberty  bonds, 

3— 439. 

TELEGRAPHIC  TRANSFERS. 

At  par,  4—371. 

Of  funds.  Ruling,  Foreign  Exchange  Division, 

4— 1122. 

Of  rupees,  by  Bank  of  Montreal,  5 — 917,  1015. 

(See  Federal  Reserve  Board,  rupees;  Secretary  of 
Treasury,  rupees.) 

TELEPHONE  SERVICE. 

Cost,  1918,  5—132. 

Tax,  3—931. 

(See  Earnings  and  expenses.) 

TEN-CENT  CHARGE. 

On  mail  transfers,  4 — 371. 

(See  Clearing  system.) 

TEN-DAY  PAPER. 

Rate  established  for,  1 — -124. 

TEN  PER  CENT  LIMITATION. 

Act  of  September  24,  1918.  (See  infra,  United  States 
Revised  Statutes,  section  5200.) 

Act  of  March  3,  1919,  section  11  (m).  (Nee  infra,  Sec¬ 
tion  9,  Federal  Reserve  Act;  Section  11  (m),  Fed¬ 
eral  Reserve  Act;  Section  13,  Federal  Reserve 
Act.) 

Act  of  October  22,  1919.  (See  infra,  United  States 
Revised  Statutes,  section  5200.) 

Actually  existing  value.  (See  infra,  Section  9;  Sec¬ 
tion  13.) 

Actually  owned.  (See  infra,  Section  9;  Section  13.) 
Good  faith.  (See  infra,  Section  13;  Good  faith.) 
Section  9,  Federal  Reserve  Act — 

State  member  banka  are  subject  to  10  per  cent 
limitations  of,  3 — 879;  4 — 863. 


37599°— 21 


■15 


226 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


TEN  PER  CENT  LIMITATION— Continued. 

Section  9,  Federal  Reserve  Act — Continued. 

State  member  bank  loaning  to  one  borrower  in 
excess  of  10  per  cent  limitation  can  not  redis¬ 
count  any  of  that  borrower’s  paper  with  the 
Federal  Reserve  Bank,  whether  straight  loans, 
bills  of  exchange  against  actually  existing 
values,  or  commercial  or  business  paper,  3 — 
696;  4—863;  5—361,  1055,  1157. 

State  member  bank  which  has  loaned  up  to  30 
per  cent  of  its  capital  and  surplus  to  one  bor¬ 
rower  but  which  has  rediscounted  this  paper 
up  to  20  per  cent,  may  rediscount  the  remain¬ 
ing  10  per  cent  with  the  Federal  Reserve 
Bank,  4—638. 

State  member  banks  rediscounts  under  sections 
9  and  13,  Federal  Reserve  Act,  as  amended 
by  act  of  March  3,  1919,  new  section  11  (m), 
5—228  (text),  361,  1055. 

State  member  banks  rediscounts  under  section  9 
not  affected  by  act  of  October  22,  1919, 
amending  United  States  Revised  Statutes, 
section  5200,  5 — 1056. 

The  10  per  cent  limitation  of  section  9  is  based  on 
the  total  capital  and  surplus  of  a  State  mem¬ 
ber  bank  and  not  merely  upon  the  portion 
assigned  to  the  commercial  department  under 
the  State  law,  6 — 495. 

Section  11  (m),  Federal  Reserve  Act.  Exceptions  to 

10  per  cent  limitation,  5 — 228  (text),  361,  1055. 

Section  13,  Federal  Reserve  Act — 

Acceptances — 

Security  necessary  when  in  excess  of  the  10 
per  cent  limitation,  3 — 286,  881;  5 — 143, 
253,  364,  468;  6—1065. 

(See  Acceptances ;  Security.) 

Discounts — 

Act  of  September  24,  1918,  amending  United 
States  Revised  Statutes,  section  5200, 
does  not  amend  section  13,  4 — 1055, 1120. 
Actually  existing  values.  Drawn  in  good 
faith  against — 

1.  Exceptions  to  10  per  cent  limitation — 

Bankers’  acceptances  held  to  be  bills 
drawn  in  good  faith  against,  by 
analogy  with  act  of  October  22, 
1919,  5—1055. 

Bills  drawn  in  good  faith  against, 
2—274,  463,  608,  684;  3—287; 

4— 974. 

Bills  drawn  against  a  sales  corpora¬ 
tion,  4 — 33. 

Bills,  secured,  drawn  by  cotton 
broker  against  a  mill,  2 — 118. 

Bills  secured  by  shipping  docu¬ 
ments,  5 — 1055. 

Bills  discounted  before  acceptance 
when  secured,  3 — 195. 

Definition.  Bills  discounted  after 
acceptance,  3 — 195,287;  4 — 974; 

5— 254. 

Seemed  bills  not  necessarily,  2 — 329. 

2.  Held  not  to  be  within  exception  to 

the  10  per  cent  limitation — 

Bill  by  agent  against  his  corporation, 
2—462. 

Bills  by  owner  against  agent,  2 — 684. 

Bills  drawn  against  balance  on  open 

account,  3 — 287. 


TEN  PER  CENT  LIMITATION— Continued. 

Section  13,  Federal  Reserve  Act — Continued. 
Discounts — Continued. 

Actually  existing  values.  Drawn  in  good 
faith  against — Continued. 

2.  Held  not  to  be  within  exception  to 
the  ten  per  cent  limitation — Con. 
Bills  drawn  against  a  dummy  or  fic¬ 
titious  drawee,  2 — 608,  684. 

Bills  on  which  drawer  and  prior  in¬ 
dorsers  are  released,  2 — 463  ;  5 — 
1055. 

Bills  discounted  before  acceptance 
when  not  secured,  3 — 195. 

Bills  on  which  drawer  is  exempted 
from  liability,  2 — 227. 

Demand  and  sight  bills  on  which 
drawer  is  released,  5 — 1055. 
Renewal  bills,  3 — 287. 

Actually  owned,  commercial  or  business  pa¬ 
per.  Section  13  does  not  contain  this 
exception,  2 — 224,  274;  3 — 195;  4 — 974. 
Definition.  Actually  existing  value,  3 — 195. 

Federal  Reserve  Banks — 

Are  subject  only  to  10  per  cent  limita¬ 
tions  of  section  11  (m)  and  section  13, 
4—1055,  1120  ;  5—1055. 

May  decline  to  discount  paper  of  any  one 
borrower,  although  his  paper  is  not 
in  excess  of  the  10  per  cent  limita¬ 
tion,  if  in  their  judgment  they  have 
discounted  a  sufficient  amount  for 
other  member  banks,  6 — 278. 

Good  faith.  (See  supra,  Actually  existing 
values.) 

Nonmember  bank.  Indorsement  of  a,  on 
paper  rediscounted  by  a  member  bank, 
does  not  make  the  nonmember  bank  a 
borrower  subject  to  the  limitation  of 
section  13,  4—520. 

Nonmember  bank  rediscounts — 

(See  supra,  Section  9.) 

(See  Nonmember  banks.) 

Trade  acceptances.  Not  subject  to  10  per 
cent  limitation  of  section  13  if  drawn  in 
good  faith  against  actually  existing  value, 
4—974. 

United  States  Revised  Statutes,  section 
5200.  Amendments  of,  do  not  affect  sec¬ 
tion  13,  2—274;  4—197,  1120;  5—1055. 

Section  19,  Federal  Reserve  Act — 

Deposits  of  a  national  bank  with  a  nonmember 
bank  in  excess  of  the  10  per  cent  limitation 
must  be  reported  as  excess  loans,  1 — 126. 
Member  banks  may  deposit  in  foreign  banks 
unaffected  by  the  10  per  cent  limitation  of, 
5—1054. 

United  States  Revised  Statutes,  section  5200 — 
Acceptances — 

Limitations  of,  do  not  apply  to  acceptances 
unless  drawer  fails  to  furnish  funds  at  ma¬ 
turity,  1—269;  2—64,  463,  680  at  683;  3— 
696;  ‘4—197. 

Purchase  by  a  bank  of  its  own  acceptances 
become  subject  to  limitations  of,  2 — 6S0, 
682;  3—28,  193,  691,  696;  4—197. 
Subsequen;  rediscount  with  a  Federa  Re¬ 
serve  Bank.  Limitations  of,  no  longer 
apply,  3—691,  696;  4—867. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


227 


TEN  PER  CENT  LIMITATION— Continued. 

United  States  Revised  Statutes,  section  5200 — Con. 
Accommodation  acceptances  not  growing  out  of 
commercial  transactions  are  not  within  the 
exemption  of,  2 — 680  at  684;  4 — 311. 

Act  of  September  24,  1918.  Discount  power  of 
banks  extended  beyond  10  per  cent  limitation, 
4—961  at  962,  1055. 

Act  of  March  3,  1919,  section  11  (m).  Enacted 
because  act  of  September  24,  1918,  made  no 
provision  for  rediscount  of  excepted  paper 
with  Federal  Reserve  Banks,  4 — 1055. 

Act  of  October  22,  1919 — 

Further  exemption  from  10  per  cent  limita¬ 
tion  given  to  member  banks,  5 — 704,  730, 
965  (text),  1055. 

Discount  power  of  Federal  Reserve  Banks 
not  enlarged  by,  5 — 1056. 

Actually  existing  values — 

Bills  drawn  in  good  faith  against,  are  not 
subject  to  the  10  per  cent  limitation  of, 
2 — 463,  608,  684;  3—287. 

(See  supra,  Section  13,  same.) 

Actually  owned,  commercial  or  business  paper. 
Not  subject  to  10  per  cent  limitation  of,  2 — 
224,  274,  678;  3—195;  4—974. 

Agreement  of  repurchase — 

Bills  discounted  under  agreement  of  repur¬ 
chase  are  subject  to,  4—867. 

Bills  discounted  by  credits  to  account  of 
offering  bank  are  subject  to,  4 — 867 

Amendments  of — 

Bill  offered  by  Comptroller  of  the  Currency, 

4— 163  ,  431. 

(See  supra,  Act  of  Sept.  24, 1918;  Act  of  Oct. 
22,  1919.) 

Bank  purchasing  a  note  indorsed  without  recourse 
takes  it  subject  to,  4 — 34. 

Bankers’  acceptances  not  subject  to,  unless 
drawer  fails  to  cover  at  maturity,  1 — 269; 
2—64,  463,  680  at  683;  3—696;  4—197. 

Bill  of  exchange  on  which  drawer  is  exempted 
from  liability  is  not  within  exception  to, 
2—227. 

Commercial  or  business  paper  actually  owned. 

(See  supra,  Actually  owned.) 

Cotton  broker.  Note  of,  secured  by  warehouse 
receipt  is  subject  to,  2 — 113. 

Demand  and  sight  bills  held  for  more  than  a 
reasonable  time  after  acceptance  become  sub¬ 
ject  to,  3—31;  4—109,  1119. 

Evasion  of — • 

Bills,  secured  by  warehouse  receipts,  on 
which  collateral  has  been  released  should 
be  scrutinized  with  care  to  be  certain 
they  are  not  in,  5 — 254. 

Bills  secured  by  warehouse  receipts  covering 
goods  held  for  speculative  purposes  are  in, 

5— 256,  415,  858;  6—66,  277,  1301. 

Farm  land  loans  made  under  section  24  are  sub¬ 
ject  to,  2 — 66,  171. 

Federal  Reserve  Banks  not  limited  by,  2 — 274; 
4—197;  5—1055. 

Good  faith.  (See  supra,  Actually  existing  values.) 
Indorsement  of  nonmember  bank.  Does  not 
make  nonmember  bank  borrower  subject  to, 
4—520. 

Indorsement  without  recourse.  Bank  purchasing 
a  note  containing  an,  takes  it  subject  to,  4 — 34. 


TEN  PER  CENT  LIMITATION— Continued. 

United  States  Revised  Statutes,  section  5200 — Con. 
National  banks.  (See  infra,  Real  estate  loans; 
United  States  bonds.) 

Real  estate  loans  made  under  section  24  are  sub¬ 
ject  to,  2—171;  3—456;  5—362. 

Section  13,  Federal  Reserve  Act,  is  not  limited 
by,  2—274;  4—197;  5—1055. 

Secured  notes  not  within  exception  of,  unless 
drawn  in  good  faith  against  actually  existing 
values,  2 — 329. 

State  member  banks  are  not  subject  to,  3 — 879. 
Trade  acceptances,  if  discounted  for  drawee  and 
not  for  bona  fide  holder,  are  subject  to,  4 — 974. 
United  States.  Drafts  drawn  to  finance  sale  of 
lumber  to,  are  subject  to,  4 — 32. 

United  States  bonds.  Banks  may  sell,  owned 
by  them,  taking  note  of  purchaser  secured  by 
the  bonds,  free  from  10  per  cent  limitation  of, 
3—519,  520. 

Warehouse  acceptances  in  evasion  of.  (See 
supra,  Evasion.) 

Warrants.  Ten  per  cent  limitation.  Regulation  E, 
1916,  3—29. 

TENISON,  E.  O. 

Resigns  as  Federal  Reserve  agent,  Dallas,  1 — 312. 

TENNESSEE. 

Charge  that  few  member  banks  have  rediscounted, 
refuted,  2 — 4. 

Laws — 

Acceptances,  3 — 533. 

Banking  laws,  5 — 367. 

Reserves,  3 — 790. 

Warehouse  laws,  1 — 262. 

List,  State  member  banks,  4 — 95. 

TENURE  OF  OFFICE. 

Yearly,  2—13,  51;  4—13,  31. 

TERM. 

Director  may  serve  out  balance  of,  although  district 
lines  changed,  1 — 103. 

Directors  can  not  serve  beyond  expiration  of,  3 — 290. 
Yearly  term,  2 — 13,  51;  4 — 13,  31. 

TERMS  OF  SALE. 

Agricultural  implements,  6 — 1149. 

Automobile  accessories,  6 — 261. 

Automobile  tires,  6 — 260. 

Automobiles,  6 — 258. 

Blankets,  woolen,  6 — 470. 

Boilers,  6 — 156. 

Books,  6 — 1037. 

Boots  and  shoes,  6 — 930. 

Boxes,  6 — 937. 

Brick,  6 — 938. 

Builders’  supplies,  6—939. 

Carpets  and  rugs,  6 — 471. 

Cement,  6 — 938. 

Chemicals,  6 — 1157. 

Chinaware,  6 — 1031. 

Clocks,  6 — 1033. 

Cloth  underwear,  6—812. 

Coal  and  coke,  6 — 265. 

Coke,  6—265. 

Containers,  6 — 937. 


228 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN 


TERMS  OF  SALE— Continued. 
Copper,  6 — 149. 

Corsets,  6 — 811. 

Cotton  manufactures,  6 — 464. 
Dry  goods,  6 — 797. 

Drugs,  6—1155. 

Electrical  products,  6 — 262. 
Embroideries,  6 — 473. 

Engines  and  boilers,  6 — 156. 
Floor  coverings,  6 — 471. 

Fur  manufacturing,  6 — 807. 
Furniture,  6 — 936. 

Garments.  Women’s,  6 — 805. 
Glass,  6 — 940. 

Glassware,  6 — 940. 

Gloves,  6 — 812. 

Hardware,  6 — 150. 

Hats,  6 — 809. 

Hosiery,  6 — 471. 

Iron,  6 — 148. 

Jewelry,  6 — 1032. 

Knit  underwear,  6 — 472. 

Laces,  6 — 473. 

Lead,  6 — 149. 

Leather  manufactures,  6 — 932. 
Lumber,  6 — 933. 

Machine  tools,  6 — 155. 
Machinery,  6 — 154,  156. 
Medicines,  6 — 1155. 

Men’s  clothing,  6 — 803. 

Men’s  furnishings,  6 — 810. 

Men’s  hats,  6 — 809. 

Men’s  wear,  woolen,  6 — 802,  803. 
Mill  supplies,  6 — 154. 

Millinery,  6 — 808. 

Music,  6 — 1034. 

Musical  instruments,  6 — 1034. 
Office  appliances,  6 — 1038. 

Oils,  6—267. 

Optical  merchandise,  6 — 1034. 
Paints,  6 — 938. 

Paper,  6—1035,  1036. 

Petroleum,  6 — 267. 

Pottery,  6 — 1031. 

Railway  equipment,  6 — 156. 
Refractories,  6 — 938. 

Ribbons,  silk,  6 — 467. 

Rubber  goods,  6 — 260. 
Shipbuilding,  6 — 157. 

Shipping  containers,  6 — 937. 
Shoes,  6 — 930. 

Silk,  6—466. 

Shooks,  6—937. 

Stationery,  6 — 1037. 

Steel,  6—148. 

Store  fixtures,  6 — 936. 

Sweaters,  woolen,  6 — 473. 
Tanning,  6 — 928. 

Thread,  cotton,  6 — 464. 

Thread,  silk,  6 — 466. 


TERMS  OF  SALE— Continued. 

Tile,  6—938. 

Underwear,  cloth,  6 — 812. 

Underwear,  knit,  6 — 472. 

Varnish,  6 — 940. 

Wall  paper,  6 — 1036. 

Wholesale  dry  goods,  6 — 797. 

Wire,  6 — 148. 

Women’s  garments,  6 — 805. 

Women’s  wear.  Woolen,  6 — 469. 

Wood  pulp,  6 — 1035. 

Woolens,  6 — 463,  469. 

Worsteds,  6 — 468. 

Yams — 

Cotton,  6 — 464. 

Silk,  6—466. 

Woolen,  6 — 468. 

Zinc,  6 — 149. 

TEST. 

Eligibility — 

Public  service  corporations’  paper.  3 — 527,  949. 
Warrants,  2 — 524. 

Banking  conditions.  Character  of  paper  held,  6 — 904. 
Inflation,  5 — 103. 

Substantial  competition,  Clayton  Act,  3 — 878. 

TEXAS. 

Laws — 

Acceptances,  3 — 533. 

Foreign  banking  corporations,  5 — 61. 

Purchase  of  stock  in  Federal  Reserve  Banks, 

1—155. 

Reserves,  3 — 790. 

Trust  companies  authorized  to  give  acceptances 
and  deal  in  commercial  paper,  6 — 950. 
Warehouse  laws,  1 — 262. 

List,  State  member  banks,  4 — 95. 

Negotiable  instruments  act.  Has  not  adopted,  4 — 971. 
Petition  of  Texas  banks,  for  redistricting  dismissed, 

2— 205. 

(See  Federal  Reserve  Bank  of  Atlanta;  Federal  Re¬ 
serve  Bank  of  Dallas;  Federal  Reserve  Bank  of 
Kansas  City;  Redistricting.) 

Trust  companies  authorized  to  accept  drafts  and  bills, 
6—950. 

TEXTILE  MANUFACTURING. 

(See  Business  conditions;  Physical  volume  of  trade; 
Prices.) 

THIRTY  DAYS’  NOTICE. 

(See  Savings  accounts;  Time  deposits.) 

THOMPSON,  H.  B. 

Appointed  Class  C  director,  Philadelphia,  2 — 509; 

3— 7. 

THOMPSON,  W.  B. 

Resigns  as  director  of  Federal  Reserve  Bank  of  New 
York,  6—10. 

THREAD,  COTTON. 

Terms  of  sale,  6 — 464. 

THREAD,  SILK. 

Terms  of  sale,  6 — 466. 

THREE  MONTHS’  PERIOD. 

Discounts,  purchases,  etc.  (See  Discount  and  open- 
market  operations.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


229 


THRIFT. 

President  of  United  States  on  necessity  for,  4 — 483. 

(See  Savings.) 

THRIFT  STAMPS. 

(See  War  savings  certificates;  War  savings  stamps.) 

TICKETS,  ARMY  MEAL. 

Federal  Reserve  Banks  may  request  member  banks  to 
receive,  for  collection,  4 — 938. 

TILES. 

Terms  of  sale,  6 — 938. 

TILL  MONEY. 

(See  Vault  cash.) 

TILLING  AND  DRAINING. 

(See  Agricultural  and  live  stock.) 

TIMBER. 

Notes  based  on  uncut,  are  not  eligible,  1—126. 

TIME  DEPOSITS. 

Definition  of,  1 — 73. 

Held  in  fact  not  to  be,  as  the  right  to  require  30  days’ 
notice  was  not  expressly  reserved  and  mere  ref¬ 
erence  to  bank  regulations  was  not  sufficient, 
6—1065. 

Open  accounts  as,  2 — 686. 

Payable  within  30  days  after  demand  on  expiration  of 
12  months.  Held  to  be  a  time  certificate  for  12 
months  and  after  that  a  demand  deposit,  6 — 495. 

Regulation  D,  1920,  6 — 1182. 

Savings  accounts  as,  2 — 611. 

When  within  30  days  of  maturity,  become  demand 
deposits,  5 — 655. 

(See  Certificates  of  deposit;  Savings  accounts;  Time 
certificates  of  deposit.) 

TIME  DEPOSITS,  MEMBER  BANKS,  6—728. 

TIME  DEPOSITS,  NATIONAL  BANKS. 

1914-1920,  5—781,  782;  6—726,  727  (chart). 

Chart  of,  6—726,  728. 

(See  Savings  accounts.) 

TIME  DRAFT. 

A  draft  payable  on  arrival  or  on  demand  after  arrival 
is  a,  requiring  a  revenue  stamp,  4 — 31. 

(See  Stamp  tax;  Tax.) 

TIME,  EXTENSION  OF. 

Trade  acceptance  containing  provision  for,  not  ap¬ 
proved  in  view  of  conflicting  court  decisions  as  to 
negotiability,  4 — 870. 

TIME  LOANS. 

Computation  of  discount  and  interest  for  revenue  tax 
purposes,  5 — 249. 

TIME,  REASONABLE. 

A  question  of  fact,  3 — 31;  4 — 1119. 

Drafts  drawn  against  warehouse  receipts  without 
purpose  to  ship,  sell,  etc.,  within  a,  are  not 
eligible,  5—858. 

Trade  acceptances  must  be  drawn  within  a,  after 
delivery  of  goods  to  be  drawn  against  actually 
existing  values,  3 — 287. 

TIME  SCHEDULE,  INTERDISTRICT,  4—1175;  6— 

746,  987. 

TIN,  PIG. 

(See  Physical  volume  of  trade.) 

TIN,  MILLS.  PRODUCTION  OF. 

(See  Physical  volume  of  trade.) 


TITLE  ABSTRACT  BUSINESS. 

(See  National  banks.) 

TITLE  OF  BANK. 

Clearing  member  banks  may  use  words  “exchange  and 
collection  agent”  as  part  of  their  title,  4—1119, 
1120. 

National  bank  authorized  to  engage  in  trust  business 
may  use  words,  “trust  company”  as  part  of  its 
title,  6—497. 

(See  also  Advertising.) 

TITLE  TO  PAPER. 

Must  be  given  by  indorsement  of  collateral  for  Fed¬ 
eral  Reserve  notes,  1 — 363. 

Federal  Reserve  Agents  may  indorse  maturing  notes 
as  collateral  for  Federal  Reserve  notes  to  Fed¬ 
eral  Reserve  Bank  for  collection,  3 — 351. 
Security  for  domestic  acceptances  must  be  indorsed 
so  as  to  give,  4 — 198. 

TOBACCO. 

Sales  of  revenue  stamps  for  manufacturers  of.  (See 
Physical  volume  of  trade.) 

TOBACCO  MANUFACTURES. 

Terms  of  sale,  5 — 1133. 

TOKYO,  JAPAN. 

Prices,  1913-1920,  6—1310. 

(See  Japan.) 

TOLEDO,  OHIO. 

Designated  as  a  reserve  city,  3 — 921. 

TON  MILEAGE. 

(See  Physical  volume  of  trade;  Railroads.) 

TONNAGE,  NET. 

Ship  production,  Great  Britain,  6 — 1071,  1202,  1313. 
United  States.  (See  Physical  volume  of  trade.) 
Vessels  cleared  in  foreign  trade.  (See  Physical 
volume  of  trade.) 

(See  also  Vessels.) 

TOTAL  DEBIT  OPERATIONS. 

New  statistical  tables.  (See  Clearing-house  debit 
statements.) 

TOTAL  CASH  RESERVES. 

See  Reserves;  Resources  and  liabilities.) 

TOTAL  INVESTMENT  OPERATIONS,  1—60,  112, 
170,  171,  246,  247,  294,  295,  339,  387,  428;  2—46,  93, 
196,  251,  300,  363,  425,  498,  578,  647,  719;  3—66, 
144,  225,  321,  415,  490,  569,  644,  721,  819,  909,  982; 
4—57,  141,  233,  346,  466,  557,  671,  781,  901,  1028, 
1144,  1242;  5—84,  165,  279,  389,  493,  590,  680,  790, 
883,  988,  1082,  1181;  6—89,  189,  305,  412,  529,  640, 
739,  869,  983,  1100,  1230,  1347. 

TOTAL  LIABILITIES. 

(See  Resources  and  liabilities.) 

TOTAL  RESERVES. 

(See  Reserves;  Resources  and  liabilities.) 

TOTAL  RESOURCES. 

(See  Resources  and  liabilities.) 

TRACTORS,  4—309. 

(See  Agricultural  and  live-stock  paper.) 

TRADE. 

Allies.  Trade  with,  1913-1919,  5 — 1037. 

(See  Allies.) 

Definition.  Trading  with  enemy  act,  3 — 851. 

Export  trade.  (See  same.) 

Financial  needs  of,  after  war,  5 — 115. 


230 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


TRADE — Continued. 

Foreign  trade.  Banka  operating  in.  ( See  Foreign 
trade,  principal  heading.) 

Physical  volume  of  trade.  ( See  same.) 

Prices  and  trade.  Review,  1920,  6 — 1260. 

South  America.  Trade  with,  6 — 1261. 

(See  also  Balance  of  trade;  British  trade  corporation; 
Business  conditions;  Domestic  trade;  Foreign 
trade;  Index;  Indexes;  International  trade  syn¬ 
dicate;  Physical  volume  of  trade;  Retail  trade; 
Wholesale  trade.) 

TRADE  ACCEPTANCES. 

(See  Acceptances,  Trade.) 

TRADE  AND  INDUSTRY  AFTER  WAR. 

Report  to  British  Parliament,  5 — 114,  115. 

TRADE  BALANCE. 

(See  Balance  of  trade.) 

TRADE  CONDITIONS. 

(See  Business  conditions;  Wholesale  trade  conditions.) 

TRADING. 

In  foreign  or  domestic  gold  coin.  Ruling,  Foreign 
Exchange  Division,  4 — 866. 

In  United  States  bonds  or  notes — 

Discount  of  paper  for,  3—158,  457. 

Paper  for  carrying  or,  eligible  as  collateral  for 
Federal  Reserve  notes,  3 — 459. 

List.  Trading.  Changes  in  enemy,  4 — 172. 

With  enemy  countries.  Only  under  special  license  of 
War  Trade  Board,  5 — 653. 

With  the  enemy.  War  Trade  Board  rulings,  4 — 87, 
171,  365. 

TRADING  WITH  THE  ENEMY  ACT. 

Text,  3 — 851. 

(See  act  of  October  6,  1917.) 

TRANSACTION,  UNDERLYING. 

(See  Acceptances,  domestic.) 

TRANSACTIONS,  EXCHANGE. 

Ruling,  Foreign  Exchange  Division,  4 — 1121. 

TRANSFER  AGENTS. 

National  banks  can  not  act  as,  2 — 456. 

TRANSFER  OF  RESERVES. 

Anticipation  of  final  payment,  2 — 5,  598,  661,  668,  669. 
(See  Reserves.) 

TRANSFERS. 

Bank  Transfer  checks,  1 — 371;  3 — 1,  101. 

Credit.  Investigation  of,  3 — 853. 

(See  Federal  Reserve  Board;  President;  Secre¬ 
tary  of  Treasury.) 

Currency,  4—1093. 

(See  Currency;  Federal  Reserve  Banks.) 

Cable.  Regulation  T,  1915,  2 — 15. 

Gold  settlement  fund.  (See  same.) 

Earnings  from,  1918,  5 — 132. 

(See  Earnings  and  expenses.) 

Federal  Reserve  Bank  stock,  3— -117,  199. 

(See  National  banks.) 

Funds — 

Dealers  authorized  to  make  transfers  of,  to  speci¬ 
fied  countries,  5—469. 

Enemy  countries.  Transfer  of  funds  to,  still  pro¬ 
hibited  except  under  special  license  of  War 
Trade  Board,  5 — 653. 


TRANSFERS — Continued. 

Funds — Continued . 

Exportation  of  rubles  permitted,  5 — 853. 
Germany.  War  Trade  Board  has  issued  a  general 
license  permitting  transfers  of,  to  Germany 
provided  proceeds  used  for  purchase  of  food 
to  be  supplied  to,  through  American  Relief 
Association,  5—470. 

Restrictions  on— 

Removal  of,  except  as  to  rubles  and  Bol¬ 
shevik  territory,  5 — 652. 

Telegraphic  transfers,  4 — 371. 

Ruling,  Foreign  Exchange  Division, 
4 — 1122. 

Rupees.  Bank  of  Montreal,  5 — 917,  1015. 
Mail  transfers.  Discount  rate  fixed,  4 — 371. 

Stock  transfers — 

Bill  of  comptroller  as  to,  4 — 433. 

In  connection  with  redistricting,  2 — 206. 

(See  Stock.) 

TRANSIT. 

(See  Tax.) 

TRANSIT  DEPARTMENT. 

Disbursements,  1917  ,  3 — 608. 

(See  Earnings  and  expenses.) 

TRANSIT,  DURATION  OF,  3—690. 

(See  Acceptances.) 

TRANSIT  ENTRY  AND  WAREHOUSE  RECEIPTS, 

4—520. 

(See  Acceptances.) 

TRANSIT  MANAGERS. 

Conference,  4 — 1175. 

TRANSPORTATION  CHARGES. 

Federal  Reserve  notes,  2 — 71,  111,  115,  259,  314. 

(See  Charges;  Federal  Reserve  notes.) 

(See  Opinions,  counsel;  Federal  Reserve  notes.) 

TRANSPORTATION,  COST  OF. 

New  Federal  Reserve  notes,  4 — 931. 

(See  Cost;  Federal  Reserve  notes.) 

TRANSPORTATION  OF  LAWFUL  MONEY,  2—314. 

(See  Clearing  system.) 

TRANSPORTATION,  RAILROAD. 

(See  Business  conditions;  Railroads.) 

TRANSPORTATION  SITUATION,  6—560,  581,  773 
TRANSVAAL. 

Gold  production,  1909-1919,  5 — 19. 

TRAVELERS’  CHECKS. 

Ruling,  Foreign  Exchange  Division,  4 — 973. 

TRAVELERS’  LETTERS  OF  CREDIT. 

Ruling,  Foreign  Exchange  Division,  4 — 973. 

TREADWAY,  L.  H. 

Appointed  Class  C  director,  Cleveland,  3—7. 

TREASURER  OF  UNITED  STATES. 

Federal  Reserve  Banks  to  reimburse,  for  cost  of  for¬ 
warding  unfit  Federal  Reserve  notes  by  Assistant 
Treasurers  to  Washington  for  redemption,  5 — 27- 
28. 

Minimum  deposit  of  United  States  bonds  wi-th.  Sug¬ 
gested  amendment,  3 — 100. 

[Enacted  into  law.  Act  of  June  21,  1917,  amend¬ 
ing  section  17,  Federal  Reserve  Act.] 


INDEX-DIGEST  OF  FEDERAL.  RESERVE  BULLETIN. 


231 


TREASURY  BILLS  OF  FOREIGN  GOVERNMENTS. 

Placed  in  United  States  by  Great  Britain  since 
August  23,  1917,  to  liquidate  other  obligations, 
4—940. 

(See  British  exchequer  notes;  Foreign  loans.) 

Short-term — 

Canada,  3—603,  652. 

Great  Britain,  3 — 653. 

Warning  of  Federal  Reserve  Board  against  over¬ 
investment  in,  2 — 661;  3—2,  82,  236,  239. 

(See  British  exchequer  notes.) 

TREASURY  CERTIFICATES. 

(See  United  States  Treasury  certificates.) 

TREASURY  COMMITTEE. 

Report  on  gold  mining,  etc.,  5 — 248. 

TREASURY  DEPARTMENT. 

(See  Agriculture,  Department  of;  Secretary  of  Treas¬ 
ury;  Liberty  loans;  United  States  Treasury  cer¬ 
tificates.) 

TREASURY  FINANCING. 

Bond  purchases  suspended,  6 — 445. 

Budget  system,  5 — 937. 

Discussion,  general,  5 — 521,  703,  813,  909,  1009,  1105; 
6—1,  113,  213,  339,  445,  553,  661,  769,  897,  1011, 
1123,  1253. 

Estimates  and  appropriations,  1921,  5 — 1105. 

Foreign.  Secretary  of  Treasury  on,  6 — 137. 

Plan  for  future,  6 — 113. 

Secretary  of  Treasury  on,  5 — 725;  6—137. 

(See  Review  of  Month;  Secretary  of  Treasury.) 

TREASURY  NOTES,  UNITED  STATES. 

Paper  used  for  carrying  or  trading  in,  is  eligible,  3 — 
158,  457,  459. 

TREASURY  NOTES,  UNITED  STATES  ONE- 
YEAR. 

(See  United  States  one-year  Treasury  notes.) 

TREASURY  NOTES  OF  1890,  UNITED  STATES. 

(See  Money.) 

TREASURY,  UNITED  STATES. 

Franchise  tax  paid  by  Federal  Reserve  Banks  to, 
4—6,  12;  5—130,  133;  6—135,  830. 

Joint  action  with  Department  of  Agriculture,  loans 
to  farmers,  4 — 829. 

(See  Secretary  of  Treasury.) 

TREGOE,  J.  H. 

On  trade  acceptances,  4 — 1193. 

TREMAN,  R.  H. 

Appointed  deputy  governor,  Federal  Reserve  Bank 
of  New  York,  2 — 315. 

Address.  Trade  acceptances,  3 — 9,  243. 

Resigns  as  deputy  governor,  5 — 1018. 

TRUST  COMPANIES. 

(See  State  banks  and  trust  companies,  Member.) 

TRUST  COMPANY. 

National  bank  authorized  to  exercise  fiduciary  powers 
may  use  words  “trust  company”  in  title,  6 — 197. 

TRUST  DEPARTMENT. 

(See  Fiduciary  powers;  Opinions  of  counsel.) 

TRUST  FUNDS. 

Deposit  of,  1 — 125. 

Investment  of,  1 — 125,  306;  5 — 143. 

(See  Bills  receivable;  Fiduciary  powers;  National 
banks,  trust  funds;  Opinions  of  counsel;  Real 
estate  loans.) 


TRUST  POWERS. 

(See  Fiduciary  powers.) 

TRUST  RECEIPTS. 

(Nee  Acceptances;  Security;  Ten  per  cent  limitation.) 

TRUSTEE  POWERS. 

Regulation  F,  1920,  6 — 1184. 

(See  Fiduciary  powers;  New  York.) 

TRUSTS. 

In  Germany,  4 — 1088. 

Investment,  5 — 412,  413,  524,  525. 

(See  Investment  trusts.) 

TULSA,  OKLA. 

Hearing  on  petition  for  a  branch  bank  at,  5 — 1017, 
1018;  6—63,  159,  782. 

U. 

ULTRA  VIRES. 

Cotton  export  acceptances  changed  into  domestic,  if 
made  in  good  faith  are  not,  2 — 12. 

UNCOLLECTED  FUNDS. 

Not  available  as  reserves  in  Federal  Reserve  Banks 
but  at  several  Federal  Reserve  Banks,  may  count 
as  part  of  optional  reserve  to  be  held  in  vaults, 
in  Federal  Reserve  Bank,  or  with  approved 
reserve  agents,  2 — 314. 

UNCOLLECTED  ITEMS. 

(See  Clearing  system;  Resources  and  liabilities.) 

UNCUT  TIMBER. 

Notes  based  on,  are  not  eligible,  1 — -126. 

UNDERLYING  TRANSACTIONS. 

(See  Acceptances,  domestic.) 

UNDERWEAR. 

Production  and  orders,  6 — 925. 

UNDERWEAR,  CLOTH. 

Terms  of  sale,  6 — 812. 

UNDERWEAR,  KNIT. 

Terms  of  sale,  6 — 472. 

UNDIVIDED  INTERESTS. 

Not  advisable  to  loan  on  note  secured  by  a  mortgage 
upon,  in  farm  property,  1—75. 

(See  Certificate  of  participation.) 

UNEMPLOYED  LABOR. 

Great  Britain,  6 — 844,  957,  1072. 

(See  Labor.) 

UNFIT  CURRENCY. 

Federal  Reserve  Banks  not  required  to  accept  deposits 
of,  made  to  evade  cost  of  shipment  to  Washington 
for  redemption,  2 — 115. 

UNFIT  FEDERAL  RESERVE  NOTES. 

(See  Federal  Reserve  notes.) 

UNFIT  NOTES. 

Cost  of  shipment,  3 — 82,  242. 

Insurance  on,  1 — 306. 

Payment  for,  1 — 404. 

(See  Federal  Reserve  notes;  National  bank  notes.) 

UNIFIED  BANKING  SYSTEM. 

Federal  Reserve  Board.  Statement,  1 — 48. 

UNIFORM  ACCOUNTS. 

Plan  for,  Federal  Reserve  Board  and  Federal  Trade 
Commission,  3 — 270. 

UNIFORM  BILLS  OF  LADING. 

Act  August  29,  1916,  2 — 515. 


232 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


UNIFORM  DEBT  POLICY. 

Secretary  of  Treasury  on,  5 — 100. 

UNION  DISCOUNT  COMPANY. 

Organized  for  financing  cotton,  4 — 930,  939. 

UNION  OF  LONDON  AND  SMITH’S  BANK,  LIM- 
ITED 

Condition,  1914-1919,  6—1047. 

UNION  OF  SOUTH  AMERICA. 

War  debt  of,  4 — 274. 

UNISSUED  NOTES. 

(See  Cost;  Federal  Reserve  notes,  Cost.) 

UNITED  KINGDOM. 

(See  Great  Britain.) 

UNITED  STATES. 

Agricultural  production,  1918,  1919,  5 — 636,  737, 
853,  962,  1053. 

Agricultural  products.  Effect  of  war  on,  5 — 635,  636. 
Allies — 

Loans  to,  3—10,  424,  731;  4—21,  279,  940,  1057, 
1059,  1166;  5—33,  845,  957,  1014;  6—688,  901. 
Comparison  with  merchandise  exports  to,  1917- 
1919,  5—845. 

Future  loans  to,  4 — 1166. 

Annual  absorption  of  securities,  5 — 1014. 

Assignable.  Claims  against  United  States  not, 

3— 288;  4—32. 

Balance  of  trade,  5 — 194,  526,  536,  614,  816,  1038 
(Spain),  1038  (Great  Britain). 

(See  Exports  and  imports;  Balance  of  trade,  princi¬ 
pal  heading.) 

Bonds.  (See  United  States  bonds.) 

Bonds,  Liberty.  (See  Liberty  loans.) 

Bureau  of  Labor.  (See  United  States  Bureau  of 
Labor.) 

Certificates.  (See  United  States  Treasury  certi¬ 
ficates.) 

Circuit  Court  of  Appeals.  (See  United  States  Circuit 
Court  of  Appeals.) 

Circulation  per  capita.  (See  infra,  Money.) 

Claims  against,  not  assignable,  3 — 288;  4 — 32. 
Competition  with,  4 — 3. 

Constitution  of  United  States.  (See  Fiduciary 
powers,  principal  heading.) 

Currency,  held  abroad,  5 — 701. 

Debt.  Public.  (See  infra,  Public  debt.) 

Definition  of  term  “United  States,”  1 — 91. 

Dollar.  Reasons  for  depreciation  in  Spain,  5 — 1038, 
1039. 

(See  Spain.) 

Dollar  exchange,  rose  to  par  in  Spain  on  removal  of 
embargo,  5 — 1038,  1039. 

Drafts  drawn  against,  do  not  take  commodity  rates, 

4— 32. 

Economic  recovery,  6 — 446. 

Employment  service.  (See  United  States  Employ¬ 
ment  Service.) 

Estimates  and  appropriations,  1920,  5 — 1105. 
Expenditures  of — 

Revenue  will  equal,  in  1920,  5 — 726. 

(See  Expenses  of  United  States  Government.) 
Expenditures.  War,  5 — 725. 


UNITED  STATES— Continued. 

Export  trade.  Aid  in  financing,  5 — 528. 

(See  Export  trade.) 

Exports,  by  countries,  1912-1916,  2 — 592. 

(See  Exports  and  imports,  principal  heading.) 
Exports  of  gold  since  embargo  was  removed,  5 — 1016. 

(See  Gold,  principal  heading.) 

Exports  of  merchandise  to  Allies  compared  with  loans 
to,  1917-1919,  5—845. 

Financing,  new,  5 — 526. 

Fiscal  agents  of — 

Federal  Reserve  Banks,  1 — 395;  2 — 671. 

(See  Fiscal  Agency  operations.) 

National  banks,  4 — 313. 

Floating  debt,  6 — 661. 

Foreign  countries.  Payments  to,  1914-1916,  2 — 592. 
Foreign  exchange  notes.  (See  same.) 

Foreign  loans.  (See  same,  principal  heading;  indi¬ 
vidual  nations  by  name.) 

Foreign  obligations — 

Interest  payable  in  United  States  on  our  holdings 
of,  5—526. 

Maturity  of,  held  in  United  States,  2 — 592. 
Offerings  in  United  States,  3 — 237,  652. 

Placed  in  United  States, 5 — 33,  845,  1014  (Great 
Britain),  1015  (Great  Britain;  Omsk;  San 
Paulo);  6—688,  901. 

Franchise  tax.  (Sec  Dividends;  Franchise  tax.) 

Free  gold  market.  United  States  the  only,  in  world, 
5—617. 

Gold  dollar  below  bullion  value  in  Spain,  5 — 1039. 
(See  Spain.) 

Gold  exports  since  removal  of  embargo,  5 — 1016. 

Gold  market.  Free.  United  States  the  only,  in  world, 
5—617. 

Gold.  Production  of,  1909-1919,  5 — 19. 

Gold.  Spain.  Forty  per  cent  consists  of  American 
gold  bought  at  discount,  5 — 1039. 

(See  Spain.) 

Gold.  Stock  of.  The  greatest  in  history,  5 — 617. 
Gold  reserve,  1910-1920,  6 — 1296,  1297. 

(See  Gold.) 

Grain  corporation.  (See  United  States  Grain  Corpo¬ 
ration.) 

Guaranteed  price  of  wheat,  4 — 1088. 

Guaranty  of  bank  deposits  by.  Bill  of  comptroller, 
4—163. 

(See  Deposits;  Guaranty.) 

Imports.  By  geographic  divisions  of  countries,  1912- 
1916,  2—592. 

(See  Exports  and  imports;  Gold;  Imports;  Silver.) 
International  balance.  Analysis,  6 — 902. 

International  price  index,  5 — 476,  543;  6 — 26,  164, 
499,  616,  712. 

(See  Prices.) 

Investments.  Fiscal  year,  1920,  6 — 669. 

Loans  to  allies.  (See  Allies;  Foreign  loans;  France; 

Great  Britain;  Loans.) 

Mails.  (See  United  States  mails.) 

Maturities.  Foreign  obligations  held  in  United  States, 
2—592. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


233 


UNITED  STATES— Continued. 

Money,  stock  of — 

Per  capita  circulation,  etc.,  3 — 562,  563  (1914- 
1917);  4—506,  684,  795,  915,  1042,  1160,  1253; 
5—97,  181,  291,  404,  510,  606,  698,  789,  810, 
902,  1006,  1101,  1198. 

April,  1917-July,  1919,  5—788. 

1920,  6—109,  210,  327,  435,  551,  659,  730,  762, 
890,  1004,  1121,  1250,  1368. 

1914-1920,  6—488. 

National  banks.  Fiscal  agents,  4 — 313. 

Net  ton  mileage.  ( See  Railroads.) 

Net  tonnage.  Vessels  in  foreign  trade;  Percentage  of 
American,  6 — 1258. 

Notes.  ( See  United  States  notes.) 

One-year  Treasury  notes.  ( See  United  States  one- 
year  Treasury  notes.) 

Per  capita  circulation.  ( See  supra,  Money.) 

Per  capita  taxation,  6 — 955. 

Prices.  ( See  same,  principal  beading;  Wholesale 
prices,  principal  heading.) 

Production.  ( See  same,  principal  heading.) 

Public  debt,  3—342,  343;  4—268,  278,  1057;  5—225; 

6 — 661,  1123.  Reduction  in,  5 — 1105. 

Railroad  Administration.  ( See  United  States  Rail¬ 
road  Administration.) 

Reparation  payments  may  inure  to  benefit  of,  5 — 525. 
Revenues  of,  5 — 1009. 

( See  supra,  Expenditures.) 

Revenues  will  equal  expenditures  in  1920,  5 — 726. 
Revised  Statutes.  (See  United  States  Revised  Stat¬ 
utes.) 

Securities.  Annual  absorption  of,  in  United  States, 
5—1014. 

(See  United  States  securities.) 

Senate.  (See  United  States  Senate.) 

Shipping  Board.  (See  United  States  Shipping  Board.) 
Ships  built  in  United  States.  (See  Physical  volume 
of  trade.) 

Silver.  Production,  1900-1918,  5 — 141. 

(See  Silver.) 

Silver  purchases.  (See  Silver.) 

Spanish  War  loans,  3 — 343. 

Subtreasuries.  (See  United  States  Sub  treasuries.) 
Supreme  Court.  (See  United  States  Supreme  Court.) 
Taxation.  Per  capita,  6 — 955. 

Tonnage  of  vessels.  (See  section,  Net  tonnage.) 
Treasurer  of  United  States.  (See  same.) 

Treasury  of  United  States.  (See  Secretary  of  Treasury; 
United  States  Treasury.) 

Treasury  certificates.  (See  United  States  one-year 
Treasury  notes.) 

Treasury  notes  of  1890.  (See  United  States  Treasury 
notes  of  1890.) 

Victory  notes.  (See  Liberty  bonds;  Liberty  loans; 
Victory  notes.) 

War.  Effect  on  real  wealth  of  United  States,  5 — 635. 
War  expenditures,  5 — 725. 

(See  Expenditures;  War.) 

War  obligations.  (See  United  States  war  obligations.) 
War  savings  certificates.  (See  same.) 

Warehouse  act.  Federal.  Text,  4 — 1095. 

Wealth  of.  Effect  of  war  on  real.  5 — 637. 

(See  Income.) 

Wheat  guaranty,  4 — 1088. 


UNITED  STATES  BONDS.  (See  also  Liberty  bonds; 
Victory  notes.) 

Account,  suspense.  (See  infra,  Suspense  account.) 
Accrued  interest.  (See  infra,  Interest.) 

Additional  circulation  secured  by.  (See  infra,  Open 
market.) 

Allotments  for  purchase  of,  section  18,  Federal  Re¬ 
serve  Act- 

Each  bank  to  be  allotted  its  proportional  share  of 
entire  amount  offered,  1 — 99,  127. 

None  can  be  made  until  two  years  after  passage  of 
act,  1 — 127. 

If  total  applications  exceed  25  millions,  the  allot¬ 
ment  will  be  proportionately  reduced,  1 — 127, 
355. 

No,  to  be  made  before  end  of  quarter  ending 
March  31,  1916,  1—314. 

Allotments  not  limited  to  United  States  2  per  cent 
bonds,  applies  to  all  bonds  with  circulation 
privilege,  1 — 355. 

Not  more  than  one-fourth  of  pro  rata  share  for 
entire  year  will  be  allotted  for  any  one  quarter 

1— 355. 

Method  of  allotment,  1 — 355. 

Quarterly,  2 — 151. 

Do  not  affect  monthly  deposits  to  retire  circula¬ 
tion  under  acts  of  July  12,  1882,  and  March 
4,  1907,  2—158. 

Allotment  for  quarter  ending  March  31,  1917. 
3—80,  238,  240. 

No  allotments  in  1916  because  the  Federal  Re¬ 
serve  Banks  have  purchased,  in  open  market 
more  bonds  than  could  be  allotted,  2 — 156, 
265,  316,  512;  3—5. 

Year  1916,  quarter  ending — 

March  31,  2—156. 

June  30,  2 — 316. 

September  30,  2 — 512. 

December  31,  3 — 5. 

Calendar  year,  1916,  2 — 265. 

Year  1917,  quarter  ending — 

March  31,  3—238,  240,  415. 

June  30,  3 — 507. 

September  30,  3 — 879. 

Calendar  year,  1917,  3 — 80. 

In  fixing  allotment  for  1917  account  will  be  taken 
of  bonds  purchased  in  November  and  Decem¬ 
ber,  1916,  2—666. 

Federal  Reserve  Board  will  permit  entire  allot¬ 
ment  for  1917  to  be  taken  at  any  quarter  day, 

2— 666. 

(See  infra,  Federal  Reserve  Board.) 

Deductions  from  allotments — 

Purchases  of  bonds,  with  circulation  privilege, 
in  open  market  may  be  deducted,  1 — 99, 
355;  2—151,  156,  264. 

Bonds  purchased  in  open  market  prior  to 
December  31,  1915,  can  not  be  deducted 
from  allotment  for  1916,  1 — 217;  2 — 64. 
Bonds  purchased  in  open  market  between 
January  1  and  March  31, 1916,  may  be  de¬ 
ducted  from  allotment  for  quarter  ending 
March  31, 1916,  and  may  be  taken  into  ac¬ 
count  on  succeeding  allotments,  2 — 12, 13. 
Bonds  purchased  in  open  market  which  do 
not  bear  circulation  privilege  can  not  be 
deducted,  2 — 64. 


234 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


UNITED  STATES  BONDS— Continued. 

Allotment  for  purchase  of,  section  18,  Federal  Re¬ 
serve  Act — Continued. 

Deductions  from  allotments — Continued. 

Bonds  purchased  in  open  market  bearing 
circulation  privilege  may  be  deducted 
whether  or  not  actually  securing  circula¬ 
tion  at  time  of  purchase,  2 — 64. 

In  fixing  allotment  for  1917,  the  Federal  Re¬ 
serve  Board  takes  into  account  bonds  pur¬ 
chased  in  November  and  December, 
1916,  2—666. 

Federal  Reserve  Banks — 

Payment  of  allotments  through  gold  settle¬ 
ment  fund,  3 — 240. 

Member  banks  will  not  be  permitted  to  un¬ 
load  at  par  on  Federal  Reserve  Banks 
their  2  per  cent  bonds  bought  at  a  dis¬ 
count,  3 — 879. 

Federal  Reserve  Board — 

Option  with,  whether  or  not  to  require  pur¬ 
chase  of  bonds  by  Federal  Reserve  Banks, 
3—80. 

Will  not  make  further  allotments  because  the 
3  per  cent  bonds  are  below  par,  owing  to 
issue  of  per  cent  Liberty  Bonds, 
3—341. 

Will  not  permit  member  banks  to  unload  at 
par  on  the  Federal  Reserve  Banks  their 
2  per  cent  bonds  bought  at  a  discount, 
3—879. 

Will  make  no  further  allotments  because  of 
war  conditions  putting  bonds  at  a  dis¬ 
count,  3 — 879. 

Gold  settlement  fund.  *  Payment  for  allotments 
through,  3 — 240. 

Allowance  for  depreciation.  ( See  infra,  Deprecia¬ 
tion.) 

Amendments — 

Minimum  deposit  of  bonds  with  Treasurer  of 
United  States  abolished,  3 — 100. 

[Enacted  into  law.  Act  June  21,  1917.] 

Federal  Reserve  Board  will  make  no  more  allot¬ 
ments,  in  view  of  3§  per  cent  rate  on  Liberty 
bonds,  until  amendment  of  law  as  to  3  per 
cent  conversion  bonds,  3 — 341. 

Will  not  ask  for,  at  present  time  because  of  small 
holdings  of  3  per  cent  conversion  bonds  by 
Federal  Reserve  Banks,  3 — 341. 

Application  for  suspense  account,  2 — 158. 

Application  for  conversion  of  2  per  cent  bonds.  ( See 

infra,  Conversion;  Secretary  of  Treasury.) 

Application  by  national  banks  to  sell,  section  18, 
Federal  Reserve  Act — 

May  be  filed  with  Treasurer  of  United  States  at 
once  but  no  allotment  to  be  made  before 
March  31,  1916,  1—314. 

Forms  for,  3 — 80. 

If  not  granted  in  full  for  one  quarter  they  are  not 
cumulative,  but  bank  should  reapply  at  next 
quarter,  1 — 355. 

Must  be  received  10  days  before  end  of  quarter, 
2—151. 

If,  exceeds  allotment  in  any  quarter,  allotment 
will  be  made  of  pro  rata  share  of  each  apply¬ 
ing  bank,  1 — 355. 

Bank  which  has  voted  to  liquidate  may  file, 
2—170. 


UNITED  STATES  BONDS— Continued. 

Application  by  national  banks  to  sell,  section  18, 
Federal  Reserve  Act— Continued. 

Suspense  account.  Application  for,  2 — 158. 

May  file,  to  sell  although  it  has  voted  to  liquidate, 

2— 170. 

( See  supra,  Allotment.) 

Bond  purchase  fund,  5 — 225. 

Purchases  discontinued,  6 — 445. 

Bonded  debt  of  United  States.  ( See  Public  debt.) 
Bonds.  Holdings  of,  by  Federal  Reserve  Banks. 

(See  Liberty  bonds.) 

Bonds  or  taxes,  War  Finance,  5 — 1. 

Bonds  purchased  in  open  market.  ( See  infra,  Open 
market.) 

Bonds.  Sales  of,  by  Federal  Reserve  Banks,  2 — 579, 
719. 

Bonds,  3  per  cent  conversion.  ( See  Three  per  cent 
conversion  bonds.) 

Carrying  or  trading  in — 

Paper  for,  as  collateral  for  Federal  Reserve  notes, 

3 —  459. 

Paper  for.  Discount  of,  3 — 158,  457. 

(See  Discounts.) 

Circulation.  Bank  reducing,  by  sale  of  United  States 
bonds  may  still  take  out  new,  under  section  18, 
against  bonds  bought  in  open  market,  2 — 65,  72. 

Conversion  privileges,  Federal  Reserve  Banks — 
Amount  fixed  by  Secretary  of  Treasury — 

1916,  30  millions,  2—300,  316,  512,  647;  3—81. 

1917,  30  millions,  2—666;  3—415. 

Amounts  approved  by  Federal  Reserve  Board, 

2—153,  309. 

Discussion  of,  2 — 51,  99,  666. 

Letter  to  banks  on,  2 — 156. 

Only  a  few  Federal  Reserve  Banks  failed  to 
convert  their  share,  2 — 512. 

Amounts  of  bonds  converted  into  3  per  cent  con¬ 
version  bonds  and  one-year  Treasury  notes, 

2— 300,  316,  509,  512,  647  ,  648,  649  ;  3—81, 
224,  415. 

Conversion  of  2  per  cent  bonds  into  3  per  cent 
bonds,  1—101, 102;  2—153,  156,  215,  230,  300, 
316,  330,  649;  3—415;  4—57,  141,  233,  346, 
467,  558,  672,  781,  901,  1029,  1144. 

Effective  on  passage  of  act,  1 — 101,  127,  268,  269, 
314. 

Federal  Reserve  Board  may  permit  conversion  of 
bonds,  however  acquired,  1 — 101. 
Description  of  bonds  converted,  2 — 648. 

Federal  Reserve  Banks  may  convert  full  quota 
for  1917  on  January  1  or  on  any  quarter  day, 
2—666. 

No  provision  of  law  authorizing  conversion  of  3  per 
cent  conversion  bonds  into  bonds  carrying 
higher  interest  rates,  3 — 341. 

Federal  Reserve  Board  has  in  contemplation  an 
amendment  but  will  not  press  it,  as  amount 
held  by  Federal  Reserve  Banks  is  so  small, 

3— 341. 

(See  Secretary  of  Treasury.) 

(See  supra,  Allotment.) 

(See  infra,  One-year  Treasury  notes;  Three  per 
cent  conversion  bonds.) 

Coupons.  Instructions  for  handling,  3 — 938. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


235 


UNITED  STATES  BONDS— Continued. 

Debt,  bonded.  ( See  Public  debt.) 

Deductions  from  allotment — 

( See  supra,  Allotment.) 

(See  infra,  Open  market.) 

Depreciation — 

Allowance  for,  to  be  made  before  transfer  of  earn¬ 
ings  to  surplus  account,  5 — 26. 

Amounts  reserved  for,  1918,  5 — 133. 

Discount.  Federal  Reserve  Board  will  not  allow 
member  banks  to  unload  on  Federal  Reserve 
Banks  the  2  per  cent  bonds  bought  at  a  discount, 
by,  3—879. 

Paper  secured  by,  3 — 158,  197,  425,  429,  457. 

( See  Discount  rates.) 

Eligible  for  sale  to  Federal  Reserve  Banks — 

Only  bonds  actually  securing  circulation  are, 
3—81. 

Panama  bonds,  series  of  1911,  3  per  cent,  are  not, 
1—356. 

United  States  3  per  cent  bonds,  1908-1918,  are,  if 
actually  securing  circulation,  1-355. 

United  States  4  per  cent  bonds  of  1925  are,  if  ac¬ 
tually  securing  circulation,  1 — 355. 

Exchange  of  2  per  cent  bonds.  (See  supra,  Conversion 
privileges.) 

Farm  loan  bonds  are  not  bonds  of  United  States, 
4—33. 

Federal  Reserve  Bank  notes.  Amount  of  bonds  held 
to  secure,  2 — 159. 

(See  Federal  Reserve  Bank  notes.) 

Federal  Reserve  Board.  Optional  whether  or  not  to 
require  purchases  under  section  18,  3 — 80. 

(See  supra,  Allotments;  Conversion  privileges.) 

Federal  Reserve  notes.  (See  same.) 

Fiscal  agents.  National  banks  may  sell  United  States 
bonds  as,  4 — 313. 

Form  of  application  under  section  18,  3 — 80. 

Fund — 

(See  supra,  Bond  purchase  fund.) 

(See  infra,  Sinking  fund.) 

Gold  settlement  fund.  Payment  of  allotments 
through,  3 — 240. 

Interest — 

Price  to  be  paid  for  allotted  bonds  fixed  at  par  plus 
interest,  3 — 81. 

Accrued  interest  figured  from  date  of  deposit  of 
lawful  money  with  Treasurer  of  United  States, 

1— 356. 

No  provision  of  law  for  conversion  of  3  per  cent 
conversion  bonds  into  bonds  carrying  a  higher 
rate  of,  3- — 341. 

Unwise  to  increase  rate  of,  carried  by  Government 
bonds  4—20. 

Investigations  of  transactions  in.  (See  President.) 

Limitation — 

National  banks  may  return  their  own  notes,  signed 
or  unsigned,  and  obtain  release  of  their  bonds, 
free  from  the  9  million  dollars  per  month, 

2— 215. 

Nine  million  dollars  per  month,  limit  was  reached 
on  March  16,  1916,  2—156. 

Nine  million  dollars  per  month  limitation  applies 
only  to  deposit  of  lawful  money  with  Treas¬ 
urer,  2 — 215. 


UNITED  STATES  BONDS— Continued. 

Limitation — Continue  d . 

Bonds  sold  by  national  banks  under  section  18  are 
not  affected  by  requirement  of  a  minimum 
deposit  of  United  States  bonds  with  Treasurer 
of  United  States,  2 — 224;  3 — 80. 

No  limitation  in  section  18  as  to  amount  national 
banks  may  sell ;  only  limitation  under  section 
18  is  as  to  amount  Federal  Reserve  Banks  may 
buy,  2—156,  158,  224. 

Suggested  amendment  repealing  requirements 
of  a  minimum  denosit  of  bonds  with  Treas¬ 
urer  of  United  States,  3 — 100,  104. 

[Enacted  into  law,  act  of  June  21,  1917.] 

Minimum  deposit.  (See  supra,  Limitation.) 

National  bank  act.  (See  supra,  Allotment;  Limita¬ 
tion.) 

National  banks — 

May  sell  United  States  bonds  as  fiscal  agents, 
4—313. 

No  limit  to  amount  they  may  sell  under  section 
18 ;  only  limit  is  on  amount  Federal  Reserve 
Banks  may  buy,  2 — 224. 

May  sell  United  States  bonds  to  Federal  Reserve 
Banks  under  section  14,  3 — 158. 

May  sell  United  States  bonds  to  a  customer  taking 
customer’s  note  secured  by  the  bonds,  free 
from  limitations  of  United  States  Revised 
Statutes,  section  5200,  3 — 519,  520. 

Obligation  to  renew.  (See  United  States  one-year 

Treasury  notes.) 

One-year  Treasury  notes.  (See  United  States  one- 

year  Treasury  notes.) 

Open  market,  purchases  in — 

Federal  Reserve  Banks  have  unlimited  right 
under  section  14  to  purchase  United  States 
bonds  in,  1 — 99,  268,  269;  3 — 80. 

The  25  million  limitation  under  section  18  does 
not  apply  to  purchases  in,  1 — 99,  268,  355. 

Purchases  in,  may  be  deducted  from  amounts 
allotted  under  section  18,  1 — 99,  355;  2 — 12, 
151,  156,  264;  3—80. 

Any  United  States  bonds  with  circulation  privi¬ 
lege  purchased  by  Federal  Reserve  Banks 
in,  may  be  deducted  from  allotment,  1 — 99, 
355;  2—12,  151,  156,  264;  3—80. 

Bonds  with  circulation  privilege  purchased  in, 
between  January  1  and  March  31,  1916,  may 
be  deducted  from  allotment  for  March  31, 
1916,  2—12. 

May  purchase  in,  entire  year’s  quota  in  first 
quarter.  Excess  over  allotment  will  be 
taken  into  account  in  subsequent  allotments, 
2—13. 

Bonds  purchased  in,  prior  to  January  1,  1916, 
can  not  be  deducted  from  allotment  for  March 
31,  1916,  2—64. 

Bonds  purchased  in,  not  bearing  circulation 
privilege  can  not  be  deducted  from  allot¬ 
ment,  2 — 64. 

*  National  banks  selling  bonds  under  section  18 
may  take  out  additional  circulation  against 
bonds  purchased  in,  2 — 65,  72. 

Open-market  purchases  for  quarter  ending  March 
31,  1916,  were  more  than  could  be  allotted, 
2—156. 

On  March  31,  1916,  40  millions  had  been  pur¬ 
chased  in,  by  Federal  Reserve  Banks,  2 — 151. 


236 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


UNITED  STATES  BONDS— Continued. 

Open  market,  purchase  in — Continued. 

Secretary  of  Treasury  will  permit  conversion  of 
bonds  purchased  in,  as  well  as  of  those 
allotted,  2 — 151. 

Federal  Reserve  Banks  purchased  in,  for  quarter 
ending  March  31,  1916,  more  than  could  be 
allotted  for  fiscal  year  1916,  2 — 156,  264,  316, 
513. 

Federal  Reserve  Banks  can  purchase  bonds  in, 
although  not  bound  to  buy  any  under  allot¬ 
ment,  2 — 265. 

Federal  Reserve  Banks  have  purchased  in,  more 
than  could  be  allotted,  and  therefore  no  more 
applications  should  be  made,  for  calendar 
year  1916,  2—265. 

Purchases  in,  for  quarter  ending  December  31, 
1916,  3—81. 

Federal  Reserve  Banks  directed  to  make  no  pur¬ 
chases  in,  prior  to  March  1,  1917,  3 — 81. 

Purchases  in,  for  quarter  ending  March  31,  1917, 
3—238,  240. 

Only  one  Federal  Reserve  Bank  purchased  in, 
for  quarter  ending  March  31,  1917,  more  than 
its  allotment,  3 — 238. 

Panama  bonds.  ( See  supra,  Eligible.) 

Policy  of  Federal  Reserve  Board  in  placing  United 
States  bonds  with  public,  3 — 424. 

President  of  United  States  may  investigate  transac¬ 
tions  in,  4 — 961. 

Price  of  bonds  allotted  under  section  18.  Par  plus 
accrued  interest,  3 — 81. 

Rates  of  interest.  ( See  supra,  Interest.) 

Renewal  obligations.  ( See  supra,  One-year  Treasury 
notes.) 

Sale.  (See  supra,  Eligible.) 

Sale  of  one-year  Treasury  notes  at  100^,  2 — 215. 

Sale  of  3  per  cent  conversion  bonds  at  103£ ,  2 — 215. 

Sales  of  one-year  Treasury  notes,  2 — 579,  647,  719; 
3—240. 

Sales  of  United  States  bonds,  2 — 215,  579,  647,  719; 
3—66. 

Savings  banks.  Purchases  of,  4 — 856,  952,  953. 

Secretary  of  Treasury — 

Bonds  purchased  in  open  market  may  be  con¬ 
verted,  2 — 151. 

Conversion  limit — 

1916,  30  millions,  2—151. 

1917,  30  millions,  2 — 666. 

Exchange  of  2  per  cents  into  3  per  cents  and  one- 
year  Treasury  notes,  1 — 101. 

Not  limited  to  25  millions  per  year,  2 — 151. 
Suspense  accounts,  2 — 158. 

Terms  of  conversion,  2 — 151,  156,  157. 

United  States  3  per  cent  conversion  bonds  can 
not  be  exchanged  for  one- year  Treasury  notes, 
2—158. 

Section  14 — 

Federal  Reserve  Banks  have  unlimited  power  to 
buy  United  States  bonds  in  open  market 
under,  1 — 99. 

National  banks  may  sell  United  States  bonds  to 
Federal  Reserve  Banks  under,  3 — 158. 

Section  18 — 

Provision  of  exchange  of  2  per  cent  bonds  became 
effective  on  passage  of  act,  1 — 101. 


UNITED  STATES  BONDS— Continued. 

Section  18 — Continued. 

Purchase  of  bonds  under  allotment  not  required 
until  two  years  after  passage  of  act,  1 — 127, 
268. 

Sinking  fund.  Old  provisions  repealed  and  new 
created,  5 — 226. 

Surrender  of  stock.  ( See  supra,  Application.) 

Taxes.  Bonds  or,  in  war  finance,  5 — 1. 

United  States  one-year  Treasury  notes.  ( See  supra, 
One-year  Treasury  notes.) 

United  States  bonds.  ( See  supra,  Allotment;  Bonds; 
Eligible;  Conversion.) 

United  States  Treasury  certificates.  ( See  same.) 

War  finance.  Bonds  or  taxes  in,  5 — 1. 

War  savings  stamps  are  not  United  States  bonds,  4 — 
637. 

Withdrawal  of,  to  secure  circulation,  2 — 215,  224. 

(See  National  banks.) 

UNITED  STATES  BUREAU  OF  LABOR. 

Difference  between  index  numbers  of,  and  Federal 
Reserve  Board,  6 — 1211. 

(See  Prices.) 

UNITED  STATES  CERTIFICATES. 

(See  United  States  Treasury  certificates*) 

UNITED  STATES  CIRCUIT  COURT  OF  APPEALS, 

Clayton  Act,  2-606. 

Opinion  of.  Par  clearance  case,  6 — 1303. 

[Pending  in  Supreme  Court  of  United  States.] 

(See  Clayton  Act.) 

(See  infra,  United  States  District  Court.) 

UNITED  STATES  CONSTITUTION. 

(See  Fiduciary  powers.) 

UNITED  STATES  COUNCIL  OF  STATE  BANKING 
ASSOCIATIONS. 

Suggests  amendment  admitting  savings  banks  into 
Federal  Reserve  System,  5 — 50. 

UNITED  STATES  CURRENCY. 

Federal  Reserve  Banks  not  obliged  to  accept  deposits 
of  unfit,  made  to  evade  expense  of  shipment  to 
Washington  for  redemption,  2 — 115. 

Held  abroad,  5 — 701. 

UNITED  STATES  DISTRICT  COURT. 

Opinion,  par  clearance  case,  6 — 496. 

[Pending  in  Supreme  Court  of  United  States.] 

(See  supra,  United  States  Circuit  Court  of  Appeals.) 

UNITED  STATES  EMPLOYMENT  SERVICE. 

(See  Capital  Issues  Committee.) 

UNITED  STATES  GRAIN  CORPORATION. 

Sells  food  to  Germany  for  gold,  5 — 821. 

(See  Acceptances.) 

UNITED  STATES  MAILS. 

Currency  shipments  by,  5 — 27. 

Federal  Reserve  notes  not  frankable,  1 — 355. 
Shipment  of  funds  to  cover  reserves,  3 — 615. 

(See  Clearing  system.) 

UNITED  STATES  NOTES. 

Holdings  of  Federal  Reserve  Banks,  3 — 569. 

(See  Discount  and  open-market  operations.) 

Issue  of  Federal  Reserve  notes  rather  than,  preferred 
by  Federal  Reserve  Board,  2 — 512. 

Letter  of  Federal  Reserve  Board  on  proposed  legisla¬ 
tion  to  reduce  circulation  of,  5 — 699. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


237 


UNITED  STATES  NOTES— Continued. 

Rediscount  of  paper  for  carrying  or  trading  in,  3 — 158, 
197,  425,  429,  457. 

(See  Money;  Taxation.) 

UNITED  STATES  ONE-YEAR  TREASURY  NOTES. 

Abolishment  of,  Federal  Advisory  Council  favors, 
3—109. 

Amendment.  Collateral  for  Federal  Reserve  bank 
notes,  3 — 104,  109. 

Assignment  of  obligation  to  renew,  Federal  Reserve 
Banks  can  not  make,  2 — 330. 

Collateral  for  Federal  Reserve  notes.  Amendment, 
3—101. 

Conversion.  Can  not  be  converted  for  present  into 
3  per  cent  United  States  bonds,  2 — 158,  666. 
Conversion  of  United  States  2  per  cent  bonds  into, 

1— 101,  102;  2—153,  156,  215,  264,  300,  316,  330, 

512,  647,  666;  3—415;  4—57,  141,  233,  346, 
467,  558,  672,  781,  901,  1029,  1144. 

Federal  Advisory  Council  favors  abolishment  of,  3 — 
106,  107. 

Federal  Reserve  Bank  notes  to  be  issued  under 
Pittman  silver  act  on  security  of,  or  of  United 
States  certificates  of  indebtedness.  Act  of  April 
23,  1918,  4—395. 

Federal  Reserve  Banks — 

Amounts  of,  taken  for  quarter  ending  December 
31,  1916,  3—80,  224,  415. 

Can  not  assign  obligation  to  renew,  2 — 330. 
Holdings  of,  2—153,  156,  215,  264,  300,  316,  330, 
363;  3—416,  490,  569,  644,  721,  819,  909,  982; 
5—84,  165,  279. 

Investments  in — 

1917,  5—84,  165. 

1918,  5—84,  165,  279. 

1919,  January  1,  none,  5 — 279. 

(See  Total  investment  operations.) 

Issued  to,  1916,  2 — 649. 

May  sell,  to  purchasers,  2 — 330. 

Sales  of,  2—579,  647,  719. 

(See  infra,  Purchaser.) 

Federal  Reserve  bank  notes.  Amendment;  collateral 
for,  3—104,  109. 

Issue  of — 

1916,  2—649;  3—81. 

1917,  3 — 415,  416,  490,  569,  644,  721,  819,  909, 
982;  4—57. 

(See  supra,  conversion.) 

United  States  3  per  cent  bonds  can  not  be  exchanged 
for,  2 — 158. 

Market  price,  May,  1916,  100|,  2 — 215. 

Name  fixed.  United  States  one-year  Treasury  notes, 

2— 158. 

Obligation  to  renew,  can  not  be  assigned  by  Federal 
Reserve  Banks,  2 — 330. 

Pittman  Act.  Federal  Reserve  Bank  notes  to  be 
issued  under,  on  security  of,  or  of  United  States 
certificates  of  indebtedness,  4 — 395. 

Price,  market.  (See  supra,  Market  price.) 

Purchaser  of.  Takes  free  from  obligation  of  Federal 
Reserve  Bank,  2 — 330. 

Renew.  The  purchaser  of,  takes  free  from  obligation 
to  renew,  2 — 330. 

Sales  by  Federal  Reserve  Banks,  2 — 66,  215,  579,  647, 
719. 

Sales,  market,  May,  1916,  100£,  2 — 215. 


UNITED  STATES  ONE-YEAR  TREASURY 
N  OTES — Continued. 

Total  issues,  1916,  2 — 649. 

United  States  2  per  cent  bonds.  Conversion  of,  into, 
1—101,  102;  2—153,  156,  215,  230,  300,  316,  330, 
649;  3 — 415;  4—57,  141,  233,  346,  467,  558,  672, 
781,  901,  1029,  1144. 

(See  supra,  Issue.) 

(See  also  Discount  and  open-market  operations; 
Total  investment  operations.) 

UNITED  STATES  RAILROAD  ADMINISTRATION. 

Accepts  liability  for  damages  under  bills  of  lading 
issued,  4 — 872. 

Hines,  Director  General,  addresses  Governors  of  Fed¬ 
eral  Reserve  Banks,  5 — 307. 

Loans  of  War  Finance  Corporation.  On  certificates 
of,  5—307,  308. 

Notes  secured  by  certificates  of  indebtedness  of 
Director  General  of,  are  not  subject  to  stamp  tax, 

{irovided  the  par  value  of  the  certificates  is  not 
ess  than  face  value  of  the  notes,  5 — 566. 

UNITED  STATES  REVISED  STATUTES. 

Section  3477,  3—288. 

(See  War  Department  vouchers.) 

Section  3487.  Amended  by  section  15  of  Federal 
Reserve  Act,  2—331. 

Section  3598,  providing  for  appointment  of  assistant 
treasurers  and  for  sub  treasuries,  repealed  from 
and  after  July  1,  1921  (act  of  May  20,  1920). 
Section  5137.  Real  estate  loans  of  national  banks 
acquired  under,  do  not  come  within  limitations 
of  section  24,  Federal  Reserve  Act,  1 — 309. 

Section  5138.  State  banks  and  trust  companies  in 
cities  of  5,000  population  are  eligible  for  admission 
to  Federal  Reserve  System  only  when  their  capital 
is  not  less  than  $50,000  as  prescribed  for  national 
banks  under,  2 — 64. 

Section  5154.  Suggested  amendment  to,  providing 
for  savings  departments  for  national  banks, 
5—51. 

Section  5172.  Amendment  to.  Engraved  signatures 
on  national  bank  notes,  5 — 21,  229. 

Section  5190.  National  banks  can  not  appoint 
agents  to  accept  drafts,  6 — 835. 

Section  5193.  Repealed  by  act  of  June  12,  1916,  as 
to  issue  of  certificates  against  deposit  of  United 
States  notes,  2 — 311. 

Section  5198.  Provision  of,  as  to  rate  of  interest  on 
loans  of  national  banks  do  not  apply  to  Federal 
Reserve  Banks,  1 — 24. 

Section  5200.  (See  Opinions  of  counsel;  Ten  per  cent 
limitations;  United  States  Revised  Statutes, 
section  5200.) 

Section  5202 — 

Amendments  to — 

Liabilities  incurred  under  Federal  Reserve 
Act  are  excepted  under  section  15  from 
limitations  of,  2 — 224. 

Liabilities  created  by  indorsement  of  ac¬ 
cepted  bills,  payable  abroad,  actually 
owned  by  discounting  bank  and  dis¬ 
counted  at  home  or  abroad,  are  excepted 
from  limitations  of  (act  of  October  22, 
1919),  5—965,  966. 

Analysis  of,  5 — 1055. 

Text  of,  5 — 965. 

Balances  due  foreign  banks  are  individual  de¬ 
posit  liabilities.  Otherwise  would  be  money 
borrowed  and  subject  to,  5 — 963. 


238 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


UNITED  STATES  REVISED  STATUTES— Contd. 
Section  5202 — Continued. 

Bills  payable.  Banks  may  borrow  under,  on 
bills  payable  only  up  to,  amount  of  capital 
stock,  2 — 112. 

(See  Acceptances;  Guaranty.) 

Section  5207.  National  banks  under,  are  forbidden 
to  loan  on  security  of  national  bank  notes  or  to 
agree  to  withhold  ^ame  from  circulation,  2 — 332. 

Section  5211.  Provisions  of,  as  to  reports  of  condition 
to  comptroller  are  applicable  to  State  member 
banks  and  trust  companies,  2 — 114. 

[Changed  by  amendment  to  section  9  in  act  of  June 
21,  1917.  State  banks  to  report  to  the  Federal 
Reserve  Bank.] 

Section  5212.  Provisions  of,  as  to  special  reports  to 
comptroller  are  applicable  to  State  member 
banks  and  trust  companies,  2 — 114. 

[Changed  by  amendment  to  section  9,  act  of  June 
21,  1917.  State  banks  to  report  to  the  Federal 
Reserve  Bank.] 

Section  5220.  A  vote  ratifying  sale  of  assets  of  a 
national  bank  is  not  a  vote  to  go  into  liquidation 
under,  2 — 119. 

UNITED  STATES  SECURITIES. 

(See  Liberty  loans;  United  States  bonds;  United 
States  Treasury  certificates;  Victory  loan.) 

UNITED  STATES  SENATE. 

(See  Congress.) 

UNITED  STATES  SHIPPING  BOARD. 

Class  A  directors  recommend  to,  reduction  in  shipping 
rates,  6 — 581. 

Deposits  of,  in  member  banks  are  not  Government 
deposits  and  require  reserves,  5 — 1054. 

Reduces  ocean  freight  rates,  5 — 192. 

UNITED  STATES  SUBTREASURIES. 

Letter  of  Secretary  of  Treasury  opposing  for  the  present 
the  abolishment  of,  3 — 110. 

United  States  Bureau  of  Efficiency  recommends 
abolishment  of,  4 — 172. 

[The  act  of  May  20,  1920,  abolishes,  from  and  after 
July  1,  1921.] 

UNITED  STATES  SUPREME  COURT. 

Clayton  Act.  May  review  on  certiorari  decisions  of 
United  States  circuit  courts  of  appeal,  2 — 606. 
Fiduciary  powers — 

Holds  section  11  (k)  of  Federal  Reserve  Act  to  be 
constitutional,  3 — 254,  504,  534  (text). 

Illinois  Supreme  Court,  will  follow  decision  of, 
4—522. 

(See  United  States  Circuit  Court  of  Appeals;  Par 
clearing  case.) 

UNITED  STATES  TREASURY. 

Glass,  Carter,  appointed  Secretary  of,  5 — 2. 

Gold  holdings — 

1914-1916,  3—233. 

1900-1919,  6—144. 

(See  Gold;  Money.) 

Houston,  David  F.,  appointed  Secretary  of,  6 — 121. 
McAdoo,  W.  G.,  resigns  as  Secretary  of,  4—1173. 
Money  in.  (See  Money.) 

(See  also  Fiscal  agency;  Liberty  loans;  Public  finance; 
Review  of  month;  Secretary  of  Treasury;  United 
States  Victory  loan.) 


UNITED  STATES  TREASURY  CERTIFICATES. 

Act,  September  24,  1918.  Amendment  of  United 
States  Revised  Statutes,  section  5200.  Discounts 
by  member  banks  in  excess  of  10  per  cent  limita¬ 
tion,  when  secured  by,  4 — 1055. 

(See  Act  of  September  24,  1918.) 

Act,  March  3,  1919,  section  11  (m).  Federal  Reserve 
Banks  may  discount  up  to  20  per  cent  when  se¬ 
cured  by.  Expires  December  31,  1920,  5 — 361. 
(Extended,  with  qualifications,  to  October  31, 
1921.  Act  of  February  27,  1921.  See  Volume 
7,  Federal  Reserve  Bulletin,  March  1921,  page 
310.) 

Act,  October  22,  1919.  Analysis,  5 — 1055. 

Aliens,  nonresident.  Exemption  of,  from  income  tax 
in  hands  of,  5 — 226. 

Allotments,  3—846;  4—251,  366,  589,  699;  5—99,  189, 
304,  407,  609,  787,  909,  1105;  6—729. 
Anticipation,  in — 

Liberty  Loans  I  and  II,  4 — 161. 

Liberty  Loan  III,  4 — 359,  485. 

Liberty  Loans  I  to  V,  5 — 99,  189,  304,  407,  609, 
787. 

Anticipation  of  taxes,  in,  4 — 72;  5 — 787,  509. 
Anticipation  of  Victory  loan.  In,  5 — 99,  189,  304, 
407,  609. 

Bank  commissioner  of  Utah  to  banks  on,  4 — 936. 
Banks,  Federal  Reserve.  (See  Resources  and  liabili¬ 
ties;  total  investment  operations.) 

Banks,  member — 

Holdings  of.  (See  Member  bank  condition  state¬ 
ments.) 

Hollander,  J.  Holdings  of  banks,  4 — 845. 
Participation  of  banks  increasing,  4 — 251. 
Reduction  in  holdings,  5 — 1106. 

Secretary  of  Treasury  to  banks,  4 — 612;  5 — 958. 
Setting  aside  1  per  cent  of  gross  resources  for,  4 — 
260. 

Subscriptions,  4 — 336,  558,  921, 1045, 1147;  5 — 609; 

6—1,  339,  445,  553,  661,  769,  897,  1123,  1253. 
(See  infra,  National  banks;  State  banks;  Trust 
companies.) 

Biweekly  offerings  reduced  to  500  millions,  4 — 688, 
699. 

Chart.  Distribution,  first  nine  issues,  3 — 846. 
Commercial  rates  on  paper  secured  by.  (See  Federal 
Reserve  Bank  and  branch  cities.) 

Corpora tions.  Subscriptions,  4 — 1147. 

(See  Subscriptions.) 

Discount  rates.  Commercial,  on  paper  secured  by. 

(See  Federal  Reserve  Bank  and  branch  cities.) 
Discount  rates,  Federal  Reserve  Banks.  Preferential, 
on  paper  secured  by,  3—197,  425,  429,  457,  497, 
509,  922;  4—922;  5—361;  6—162,  163. 

(See  Discount  rates,  Principal  heading.) 
Distribution  of,  3 — 846;  4 — 359. 

Federal  Reserve  Board  on,  4—72. 

(See  Member  bank  condition  statements.) 
Exemption.  (See  Tax.) 

Federal  Reserve  Banks — 

Duty  to  place,  3 — 342. 

Holdings  of.  (See  Resources  and  liabilities; 
Total  investment  operations.) 

Federal  Reserve  Board — 

On  distribution  of,  4 — 72. 

Policy  as  to,  3—337,  338,  342,  424. 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


239 


UNITED  STATES  TREASURY  CERTIFICATES— 

Continued. 

Federal  Reserve  Bank  notes  issued  against  2  per  cent, 
under  Pittman  Act,  4 — 395;  5 — 5. 

( See  Pittman  Act.) 

Funded  into  Liberty  Loans  I  and  II,  4 — 72. 

Gross  resources.  ( See  supra,  Banks.) 

Holdings  of — 

(See  supra,  Banks;  Federal  Reserve  Banks.) 

(See  infra,  Member  banks;  National  banks;  Sav¬ 
ings  banks;  State  banks;  Trust  companies.) 
Hollander,  J.  Report.  Bank  holdings  of,  4 — 845. 
Income  tax.  Use  of,  in  paying,  5 — 306. 

Individual  subscriptions,  4 — 1147. 

(See  Subscriptions.) 

Interest  rates  after  February  21,  1918,  44  per  cent, 
4—163. 

Investments  in.  (See  supra,  Federal  Reserve  Banks.) 
Issues  of,  3—240,  341,  423,  651,  663,  729,  741,  830, 
838,  846;  4—4,  71,  153,  161,  162,  250,  359,  366, 
485,  518,  688,  699,  801,  921,  951;  5—5,  99,  189, 
304,  407,  521,  609,  703,  787,  813,  909,  958,  1105; 
6—1,  339,  445,  553,  661,  769,  897,  1123,  1253. 

Liberty  Loan  I — 

Funded  into,  4 — 72. 

In  anticipation  of,  4 — 161. 

Liberty  Loan  II — 

Funded  into,  4 — 72. 

In  anticipation  of,  4 — 161. 

Liberty  Loan  III — 

In  anticipation  of,  4 — 359,  485. 

Subscription.  Six  issues  preceding,  4 — 558. 
Liberty  Loan  IV — 

Allotment  for,  4 — 588. 

In  anticipation  of,  4 — 801,  1045. 

Secretary  of  Treasury  to  banks  on,  4 — 612. 

Liberty  Loans  I  to  IV — 

Allotments  in  anticipation  of,  5 — 787. 

Payment  in,  3—427,  578,  651,  919;  5—100. 

(See  Liberty  loans,  principal  heading.) 

Loans  secured  by,  commercial  rates.  (See  Federal 
Reserve  Bank  and  branch  cities.) 

Maturities.  (See  Discount  and  open-market  opera¬ 
tions.) 

Member  bank.  Holdings.  (See  Member  bank  condi¬ 
tion  statements.) 

Method  of  subscription.  (See  infra,  Subscription.) 
National  banks.  Holdings.  (See  Member  bank  condi¬ 
tion  statements.) 

Nonmember  banks.  Discount  of  notes  secured  by, 

3— 426,  429,  430,  509,  579. 

Number  of  subscribers,  4 — 1147. 

(See  Subscriptions.) 

Outstanding,  5 — 225,  1105. 

Payment  of  Liberty  bonds  by,  3—427,  578,  651,  919; 
6—100. 

(See  Liberty  loans,  principal  heading.) 

Preferential  rates.  Paper  secured  by,  3 — 197 ,  425,  429, 
457,  497,  509,  922;  4—922;  5—361;  6—162,  163. 
(See  Discount  rates,  principal  heading.) 

Rate  of  interest.  (See  supra,  Interest.) 

Redemption  of,  5 — 909. 

Reduction  in  bank  holdings,  5 — 1106. 

Repurchase  agreements.  Amounts  purchased  under, 

4- 466,  557,  671. 

Resources,  gross.  (See  supra,  Banks.) 


UNITED  STATES  TREASURY  CERTIFICATES— 

Continued. 

Savings  banks — 

Holdings,  4 — 856. 

Purchases  by,  4 — 952  ,  953. 

(See  Nonmember  banks;  Savings  banks.) 
Secretary  of  Treasury — 

Announcement,  3 — 341. 

Letters  to  banks,  4 — 612;  5 — 958. 

Statement  on,  3 — 663,  664. 

Stamp  tax.  (See  infra,  Tax.) 

State  banks.  Holdings.  (See  Subscriptions.) 
Subscribers.  Number  of,  4 — 1147. 

Subscription.  Method  of,  3 — 424,  652. 

Subscriptions,  3 — 846  ;  4 — 251,  365,  366,  518,  558,  921, 
1045,  1147  ;  5—99,  189,  304,  407,  609,  787,  909, 
1105;  6—1,  339,  445,  553,  661,  769,  897,  1123, 
1253. 

Tax — 

Exempt  in  hands  of  nonresident  aliens,  5 — 226. 
Partial  exemption.  Liberty  bonds,  4 — 162. 

Use  of,  in  paying  income  tax,  5 — 306. 

Taxes — 

In  anticipation  of,  4 — 518;  5 — 787,  909,  958. 
Purchase  of,  for,  4—4. 

Trust  companies.  Holdings.  (See  supra,  State  banks.) 
United  States  Government.  Issues  of,  for  temporary 
advances  to,  5 — 5. 

United  States  Revised  Statutes,  section  5200.  Mem¬ 
ber  banks  may  discount  paper  secured  by,  in 
excess  of  10  per  cent  limitation.  Act  September 
24,  1918,  4—1055. 

(See  Ten  per  cent  limitation.) 

Act  of  October  22, 1919,  further  amending,  5 — 1055. 
(See  Ten  per  cent  limitation.) 

Victory  loan.  Issues  in  anticipation  of,  5 — 99,  189, 
304,  407,  609,  1103. 

(See  War  paper.) 

UNITED  STATES  TREASURY  NOTES  OF  1890. 

In  circulation.  (See  Money.) 

UNITED  STATES  VICTORY  NOTES. 

(See  Victory  notes.) 

UNITED  STATES  WAR  OBLIGATIONS. 

(See  Discount  rates;  Liberty  loans;  United  States 
bonds;  United  States  Treasury  certificates;  War 
obligations.) 

UNITED  STATES  WAREHOUSE  ACT. 

Cotton  loans  under,  4 — 1094. 

Text,  4—1095. 

UNREASONABLE  DELAY. 

Federal  Reserve  Bank  may  pay  dividends  on  stock 
of  liquidated  national  bank  up  to  date  of  appli¬ 
cation  for  surrender  and  cancellation  if  there  has 
been  no,  4 — 201. 

UNREASONABLE  TIME. 

Demand  and  sight  drafts  held  for  an,  after  acceptance 
are  to  be  classed  as  overdue  paper  and  are  in 
effect  promissory  notes  of  acceptor  subject  to 
section  5200,  3—31;  4—109,  1119. 

Bill  discounted  after  acceptance  is  held  not  to  be 
drawn  against  actually  existing  value,  if  drawn 
within  an  unreasonable  time  after  shipment  or 
delivery,  3—195. 

URUGUAY. 

Branch  of  National  City  Bank,  New  York,  in,  4 — 944. 
Government  aid  to  foreign  commerce,  5 — 1048. 


240 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


USAGES  OF  TRADE. 

(See  Dollar  exchange.) 

USE  OF  CHECKS  IN  FRANCE. 

Report,  2 — 374. 

USE  OF  OFFICIAL  STATIONERY,  1—404. 

USE  OF  WORDS. 

Clearing  member — 

Forbidden  in  title  of  nonmember  banks,  4 — 119, 
1216. 

Right  to  advertise,  3 — 879. 

Federal — 

No  legal  prohibition  of  use  of  word  in  bank  titles, 
1—361. 

Proposed  amendment  limiting  use  of  word  in 
bank  titles,  2 — 373. 

Use  of  word  discouraged,  3 — 615;  4 — 521. 
Government  protection.  Objectionable,  1 — 362; 

6—65. 

Reserve — 

Proposed  amendment  limiting  use  of  word 
“reserve”  in  bank  titles,  2 — 373. 

Use  of  word  discouraged,  4 — 521. 

Savings  accounts.  Right  to  advertise,  1 — 18. 

Trust  company.  Right  to  use  words  in  title,  6 — 497 

USURIOUS  RATES. 

Charged  by  national  banks,  3 — 292. 

Bill  of  comptroller  as  to,  4 — 428. 

UTAH. 

Bank  Commissioner  of.  Purchase  of  United  States 
Treasury  certificates  and  conservation  of  bank 
loans,  4—936. 

Laws — 

Acceptances,  3 — 533. 

Banking  laws,  5 — 660,  745. 

Foreign  banking  corporations,  5 — 62. 

Purchase  of  stock  in  Federal  Reserve  Banks, 
1—155. 

Reserves,  3 — 792. 

UTILITIES,  PUBLIC. 

(See  Capital  Issues  Committee.) 

UTILITY  COMMISSIONERS,  PUBLIC. 

(See  Capital  Issues  Committee.) 

UTILITY  COMPANIES,  PUBLIC. 

Test  of  eligibility  of  paper  of,  3 — 527,  949. 

V. 

VALORIZATION  OF  COTTON  LOANS. 

Disapproved  by  Federal  Reserve  Board,  2 — 524. 

(See  Cotton;  Harding,  W.  P.  G.) 

VALPARAISO. 

Foreign  exchange  rates,  4 — 1199;  6 — 1160. 

(See  Foreign  exchange  rates.) 

VALUE. 

Actually  existing.  (See  Acceptances,  actually  exist¬ 
ing  value;  Acceptances,  trade;  Opinions,  coun¬ 
sel,  actually  existing  value;  Renewals;  10  per 
cent  limitation;  United  States  Revised  Statutes, 
section  5200.) 

Exports,  1914-1919.  (See  Exports.) 

Federal  Reserve  Bank  stock.  In  assessing  value  of 
national  bank  stock  in  hands  of  holder,  a  State 
may  include  value  of,  1 — 315;  3 — 955. 
Improvements  as  part  of,  2 — 608. 


VANDERLIP,  F.  A. 

Chairman  of  committee  on  war  savings  certificates, 

3— 925. 

VARNISH. 

Terms  of  sale,  6 — 938. 

VAULT,  CASH  IN. 

May  be  reported  as  one  item  with  cash  in  Federal  Re¬ 
serve  Banks,  2 — 668. 

Member  banks  need  keep,  only  for  till  money,  pay 
rolls,  etc.,  3 — 99,  104. 

Member  banks  need  state  different  kinds  of  money  in, 
only  occasionally  for  statistical  purposes,  3 — 604. 
(See  Vault  reserves.) 

VAULT  RESERVES. 

Amendment,  3 — 99;  104. 

Circular,  Federal  Reserve  Bank  of  New  York,  2 — 669. 
Member  banks  may  carry,  in  Federal  Reserve  Bank, 
2—508,  606,  668. 

Reduction  in  reserves  on  assumption  that  till  money 
calls  for  only  5  per  cent,  3 — 285. 

Transfer  of,  to  Federal  Reserve  Banks,  2 — 508, 
606,  668. 

Warburg,  P.  M.  On  transfer  of,  to  Federal  Reserve 
Banks,  2 — 668. 

VAULTS. 

Cost  of,  1918,  5—134. 

To  be  charged  to  current  expense  and  profit  and  loss 
account,  5 — 26. 

(See  Cost;  Earnings  and  expenses.) 

VENEZUELA. 

Operations  of  Mercantile  Bank  of  the  Americas  in, 

4— 737. 

Banks  of,  affiliated  with  Mercantile  Bank  of  the 
Americas,  6 — 63. 

VERMONT. 

Laws — 

Acceptances,  3 — 533. 

Banking  laws,  5 — 745. 

Foreign  banking  corporations,  5 — 62. 

National  banks,  fiduciary  powers,  1 — 156. 
Reserves,  3 — 792. 

VESSELS. 

Built  in  United  States,  cleared  in  foreign  trade.  (See 
Physical  volume  of  trade.) 

Net  tonnage  of,  cleared  in  foreign  trade.  Percentage 
of  American  vessels,  6 — 1258. 

(See  Ships;  Shipbuilding.) 

VICE  GOVERNOR,  FEDERAL  RESERVE  BOARD. 

Platt,  Edmund,  designated  as,  6 — 782. 

Warburg,  P.,  designated  as,  2 — 437;  3 — 659. 

VICTORY  LIBERTY  LOAN. 

Act  of  March  3,  1919.  Text,  5 — 225. 

Announcement,  5 — 189,  303,  304,  310,  442. 

Conversion  privileges,  5 — 443. 

Description  of  notes,  5 — 442. 

Federal  Reserve  Banks  will  be  relieved  of  war  paper 
advances  eight  or  nine  months  after  conclusion  of, 

5— 310. 

Installment  payments.  Dates,  5 — 407. 

Notes  instead  of  bonds,  5 — 304,  306. 

Secretary  of  Treasury — 

To  Ways  and  Means  Committee  on,  5 — 189,  190, 
218,  407. 

Draft  of  bill,  5 — 218. 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


241 


VICTORY  LIBERTY  LOAN— Continued. 
Subscriptions  to,  5 — 521. 

Subscriptions  to  Treasury  certificates  in  anticipation 
of,  5—99, 189,  304,  407,  608,  609,  787. 

Ways  and  Means  Committee  plan,  5 — 190. 

VICTORY  NOTES. 

Allotments,  5 — 787. 

Bonds.  Long-term,  of  greater  stability  than,  5 — 304. 
Holdings  of — 

All  banks,  5—943, 1106, 1181. 

Federal  Reserve  Banks.  ( See  Resources  and  lia¬ 
bilities;  Total  investment  operations.) 

Number  of  subscribers,  5 — 521. 

Per  cent  of  quota  subscribed,  5 — 521. 

Quota,  5 — 521. 

Subscriptions  to,  5 — 521. 

Tax  exemptions,  5 — 442. 

( See  War  paper.) 

VIENNA. 

Foreign  exchange  rates,  New  York  on,  6 — 1158. 

(See  foreign  exchange  rates.) 

VIRGIN  ISLANDS. 

Shipments  from  territorial  United  States  to,  are  not 
shipments  to  foreign  countries  but  are  specifically 
exempt  from  stamp  tax,  5 — 467. 

VIRGINIA. 

Laws — 

Acceptances,  3 — 533. 

Fiduciary  powers,  national  banks,  1 — 156. 
Foreign  banking  corporations,  5 — 62. 

Purchase  of  stock  in  F ederal  Reserve  Banks,  1 — 156 . 
Reserves,  3 — 792. 

Warehouse,  1 — 262. 

List  of  State  member  banks,  4 — 95. 

VOLSTEAD  ACT. 

(See  Warehouse  receipts.) 

VOLUME  OF  TRADE. 

(See  Physical  volume  of  trade.) 

VOLUNTARY  CAPITAL  ISSUES  COMMITTEE. 

(See  Capital  Issues  Committee.) 

VOLUNTARY  CLEARING  SYSTEM. 

(See  Clearing  system.) 

VOLUNTARY  LIQUIDATION. 

Sale  of  bonds  by  national  bank  in.  Bill  of  comptrol¬ 
ler,  4 — 425. 

State  banks,  6 — 1300. 

(-See  Liquidation;  National  Banks;  Sta-te  banks.) 

VOTE. 

Member  banks  must  appoint  officer  to  vote  for  di¬ 
rectors,  6 — 1178. 

Of  national  bank  to  sell  its  assets  is  not  a  vote  to  liqui¬ 
date,  2 — 119. 

(See  Directors;  Election  of  directors.) 

VOUCHERS,  WAR  DEPARTMENT,  3—288. 

(See  War  Department  vouchers.) 

W. 

WAGE  ADJUSTMENT. 

Discussion  of,  5 — 192,  195,  410,  915. 

Miller,  Dr.  A.  C.  Address  on,  5 — 915. 

WAGES. 

Cost  of  living  and.  Dr.  A.  C.  Miller,  address  on,  5 — 
915. 

Peace.  After,  5 — 9. 


WAGES — Continued. 

Prices  and,  4 — 1170. 

(See  Business  conditions;  Labor.) 

WAIVE. 

Federal  Reserve  Board  can  not,  right  of  examination 
of  State  member  banks  but  may  forbear  to  exer¬ 
cise  it,  3 — 950,  951. 

WAIVER. 

Acceptor.  Waiver  of  demand,  notice,  and  protest  by 
party  to  bill  has  no  effect  upon,  1 — 277. 

Demand,  notice  and  protest — 

Circular  8,  915,  1 — 41. 

Does  not  affect  negotiability  of  paper,  2 — 226. 
Homestead  exemption  rights.  Waiver  of,  does  not 
affect  negotiability,  2—226. 

WALL,  A. 

Credit  barometrics,  5 — 143,  229. 

WAR.  (See  also  War  paper.) 

Allies — 

War  finance,  4 — 267,  1057. 

War  loans.  United  States  to,  3 — 10,  424,  731 ;  4 — 
21,  279,  940,  1059;  5—33,  101,  845,  957,  1014; 
6—688,  901. 

Future  loans  to,  4 — 1166. 

Balance  sheet,  European  countries,  4 — 1057. 

Bank  of  France.  War  operations,  5 — 337. 

Bank  of  Java.  War  operations,  5 — 641. 

Bank  of  Netherlands.  War  operations,  5 — 641. 
Banking.  (See  infra,  Central  banking.) 

Banking  and  industry  in  Switzerland  during  the 
war,  5 — 548. 

Belgium.  Central  banking  in,  during  German  occu¬ 
pation,  5 — 435. 

British  commission — 

Credit  system,  before  and  after,  5 — 117,  118. 
Policies  after  war,  5 — 114. 

Canada.  War  loans,  5 — 1145. 

Central  banking  in  Belgium  during  German  occupa¬ 
tion,  5 — 435. 

Central  powers — 

Financial  preparations  for  after  war  trade, 
4—1086. 

War  finance,  4 — 267,  1057. 

Circulation.  Note.  (See  infra,  Note  circulation.) 
Classification  of  earning  assets,  Federal  Reserve  Banks, 
during  war,  5 — 771. 

Comparison,  Federal  Reserve  System  before  and  after, 
5—771. 

Cost  of  war — 

European  countries,  4 — 1057. 

France,  6 — 958. 

Italy,  5—845. 

Secretary  of  Treasury  on,  5 — 20,  189,  218,  725. 
(See  infra,  United  States.) 

Credit  system  before  and  after  war.  Great  Britain, 
5—117,  118. 

Debts,  war.  (See  infra,  Public  debts.) 

Department  of  Commerce — 

Financial  preparations  for  after  war  trade.  Great 
Britain  and  Central  Powers,  4 — 1086. 

(See  Department  of  Commerce.) 

Discount  rates — 

Of  Federal  Reserve  Banks  during,  5 — 943. 

Policy  of  Federal  Reserve  Board  during,  4 — 1175. 
(See  Discount  rates;  Harding,  Gov.) 


37599°— 21 - 16 


242 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


WAR — Continued. 

Earning  assets,  Federal  Reserve  Banks  during,  5 — 
771. 

Economic  reconstruction  after,  4 — 1086. 

Effect  of  war  on  real  wealth  of  United  States.  Secre¬ 
tary  of  Agriculture,  5 — 635. 

European  countries — 

Balance  sheet  of  war,  4 — 1057. 

Cost  of,  4—1057. 

(See  supra,  Cost.) 

Internal  war  loans,  4 — 1070. 

Payments  to  United  States  since  war,  2 — 592. 
Taxation,  4 — 1067. 

Expenditures.  War,  4—267, 375, 1046, 1057, 1061, 1072 ; 
5—20,  725. 

Exports  and  imports  during  war,  5 — 617. 

(See  Exports.) 

Federal  Reserve  Banks — 

Classification  of  earning  assets  during,  5 — 771. 

Discount  rates  during,  5 — 943. 

War  operations,  5 — 771. 

Federal  Reserve  Board .  Discount  policies  dining  war, 
4—1175. 

Federal  Reserve  System  and  the  war,  3 — 588. 
Federal  Reserve  System.  Comparison  before  and 
after  war,  5 — 771. 

Finance  after  war.  Department  of  Commerce,  4 — 
1086. 

Finance.  Allied  countries,  4 — 267,  1057. 

Finance.  Central  powers,  4 — 269,  1057. 

Finance.  Neutral  powers,  4 — 267,  1057. 

Financial  needs  of  trade  after,  5 — 115. 

Financial  reconstruction  after.  Gov.  Harding,  5 — 2. 
First  year  of  war.  Review,  4 — 247. 

Foreign  countries — 

War  loans.  (See  infra,  Public  debt;  War.) 

(See  Allied  countries;  Central  powers;  Neutral 
powers;  Public  debt.) 

Foreign  exchange.  Department  of  Commerce,  4 — 
1086. 

German  occupation  of  Belgium.  Central  banking  in 
Belgium  during,  5 — 435. 

German  Reichsbank.  War  operations,  5 — 430. 

Great  Britain — 

Credit  system  before  and  after,  5 — 117,  118. 
Financial  preparations  for  after  war  trade,  4 — 
1086. 

Policies  after  war,  5 — 114. 

Harding,  Gov. — 

Federal  Reserve  System  and  war,  3 — 588. 

Wrar  policy,  Federal  Reserve  Board,  4 — 1175. 

(See  Harding,  Gov.) 

Imports  during  war,  5 — 617. 

(See  Imports.) 

Increased  production  during  war  by  from  18  to  20  per 
cent,  5 — 613. 

Inflation  caused  by  war,  5 — 1015. 

(See  Expansion;  Inflation.) 

Internal  war  loans.  European  countries,  4 — 1070. 
Italy — 

Cost  of  war,  5 — 845. 

(See  Principal  countries,  by  name.) 


WAR — Continued. 

Loans,  war — 

Canada,  5 — 1145, 

Foreign  countries.  (See  infra,  Public  debts;  War.) 

(See  Principal  countries,  by  name.) 

Internal  war  loans,  European  countries,  4 — 1070. 

United  States  to  Allies,  3 — 10,  424,  731;  4 — 21, 
279,  940,  1059;  5—33,  101,  820,  845,  957, 
1014;  6—688,  901. 

Future  loans,  4 — 1166. 

National  banks.  What,  can  do  to  win  war,  3 — 351. 
Neutral  countries.  War  finance,  4 — 267,  1057. 

Note  circulation  during  war,  4 — 267,  375,  1057. 

(See  European  central  banks.) 

Obligations,  war.  (See  Liberty  loans;  United  States 
bonds;  United  States  Treasury  certificates;  WTar 
paper.) 

Operations  during  war — 

Bank  of  France,  5 — 337. 

Bank  of  Java,  5 — 641. 

Bank  of  Netherlands,  5 — 641. 

Federal  Reserve  Banks,  5 — 771. 

German  Reichsbank,  5 — 430. 

Peace.  Transition  from  war  to,  5 — 3. 

Policies.  After-war.  British  commission,  5 — 114. 
Prices  during  war.  (See  Prices.) 

Production  increased  during  war  by  from  18  to  20  per 
cent,  5 — 613. 

Public  debts.  War,  3—10,  349,  351,  600,  942;  4— 
267,  335,  375,  1046,  1057,  1061,  1072;  6—596,  819, 
958.  1056,  1070,  1073,  1076,  1123,  1165,  1199,  1203, 
1312,  1315,  1317,  1320. 

Reconstruction.  Economic — 

After  war,  4 — 1086. 

Gov.  Harding,  5 — 2. 

Repeal  of  war  taxes,  2 — 512. 

Review — 

Federal  Reserve  System,  1914-1917,  1917-1919, 
5—771. 

First  year  of  war,  4 — 247. 

Secretary  of  Agriculture.  Effect  of  war  on  real 
wealth  of  United  States,  5 — 635. 

Secretary  of  Treasury — 

Cost  of  war,  5 — 20,  189,  218,  725. 

(See  Secretary  of  Treasury.) 

Switzerland.  Banking  and  industry  in,  after  war, 
5—548. 

Taxation,  European  countries,  4 — 1077. 

Taxes.  Repeal  of  war,  2 — 512. 

Trade.  Financial  needs  of,  after  war,  5 — 115. 
Transition  from  war  to  peace,  5 — 3. 

United  States — 

Cost  of  war,  5 — 20,  189,  218,  726. 

Effect  of  war  on  real  wealth  of,  5 — 635. 

Loans  to  Allies,  3—10,  424,  731;  4—21,  279,  940, 
1059;  5—33,  101,  845,  957,  1014;  6—688,  901. 
Future  loans  to,  4 — 1166. 

Prices.  (See  same.) 

Wealth  of  United  States.  Real,  effect  of  war  on, 
5—635. 

(See  also  War  paper.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


243 


WAR  DEPARTMENT  VOUCHERS. 

Are  not  assignable.  United  States  Revised  Statutes, 
section  3477,  3 — 288. 

Are  not  good  banking  security,  3—288. 

Banks  discounting  eligible  paper  secured  by,  would 
presumably  be  protected  by  War  Department, 
and  such  notes,  so  secured,  are  eligible  for  dis¬ 
count  at  15-day  rate  or  commercial  paper  rate, 
according  to  the  maturity  of  the  notes,  3 — 228. 

WAR  FINANCE  CORPORATION. 

Act  April  5,  1918 — 

Draft,  4 — 95. 

Report,  conference  committee,  4 — 251,  300. 

Text,  4 — 301. 

Act  March  3,  1919.  Victory  loan  act — 

Amends  original  act,  5 — 227,  228. 

(See  infra,  Victory  loan  act.) 

Further  amendment  proposed.  Joint  resolution, 
5 — 966.  [Enacted  into  law.  Act  of  March 
3,  1919,  sec.  9.] 

Admissible  assets.  (See  infra,  Bonds.) 

Agencies.  Cattle  loan.  Loans  through,  4 — 832,  950. 
Aid  to  railroad  companies,  5 — 307. 

Amendments — 

Victory  loan  act,  5 — 227,  228. 

Joint  resolution  proposing  amendment,  5 — 966. 
[Enacted  into  law.  Act  of  March  3,  1919, 
sec.  9.] 

Annual  reports,  4 — 1081;  5 — 28. 

Appointment  of  directors,  4 — 364. 

Assets.  Admissible.  (See  infra,  Bonds.) 

Assets.  Inadmissible.  (See  infra,  Bonds.) 

Banks.  Loans  for  relief  to,  4 — 828. 

Bonds,  War  Finance  Corporation — 

Discount  of  eligible  paper  secured  by,  4 — 251. 
Exemption  from  taxation  in  hands  of  nonresident 
aliens,  corporations,  etc.,  5 — 226. 

Exceeding  $5,000  are  admissible  assets,  5 — 472. 
Not  exceeding  $5,000  are  inadmissible  assets,  5 — 
472. 

Notes  of  one  bank  to  another,  secured  by,  are 
subject  to  stamp  tax,  5 — 566. 

Offers  200  millions  of  5  per  cent,  5 — 308. 

Canners.  Loans  to,  4 — 831. 

Cattle  loan  agencies,  4 — 832,  950. 

Cattle  raisers.  Loans  to,  4 — 806,  828,  830,  950;  5 — 29. 
Crop  moving.  Loans  for,  5 — 29. 

Direct  advances  to  member  banks  on  their  notes 
secured  by  bonds  of,  4 — 251. 

Direct  loans.  Minimum  rate  of  interest,  4 — 251; 
5—29. 

Direct  obligations  of  member  banks,  loans  on,  secured 
by  bonds  of,  4 — 251. 

Directors — 

Appointment  of,  4 — 364. 

Statement  by,  4 — 496. 

Discount  by  Federal  Reserve  Banks — 

Eligible  paper  secured  by  bonds  of,  4 — 251. 

Rates  of  discount,  4 — 228,  251;  5 — 29,  228. 

(See  infra,  Interest.) 

Exports.  Loans  in  aid  of,  suspended,  6 — 562. 
Farmers.  Loans  to,  4 — 691,  806,  828,  950. 


WAR  FINANCE  CORPORATION— Continued. 
Federal  Reserve  Banks — 

May  discount  direct  obligations  of  member  banks 
secured  by  bonds  of,  4—251. 

Discount  rates,  4 — 228,  251;  5 — 29,  228. 

(See  infra,  Interest.) 

Federal  Reserve  notes  may  be  issued  to,  on  obli¬ 
gations  of,  or  on  paper  secured  by  obligations 
of,  as  collateral  at  special  rate  of  interest  to 
be  fixed  by  Federal  Reserve  Board,  4 — 251, 
252. 

To  be  fiscal  agents  of,  5 — 228. 

Federal  Reserve  Board  may  fix  special  interest  rate 
on  Federal  Reserve  notes  issued  on  collateral  of 
obligations  of,  or  on  paper  secured  by  obligations 
of,  4 — 251,  252. 

Federal  Reserve  notes  may  be  issued  on  collateral  of 
obligations  of,  or  on  notes  secured  by  obligations 
of,  at  special  rate  of  interest  to  be  fixed  by  Fed¬ 
eral  Reserve  Board,  4 — 251,  252. 

Fiscal  agents.  Federal  Reserve  Banks  to  serve  as,  of, 
5—228. 

Fund.  Reserve,  5 — 228. 

Inadmissible  assets.  (See  supra,  Bonds.) 

Industrial  loans,  5 — 28. 

Interest  rates,  4—228,  251;  5 — 28,  29,  228. 

Minimum  on  direct  loans,  5 — 29. 

On  direct  loans  to  exporters  to  be  not  less  than 
1  per  cent  over  90-day  commercial  rate,  5 — 
228. 

Joint  resolution  extending  power  of  giving  direct 
loans  to  10  years,  5 — 966.  [Enacted  into  law.  Act 
of  March  3,  1919,  sec.  9]. 

Live-stock  raisers,  loans  to,  4 — 806,  828,  830,  950;  5 — 
29. 

Loaning  power — 

Secretary  of  Treasury  favors  additional,  in  aid  of 
commerce,  5 — 194,  228. 

Extended  by  Victory  loan  act,  5 — 228,  308. 

Joint  resolution,  5 — 966. 

Loans — 

In  aid  of  exports  suspended,  6 — 562. 

To  canners,  4 — 831. 

To  cattle  raisers,  4 — 806,  828,  830,  950;  5 — 29. 

For  crop  moving,  5 — 29. 

To  farmers,  4 — 691,  806,  828,  950. 

To  industrials,  5 — 28. 

To  live-stock  raisers,  4 — 806,  828,  830,  950;  5 — 29. 
For  miscellaneous  purposes,  5 — 29. 

To  public  utilities,  5 — 28. 

To  Railroad  Administration  on  certificates,  5 — 
307,  308. 

Loans.  Interest  on,  5 — 28,  29. 

Loans.  Minimum  interest  rates  on  direct,  4 — 228, 
251;  5—29. 

Member  bank  collateral  notes.  Discount  by  Federal 
Reserve  Banks  of,  secured  by  bonds  of,  4—251. 
Minimum  rate  of  interest  on  direct  loans,  4 — 228,  251; 
5—29. 

Miscellaneous  loans,  5 — 29. 

Nonresident  aliens.  Bonds  of,  in  hands  of,  exempted 
from  taxation,  5 — 226. 

Notes  secured  by  bonds  of,  given  by  one  bank  to 
another  are  subject  to  stamp  tax,  5 — 566. 


244 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


WAR  FINANCE  CORPORATION— Continued. 
Operations  of.  Report,  4 — 496,  1081. 

Public  utility  loans,  5 — 28. 

Railroad  Administration  certificates.  Loans  on,  5 — 
307,  308. 

Railroads.  Aid  to,  5 — 307. 

Rates  of  interest.  ( See  supra,  Interest.) 

Report.  Annual,  4 — 1081;  5 — 28. 

Report  of  operations,  4 — 496,  1081;  5 — 28. 

Reserve  fund,  5 — 228. 

Secretary  of  Treasury — 

Recommends  additional  loaning  power  in  aid  of 
commerce,  5 — 194,  228. 

Statements  on,  4 — 74,  157. 

Stamp  tax.  (See  infra,  Tax.) 

Statements  on — 

Directors,  4 — 364. 

Secretary  of  Treasury,  4 — 74,  157. 

Tax.  Notes  given  by  one  bank  to  another  secured 
by  bonds  of,  are  subject  to  stamp  tax  under  Sched¬ 
ule  A  of  war-revenue  act  of  1918,  5 — 566. 

(See  supra,  Nonresident  aliens.) 

Victory  loan  act — 

Amends  War  Finance  Corporation  act,  5 — 228. 
Permits  direct  loans  to  exporters  until  one  year 
after  proclamation  of  peace,  at  interest  rates 
not  less  than  1  per  cent  over  90-day  commer¬ 
cial  rates  of  Federal  Reserve  Banks,  5 — 228. 
Condition  in  War  Finance  Corporation  act  that 
borrower  must  fail  to  obtain  funds  on  rea¬ 
sonable  terms  from  banks,  stricken  out,  5 — 
228. 

(See  supra,  Joint  resolution.) 

WAR  INDUSTRIES  BOARD. 

Preference  list,  4 — 931. 

Priorities  ruling,  4 — 1090. 

Rationing  of  industry,  4 — 922. 

Ruling.  Iron  and  steel  curtailments,  4 — 1090. 
Statement.  Curtailment  of  nonessential  industries, 

4— 1078. 

Priority  orders  canceled,  5 — 3. 

Went  out  of  office,  December  31,  1918,  5 — 3. 

WAR  PAPES. 

Banking  system  of  United  States.  Total  holdings,  5 — 

1010. 

Banks  of  United  States — 

Holdings  June  30,  1919,  5 — 942,  943,  1083. 

Loans  on,  June  30,  1919,  5 — 942,  943,  1083. 

(See  Total  investment  operations.) 

Charts,  1918,  5—66,  277. 

Commercial  rates  on.  (See  Federal  Reserve  Bank 
and  branch  cities.) 

Comparison.  Holdings,  1914-1919,  5 — 771. 

Customers  notes  secured  by.  (See  Discount  and  open- 
market  operations.) 

Discount  rates.  (See  infra,  Preferential  discount 
rates.) 

Discounts  of.  (See  Discount  and  open-market  opera¬ 
tions.) 

Federal  Reserve  agents.  Report,  liquidation  of, 

5— 325. 

Federal  Reserve  Banks — 

Advances  on.  Will  be  relieved  of,  eight  or  nine 
months  after  conclusion  of  Victory  loan, 
5—310. 


WAR  PAPER — Continued. 

Federal  Reserve  Banks — Continued. 

Holdings  of,  1918,  5 — 66,  84,  165,  279,  389,  493, 
590,  680,  711,  790,  883,  988,  1082;  6—90,  191, 
306,  412,  530,  641,  665,  741,  870,  984,  1101,  1231, 
1348. 

Federal  Reserve  Board.  Policy  as  to  liquidation  of, 
5—310,  325. 

Holdings — 

Banking  system  of  United  States,  5 — 1010. 
Federal  Reserve  Banks,  5 — 66,  84,  165,  168,  279, 
306,  389,  428,  493,  590,  680,  711,  790,  883, 
988,  1082;  6—90,  191,  306,  412,  530,  641, 
665,  741,  870,  984,  1101,  1231,  1348. 

Member  banks.  (See  Discount  and  open-market 
operations.) 

National  banks,  5 — 428,  942. 

Comparison,  1914-1919,  5—771. 

Decrease  in,  5 — 1112. 

Investments  in.  (See  supra,  Holdings.) 

Liquidation  of,  5 — 310,  325. 

Absorbed  by  speculation,  5 — 1027. 

Loans.  Commercial,  secured  by.  (See  Federal  Re¬ 
serve  Bank  and  branch  cities.) 

Member  bank  collateral  notes  secured  by.  (See 
same,  principal  heading.) 

(See  Discount  and  open-market  operations.) 
National  banks.  Holdings  of,  5 — 428,  942. 

Preferential  discount  rates— 

During  war,  5 — 943. 

Made  to  help  bona  fide  subscribers  to  Liberty 
bonds  but  availed  of  for  other  purposes, 
5—1108. 

Prevent  effective  control  of  credit  through  dis¬ 
count  rates,  5 — 2,  524, 1010, 1015, 1108;  6 — 117, 
223,  777. 

War  paper,  3 — 158,  197,  429,  457,  497  922;  4 — 
1176;  5—361;  6—162,  163. 

(See  Profit;  Speculative  activity.) 

Ratio  to  total  rediscounts,  5 — 4. 

Federal  Reserve  Bank  of  New  York,  5 — 276. 
Renewal  agreements.  Few,  at  Federal  Reserve  Bank 
of  Cleveland,  for  carrying,  beyond  90  days, 
5—326. 

WAR  PROFITS  TAX. 

Secretary  of  Treasury  on,  4 — 589,  600,  847,  926. 

(See  Secretary  of  Treasury.) 

WAR  PROHIBITION  ACT. 

Sale  of  whisky  bonded  warehouse  certificates  is  not 
illegal  under.  Attorney  General  of  United 
States,  5 — 968. 

WAR  REVENUE  ACT, 

Act  March  3,  1917.  Text,  3 — 248. 

House  report,  3 — 251. 

Act  October  3,  1917 — 

Statement  as  to,  3—832. 

Text,  3—868. 

Act  February  24,  1918 — 

Progress  in  Senate,  5 — 1. 

On  point  of  passage,  5 — 99. 

Became  law,  February  24,  1919.  5 — 189. 
Admissible  and  inadmissible  assets  under,  5 — 472 

WAR  REVENUE  LEGISLATION,  4—497,  600,  926. 

(See  Secretary  of  Treasury.) 


INDEX-DIGEST  OF  FEDERAL,  RESERVE  BULLETIN. 


245 


WAR  SAVINGS  CERTIFICATES. 

Committee  appointed,  3 — 730. 

National  banks  may  sell,  as  fiscal  agents,  4 — 313. 

New  series,  4 — 1192. 

Plan  for  issue  of,  3 — 918. 

President  of  United  States  on,  4 — 483. 

Relation  to  Liberty  bond  campaign.  J.  S.  Drum, 
4—164. 

Secretary  of  Treasury,  statement  on,  3 — 925;  4 — 19. 
Treasury  circular,  4 — 87,  89. 

Use  for  Christmas  gifts,  3 — 931,  951. 

Vanderlip,  F.  A.,  appointed  chairman,  3 — 925. 
United  States.  Are  not  obligations  of,  and  are  not 
bankable  security  for  loans.  4 — 637. 

WAR  TRADE  BOARD. 

Alien  enemies.  Licenses,  4 — 365. 

Capital  Issues  Committee  transfers  jurisdiction  over 
exports  of  manufactures  of  gold  and  silver  to  War 
Trade  Board,  4 — 10. 

( See  infra,  Regulations.) 

Conservation  of  productive  power  and  credit,  4 — 1078. 
Coupons — 

For  foreign  owners,  due  prior  to  January  1,  1918, 
4—87. 

Ruling  revoked  because  of  Executive  order  of 
President,  4—172. 

Funds  received  to  be  held  in  separate  account 
under  notice  to  Alien  Property  Custodian. 
No  license  necessary  from  Federal  Reserve 
Board,  4 — 172. 

Dealers  authorized  by  general  license  to  collect 
securities  or  coupons  held  by  British  or 
French  alien  property  custodians.  Declara¬ 
tion  prescribed,  4t — 365. 

Credit.  Conservation  of,  4—1078. 

Curtailment  of  nonessentials,  4 — 1078. 

Enemy  aliens.  Trading  with.  Regulations,  4 — 171. 
Enemy  countries — 

Trading  with,  permitted  only  under  special 
license  of,  5 — 653. 

Permitted  except  as  to  Hungary  and  Bolshevik 
territory,  5 — 853,  854. 

Enemy  drafts  or  checks.  Receiving  or  paying,  4 — 171. 
Enemy  indorsements.  Travelers’  checks  containing, 
not  exceeding  $100  may  be  paid  without  license, 

4— 11 . 

Enemy-owned  patents.  Fees,  4 — 87. 

Enemy  paper.  Protest  of,  4 — 87. 

Enemy  trading  list.  Changes  in,  4 — 172. 

Enemy  transactions.  Reports,  4 — 171. 

Established,  3 — 861. 

Export  licenses.  Lists  3 — 861,  865,  866;  4 — 1089. 
Federal  Reserve  Board.  ( See  supra,  Coupons.) 

Fees.  ( See  supra,  Enemy-owned  patents.) 

Foreign  trade.  Restrictions  on,  liberalized,  5 — 3. 
Germany.  Transfer  of  funds  to,  permitted  for  food  to 
be  shipped  to,  by  American  Relief  Association, 

5— 470. 

Gold.  (See  infra,  Manufactures.) 

Marine  insurance  surveys  authorized,  4 — 171. 
Manufactures  of  gold  and  silver — 

Jurisdiction  over  exports  of,  transferred  from 
Capital  Issues  Committee  to,  4 — 10. 
Regulations,  5 — 26. 

Priority  classifications,  4 — 1089, 1090. 


WAR  TRADE  BOARD— Continued. 

Productive  power.  Conservation  of,  4 — 1078. 

Protest  of  enemy  paper,  4 — 87. 

Receiving  and  paying  enemy  drafts  or  checks,  4 — 171. 
Regulations — 

Exports  of  manufactured  gold  and  silver,  5—26. 
Trading  with  enemy  aliens,  4 — 171. 

Reports.  Enemy  transactions,  4 — 171. 

Restrictions  on  foreign  trade  liberalized,  5 — 3. 
Statements  by,  4 — 87,  171,  365. 

Travelers’  checks,  indorsed  by  enemy  or  ally  of 
enemy,  not  exceeding  $100  may  be  paid  without 
license,  4 — 11. 

War  Trade  Council.  ( See  same.) 

WAR  TRADE  COUNCIL. 

Established  as  advisory  to  War  Trade  Board,  3 — 861. 

WARBURG,  P.  M. 

Addresses — 

American  Bankers’  Association,  2 — 102,  510,  669. 
American  Institute  of  Banking,  2 — 510. 

Financial  reconstruction,  5 — 16. 

Governors’  conference,  Minneapolis,  2 — 669. 

New  York  State  Bankers’  Association,  2 — 309. 
Pan  American  Financial  Congress,  1 — 132. 

Trade  Acceptance  Conference,  4 — 595,  604 
Buenos  Aires — 

Sails  for,  2 — 152. 

Returns,  2 — 261. 

Economic  problems.  Address.  New  York  Credit 
Men’s  Association,  New  York,  2 — 102. 

Federal  Reserve  Bank  of  New  York.  Conference, 
2—309. 

Federal  Reserve  Board — 

Designated  as  Vice  Governor,  2 — 437. 

Redesignated,  3 — 659. 

Retires  from,  4 — 809. 

Resolution  of,  on  retirement,  4 — 810. 

Financial  reconstruction,  5 — 16. 

Foreign  exchange  bank.  Opposes,  5 — 16. 

Joint  High  Commission.  Sails  for  Buenos  Aires  to 
attend  meeting  of,  2 — 152. 

Returns,  2 — 261. 

New  York  State  Bankers  Association.  Address, 
2—309. 

President  of  United  States — 

Letter  to,  as  to  retirement,  4 — 816. 

Reply  of,  expressing  deep  regret,  4 — 817. 
Problems  of  Federal  Reserve  System.  Conference  of 
governors,  Minneapolis,  1 — 352. 

Statements,  Capital  Issues  Committee,  4 — 77,  168, 
169,  170. 

Trade  acceptance  conference.  Address,  4 — 604. 
Transfer  of  reserves  to  Federal  Reserve  Banks.  Ad¬ 
dress.  American  Bankers  Association,  Kansas 
City,  2—669. 

Vice  Governor,  Federal  Reserve  Board — 

Designated  as,  2 — 437. 

Redesignated,  3 — 659. 

WAREHOUSE  ACT,  FEDERAL. 

Cotton  loans  under,  4 — 1094. 

Text  of  act,  4 — 1095. 

WAREHOUSE  AND  STORAGE  FACILITIES. 

Circular,  Federal  Reserve  Bank  of  Atlanta,  2 — 448. 
Cotton,  1 — 180,  254. 


246 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


WAREHOUSE  CERTIFICATES. 

(See  Warehouse  receipts,  whisky.) 

WAREHOUSE  FACILITIES. 

Cotton,  1 — 180,  254,  260. 

(See  Harding,  Gov.) 

WAREHOUSE,  GOODS  IN. 

Credits  against.  Ruling,  Foreign  Exchange  Division, 
4—1217. 

Storage  conditions,  4: — 404. 

WAREHOUSE  LAWS. 

States,  1 — 260. 

(See  Individual  States,  by  name.) 

United  States,  4 — 1095. 

WAREHOUSE  RECEIPTS. 

Agent.  Bill  drawn  by  owner  against  his  agent  or 
against  a  fictitious  drawee,  secured  by  warehouse 
receipt,  is  not  drawn  in  good  faith  against  actually 
existing  values,  2 — 683  at  684. 

Attached  to  bill.  Warehouse  receipts  need  not  be 
physically,  4 — 971,  972. 

Automobiles.  Draft  secured  by  a  warehouse  receipt 
covering,  not  eligible  as  automobiles  are  not 
readily  marketable  staples  under  section  13, 
6—65. 

Bankers  acceptances.  (See  infra,  Whisky.) 

Bill  of  sale.  Distinction  between  a  warehouse  receipt 
and  a,  as  security  for  domestic  acceptances, 
2—684. 

Borrower- 

Must  have  no  access  or  control  over  goods  covered 
by  warehouse  receipts,  3 — 30,  881;  4 — 31, 
634,  862,  971,  972,  976;  5—255. 

(See  infra,  Warehouse.) 

Canadian  warehouse  receipt.  (See  infra,  Warehouse.) 
Canned  goods.  Drafts  secured  by  warehouse  receipt 
covering,  held  valid,  4—634. 

Commercial  rates.  On  loans  secured  by  warehouse 
receipts.  (See  Federal  Reserve  Bank  and  branch 
cities.) 

Commodity  paper — 

Are  valid  collateral  for,  1 — 406. 

Warehouse  receipts  for  potatoes  properly  stored 
are  valid  collateral  for,  3 — 614. 

Control.  (See  infra,  Warehouse.) 

Corporation — 

Warehouse  receipt  of  a,  issued  in  good  faith  and 
independent  of  borrower  is  valid  security  for 
draft,  4 — 31. 

Warehouse  receipts  of  a  corporation  formed  by 
officers  of  a  mill  as  a  subterfuge  are  invalid 
as  security  for  a  draft,  4 — 31. 

(See  infra,  Warehouse  company.) 

Cotton — 

Present  conditions  as  to  loans  on  warehouse 
receipt  covering,  4 — 1094. 

Warehouse  receipts  may  be  substituted  for  cotton 
receipts  during  life  of  acceptance,  3 — 30. 
Cotton  broker.  Note  of  a,  secured  by  warehouse 
receipts  held  to  be  subject  to  United  States 
Revised  Statutes,  section  5200,  2 — 113. 

Cotton  factors.  Paper  of,  secured  by  warehouse 
receipts  covering  cotton  consigned  for  sale  is  not 
eligible,  5—1054;  6—162,  1176. 

Custodian’s  receipt.  (See  infra,  Trust  receipt.) 
Delivery.  Immediate.  (See  infra,  Sale.) 


WAREHOUSE  RECEIPTS— Continued. 

Discount  rates.  Commercial,  on  paper  secured  by 
warehouse  receipts.  (See  Federal  Reserve  Bank 
and  branch  cities.) 

Domestic  acceptances — 

If  in  excess  of  the  10  per  cent  limitation  must  be 
secured  during  life  of  draft,  5 — 143,  255. 
Warehouse  receipts  as  security  for,  4 — 862. 

(See  infra,  Release;  Trade  acceptances.) 

(See  Supra,  Bill  of  sale.) 

Good  faith.  (See  supra,  Corporation.) 

Grain.  (See  infra,  Trustee.) 

Immediate  shipment.  (See  infra,  Sale.) 

Loans  secured  by  warehouse  certificates.  Discount 
rates.  (See  Federal  Reserve  Bank  and  branch 
cities.) 

Nonmember  bank.  (See  infra,  Sale.) 

Notation  by  trustee.  (See  infra,  Trust  receipt.) 

Notes  based  on  warehouse  certificates — 

Eligible  if  used  for  agricultural,  industrial,  or 
commercial  purposes,  1 — 406;  3 — 456;  4 — 
634,  862. 

(See  supra,  Cotton  broker;  Cotton  factors.) 

(See  infra,  Speculative  purposes;  Whisky.) 

Physically  attached .  (See  supra,  Attached  to  bill.) 

Potatoes.  (See  supra,  Commodity  paper.) 

Regulations— 

J,  1915,  1—45. 

A,  1916  ,  2—532. 

C,  1917  ,  3—542. 

C,  1920,  6—1182. 

(See  infra,  Sale.) 

Release  of  security  after  acceptance — 

If  draft  is  not  in  excess  of  the  10  per  cent  limita¬ 
tion,  the  warehouse  receipt  or  other  security 
may  be  released  after  acceptance  in  domestic 
transactions,  but  such  release  is  not  favored, 
4—634  ;  5—255. 

If  draft  is  in  excess  of  10  per  cent  limitation, 
security  may  be  released  after  acceptance  by 
substitution  of  a  warehouse  receipt  if  ware¬ 
house  is  independent  of  borrower,  or  by 
substitution  of  other  actual  security,  3 — 30, 
881;  4—31,  634,  862,  971,  972;  5—143,  255. 

Renewals.  Acceptances  secured  by  warehouse  re¬ 
ceipts  are  not  subject  to,  6 — 276,  277. 

Sale — 

Drafts  secured  by  warehouse  receipts  are  not 
eligible  unless  the  goods  are  stored  pending 
a  reasonably  immediate  sale,  shipment,  or 
delivery,  5 — 858;  6- — 66,  277. 

Drawer  of  a  bill  against  a  nonmember  bank  before 
sale  can  not  comply  with  regulations  and  bill 
is  not  eligible,  2 — 65. 

Shipment.  (See  supra,  Sale.) 

Speculative  purposes.  Paper  secured  by  warehouse 
receipts,  if  used  for,  is  not  eligible,  3 — 456;  5 — 256, 
415,  858;  6—66,  277,  1301. 

Sugar.  (See  infra,  Transit  entry,  etc.) 

Trade  acceptances.  Warehouse  receipts  as  security 
for,  4 — 862. 

Transit  entry  and  warehouse  receipts.  Issued  by 
collector"  of  customs  against  sugar  in  bond  are 
eligible,  4 — 520. 

Trust  receipt.  Notation  by  trustee  on  a  grain  draft, 
of  which  he  holds  a  warehouse  receipt  held  valid 
security,  4 — 976. 


INDEX-DIGEST  OF  FEDERAL.  RESERVE  BULLETIN. 


247 


WAREHOUSE  RECEIPTS— Continued. 

Warehouse — 

Foreign  draft  secured  by  a  Canadian  warehouse 
receipt  held  eligible  for  acceptance  and  dis¬ 
count,  but  not  for  purchase,  5 — 740. 

Must  be  independent  of  the  borrower,  3 — 30,  881; 

4—31,  634,  862,  971,  972;  5—143,  255. 

( See  infra,  Whisky.) 

Warehouse  company — 

Warehouse  receipts  issued  by  a,  organized  as  a 
subterfuge  are  not  valid  security,  4 — 31. 
Warehouse  receipts  issued  by  a,  in  good  faith,  are 
valid  security  although  the  borrower  owns  all 
the  stock,  provided  he  has  no  access  or  control 
over  the  goods,  4 — 862. 

Whisky — 

Note  secured  by  a  warehouse  receipt  covering, 
in  bond,  not  bought  for  beverage  purposes, 
is  not  ineligible,  6 — 494. 

Sale  of  warehouse  certificates  covering,  in  bond, 
subject  to  tax  before  removal  is  not  a  sale  for 
beverage  purposes  under  the  prohibitions  of 
the  war  prohibition  act,  5- — 96S. 

Warehouse  receipts  covering,  in  bond,  are  not 
eligible  as  security  for  bankers’  acceptances, 
as  whisky  in  bond,  usable  only  for  limited 
purposes,  is  not  a  readily  marketable  staple 
under  section  13,  6 — 494. 

WAREHOUSE  REQUIREMENTS. 

For  farm  products.  Department  of  Agriculture,  4 — 
404. 

WAREHOUSING  OF  COTTON. 

Federal  Warehouse  Act,  4 — 1095. 

Laws  of  States,  1 — 260. 

Loans  in  connection  with,  4 — 1094. 

Public  and  private  warehouses  in  cotton  belt,  1 — 254. 

( See  Cotton.) 

WARRANTS. 

Advisability  of  purchase.  (See  infra,  Investment.) 

Assured  revenues.  In  anticipation  of,  2 — 170. 

Average  rate  of  earnings  on.  ( See  Discount  and  open- 
market  operations.) 

Collateral.  Not  valid,  for  member  bank  collateral 
notes,  2 — 609. 

Commissions  for  sale  of,  1 — 309. 

Definition — 

Revenue,  1 — 221;  2 — 270. 

Taxable  property,  1 — 221. 

Earnings  on.  ( See  Discount  and  open-market  opera¬ 
tions.) 

Eligible  for  purchase  if  not  more  than  six  months  to 
run  at  time  of  purchase,  1 — 221;  2 — 524. 

( See  infra,  Municipal  bonds.) 

Eligibility  of.  Test,  1—221;  2—524. 

Federal  Reserve  Banks,  holdings,  maturities — 

(See  Discount  and  open-market  operations.) 

(See  infra,  nonnegotiable;  Opinions  of  counsel; 
Purchase;  Ten  per  cent  limitation.) 

Federal  Reserve  Board  will  not  pass  on  legality  of 
specific  issues,  3 — 193. 

(See  infra,  Purchase.) 

Franchises.  Taxable  property  includes,  1 — 221. 

Holdings,  Federal  Reserve  Banks.  (See  Discount  and 
open-market  operations.) 

Investment  in,  not  advisable  at  present  time.  Only 
advisable  at  times  of  great  ease  of  money,  3 — 194. 


WARRANTS — Continued. 

Issued  in  anticipation  of  receipts  from  proceeds  of 
municipal  bonds  are  not  eligible,  2 — 170. 
Legality.  (See  supra,  Federal  Reserve  Board.) 
Maturities — 

(See  Discount  and  open-market  operations.) 

(See  infra,  Purchase.) 

Member  bank  collateral  notes.  Not  eligible  as  col¬ 
lateral  for,  2 — 609. 

Municipal  bonds.  Issued  in  anticipation  of  receipts 
from,  not  eligible,  2 — 170. 

Nonnegotiable  warrants,  Federal  Reserve  Banks 
should  not  purchase,  3 — 193. 

Opinions  of  counsel.  Certified  copies  of,  any  one  Fed¬ 
eral  Reserve  Bank  as  to  validity  may  be  used 
by  all  Federal  Reserve  banks,  1 — 221. 

Purchase.  Advisability  of.  (See  supra,  Investment; 
Nonnegotiable  warrants.) 

Purchase  of — 

Federal  Reserve  Banks  may,  under  Regulation  E, 
1916,  purchase  warrants  which  mature  after 
due  date  of  taxes  with  which  to  pay  them, 
but  before  date  of  penalty  for  nonpayment  if 
shown  by  experience  that  due  date  will  pro¬ 
duce  sufficient  taxes,  3 — 32. 

Each  purchase  must  be  decided  separately  and 
submitted  for  approval  to  Federal  Reserve 
Board,  1 — 268. 

(See  Ten  per  cent  limitation.) 

Rate  of  earnings  on.  (See  Discount  and  open-market 
operations.) 

Regulation  E,  1916,  2 — 535. 

(See  infra,  ten  per  cent  limitation.) 

Regulation  E.  1917,  3 — 543. 

Regulation  E,  1920,  6 — 1183. 

Regulation  F,  1915,  1 — 39,  40. 

Revenue.  Definition,  1 — 221;  2 — 170. 

Sales  of.  Commissions  for,  1—309. 

Security.  N ot  valid  for  member  bank  collateral  notes, 

2— 609. 

Taxable  property.  Definition,  1 — 221. 

Taxes.  (See  supra,  Purchase  of.) 

Ten  per  cent  limitation.  Paragraph  7  of  Regulation 
E,  1916,  gives  Federal  Reserve  Banks  power  to 
purchase  warrants  from  member  banks  in  excess 
of  amounts  which  could  be  purchased  in  the  open 
market  under  other  paragraphs  of  Regulation  E, 

3— 29. 

Valuation  of  taxable  property.  Includes  franchises 
when  taxed,  1 — 221. 

Test  of  eligibility,  1—221;  2—524. 

(See  also  Resources  and  liabilities;  Total  investment 
operations.) 

WARSAW. 

(See  Foreign  exchange  rates.) 

WASHINGTON. 

Laws — 

Acceptances,  3 — 533. 

Banking  laws,  5 — 746. 

Fiduciary  powers,  national  banks,  1 — 156;  3 — 697. 
Purchase  of  stock  in  Federal  Reserve  Banks, 
1—156. 

Reserves,  3 — 794. 

List  of  State  member  banks,  4 — 95. 


248 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


WATER. 

Held  to  be  “goods”  under  section  13,  6 — 949. 

(See  Irrigation  company.) 

WATERWORKS  COMPANIES. 

Test  of  eligibility  of  paper  of,  3 — 527,  949. 

WATTS,  F.  0. 

Elected  to  Federal  Advisory  Council,  2 — 205. 

WATS  AND  MEANS  COMMITTEE. 

(See  Secretary  of  Treasury.) 

WEALTH  OF  UNITED  STATES. 

Effect  of  war  on  real,  5 — 635. 

WEBB,  T.  D. 

Controversy  with  Federal  Reserve  Bank  of  St.  Louis 
as  to  whether  Tennessee  banks  are  rediscounting 
freely  with  Federal  Reserve  Bank,  2 — 4. 

WEBB  LAW. 

Organization  of  export  associations  under,  5 — 419. 

WEEKLY  STATEMENTS,  FEDERAL  RESERVE 
BANKS. 

Rediscounts  between  Federal  Reserve  Banks  to  be 
shown  in,  5 — 310. 

WEEKLY  STATEMENTS,  MEMBER  BANKS. 

Inaugurated,  December  7,  1917,  3 — 921. 

(See  Member  banks  condition  statements.) 

WEIGHTS  AND  MEASURES. 

(See  Decimal  system ;  Great  Britain.) 

WELLBORN,  M.  B. 

Elected  governor  Federal  Reserve  Bank  of  Atlanta, 
5—201. 

WELLS,  R. 

Resigns  as  governor  of  Federal  Reserve  Bank  of  St. 
Louis,  5 — 201. 

WEST  INDIES. 

Branch  of  National  City  Bank,  New  York,  in,  4 — 944. 

WEST  VIRGINIA. 

Laws — 

Acceptance,  3 — 533. 

Banking  laws,  5 — 367. 

Foreign  banking  corporations,  5 — 63. 

Reserves,  3 — 794. 

Bedistricting  decision,  1 — 86. 

List  of  State  member  banks,  4 — 95. 

WHEAT. 

Acreage,  exports  and  production,  1914-1919,  5 — 636, 
737,  853,  962,  1053. 

Forecast  on  winter,  6 — 606. 

Guaranteed  price  of.  Hoover,  4 — 1088. 

Price,  1914-1920,  6—1213. 

Production,  6 — 1062. 

(See  supra,  Acreage,  etc.) 

(See  Crop  conditions;  Physical  volume  of  trade,  Sault 
Ste.  Marie  Canal.) 

WHISKY. 

Note  secured  by  a  warehouse  receipt  covering,  in 
bond,  not  bought  for  beverage  purposes  is  not  in¬ 
eligible,  6 — 494. 

Sale  of,  in  bond,  does  not  violate  war  prohibition  act. 

Attorney  General  of  United  States,  5 — 968. 
Warehouse  receipts  covering,  in  bond  as  collateral, 
are  not  eligible  as  security  for  bankers’  accep¬ 
tances,  6 — 494. 

WHOLESALE  DRY  GOODS. 

Terms  of  sale,  6 — 797. 

WHOLESALE  GROCERIES. 

Terms  of  sale,  5 — 1134. 


WHOLESALE  PRICES. 

Correspondence  with  Bureau  of  Labor  as  to  use  of  its 
index  numbers,  4 — 810,  811,  812. 

(See  Index  numbers;  Wholesale  prices;  Prices.) 

WHOLESALE  TRADE  CONDITIONS,  6—570,  795, 
797,  926,  1029,  1143,  1275. 

WILL,  J.  A. 

Appointed  chief  Federal  Reserve  examiner,  western 
division,  5 — 919. 

WILLIAMS,  JOHN  SKELTON. 

Addresses — 

Tennessee  Bankers’  Association,  2 — 261. 
American  Bankers’  Association,  2 — 509. 
Appointed  member  of  Capital  Issues  Committee, 
4—364. 

WILLIS,  H.  PARKER. 

Leave  of  absence  granted  to  organize  the  Philippine 
National  Bank,  2 — 152. 

Resigns  as  secretary  of  Federal  Reserve  Board,  4 — 817. 

WILLS,  D.  C. 

Addresses — 

Work  of  Federal  Reserve  Banks.  Lexington, 
Ky.,  1—189. 

Trade  acceptances.  National  Credit  Men’s  Asso¬ 
ciation,  3 — 243. 

Appointed  a  member  of  Federal  Reserve  Board,  6 — 
1019. 

WILSON,  R.  R. 

Financing  of  cotton  by  acceptances,  4 — 713. 

WINDOW  ADVERTISING. 

Of  Government  protection,  1 — 362;  6 — 65. 

(See  Advertising.) 

WINTER  WHEAT  FORECAST,  6—606. 

WIRE. 

Terms  of  sale,  6 — 148. 

WISCONSIN. 

Laws — 

Acceptances,  3 — 533. 

Fiduciary  powers,  6 — 700. 

Foreign  banking  corporations,  5 — 63. 

Reserves,  3 — 794. 

List  of  State  member  banks,  4 — 95. 

(See  Opinions  of  counsel.) 

WISCONSIN  BANKS. 

Petition  for  redistricting — 

Denied  without  prejudice,  2 — 264. 

Reopened,  2 — 372. 

Hearing,  2 — 438. 

Petition  granted,  2 — 589,  596. 

List  of  counties  transferred,  2 — 596,  597. 
WITHDRAWALS. 

Of  bank  deposits  by  foreign  depositors,  3 — 154,  155, 
340. 

Returned  to  banks,  5 — 102,  205,  616. 

(See  also  Gold  settlement  fund;  Savings  accounts; 
Time  deposits.) 

WITHDRAWAL,  NOTICE  OF. 

(See  Savings  accounts;  Time  deposits.) 

WITHDRAWALS  FROM  FEDERAL  RESERVE 
SYSTEM. 

State  member  banks,  5—649,  738,  855,  961,  1155; 

6—159,  274,  383,  608,  697. 

(See  Federal  Reserve  System.) 


INDEX-DIGEST  OF  FEDERAL  RESERVE  BULLETIN. 


249 


WITHHOLDING  FROM  CIRCULATION. 

(See  National  bank  notes.) 

WITHHOLDING  OF  INCOME  TAX. 

By  banks  on  deposits  of  nonresident  aliens,  4 — 163. 

WITHOUT  RECOURSE,  INDORSEMENT. 

Bank  purchases  notes  from  another  bank  indorsed 
without  recourse.  Held  that  it  holds  these  notes 
subject  to  the  limitations  of  United  States  Re¬ 
vised  Statutes,  section  5200,  4 — 34. 

Does  not  affect  negotiability,  4 — 745. 

( See  Discount;  Indorsement;  Ten  per  cent  limitation.) 
WOLD,  T. 

Resigns  as  governor  Federal  Reserve  Bank  of  Minne¬ 
apolis,  5 — 919. 

WOMEN’S  GARMENTS. 

Terms  of  sale,  6 — 805. 

WOMEN’S  WEAR,  WOOLEN. 

Terms  of  sale,  6 — 469. 

WOOD  PULP. 

Terms  of  sale,  6 — 1035. 

(See  Physical  volume  of  trade;  Prices.) 

WOODWARD,  W. 

Elected  Class  A  director,  Federal  Reserve  Bank  of 
New  York,  3 — 7. 

WOOL. 

Certificate  of  a  custodian  of,  may  under  the  circum¬ 
stances  be  treated  as  a  warehouse  receipt,  and  an 
acceptance  based  on  it  held  eligible,  4 — 636. 
Price,  1914-1920,  6—1213. 

(See  Trust  receipts;  Physical  volume  of  trade;  Prices.) 

WOOLEN  MACHINERY. 

(See  Physical  volume  of  trade.) 

WOOLENS. 

Terms  of  sale,  6 — 468. 

(See  Physical  volume  of  trade.) 

WOOTEN,  H.  O. 

Appointed  Class  C  director,  Federal  Reserve  Bank 
of  Dallas,  3 — 7. 

WORDS,  USE  OF. 

Clearing  members,  forbidden  in  title  of  nonmember 
banks,  4 — 119,  1216. 

Right  to  advertise,  3 — 879. 

Federal — 

No  legal  prohibition  against  use  of  word  in  bank 
title,  1—361. 

Proposed  amendment  limiting  use  of  word  in 
bank  titles,  2 — 373. 

Use  of  word  discouraged,  3 — 615;  4—521. 
Government  protection.  Objectionable,  1 — 362;  6 — 
65. 

Reserve — 

Proposed  amendment  limiting  use  of  word  in 
bank  titles,  2 — 373. 

Use  of  word  discouraged,  4 — 521. 

Savings  accouts.  Right  to  advertise,  1 — 18. 

Trust  company.  Right  to  use  word  in  titles,  6 — 
497. 

WORK  OF  FEDERAL  RESERVE  BOARD. 

(See  Review  of  month.) 


WORKING  CAPITAL. 

Bills  self-liquidating  in  form  but  really  to  replenish 
permanent,  are  not  eligible,  5 — 858. 

(See  Acceptances,  domestic.) 

WORLD  PRODUCTION. 

Sugar,  6 — 1163. 

(See  Gold;  Silver.) 

WORSTED  INDUSTRY. 

Terms  of  sale,  6 — 468. 

WORSTED  YARNS. 

Price,  1914-1920,  6—1214. 

Terms  of  sale,  6 — 468. 

(See  Prices.) 

WRIGHT,  R.  P. 

Elected  Class  B  director,  Federal  Reserve  Bank  of 
Cleveland,  3 — 7. 

WRIT  OF  CERTIORARI. 

(See  Clayton  Act.) 

WRIT  OF  ERROR,  3—32,  254,  534. 

(See  Fiduciary  powers.) 

WYOMING. 

Laws — 

Acceptance,  3 — 533. 

Banking  laws,  5 — 368. 

Foreign  banking  corporations,  5 — 63. 

Reserves,  3 — 794. 

Redistricting  decision,  1 — 86. 

Y. 

YARNS,  COTTON. 

Terms  of  sale,  6 — 464. 

YARNS,  SILK. 

Terms  of  sale,  6 — -466. 

YARNS,  WOOLEN. 

Terms  of  sale,  6 — 468. 

YEAR,  FISCAL. 

Definition,  Clayton  Act,  2 — 523. 

Federal  Reserve  Banks.  Closes  December  31,  2 — 12. 
Profits  not  to  be  carried  to  surplus  until  end  of,  1 — 220. 
Review,  1920,  6 — 1253. 

YEARLY  TENURE. 

(See  Tenure  of  office.) 

YOKOHAMA. 

Foreign  exchange  rates,  4 — 1199;  6 — 1159. 

(See  Bank  of  Japan;  Foreign  exchange  rates.) 

YOUNG,  R.  A. 

Elected  governor  of  Federal  Reserve  Bank  of  Minne¬ 
apolis,  5 — 919. 

Z. 

ZIEGLER,  S.  A. 

Elected  Class  A  director,  St.  Louis,  3 — 8. 

ZINC. 

Terms  of  sale,  6 — 149. 

(See  Business  conditions;  Physical  volume  of  trade; 
Prices.) 

ZURICH. 

Foreign  exchange  rates,  4 — 1199. 

(See  Swiss  National  Bank,  Switzerland.) 


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